| Item Type |
Journal paper
|
| Abstract |
Based on a comprehensive sample of 1,641 funds, this article investigates the performance of private equity funds of funds versus direct fund investments. On a risk-adjusted basis, funds of funds outperform the aggregated direct funds. When separated into categories such as buyout, venture, and fund of funds, buyout funds exhibit the most attractive risk-return profile. Analyzing how fund performance depends on macroeconomic variables, direct funds generate pro-cyclical returns: Returns increase with high public market performance and economic growth as well as declining corporate bond yields. For funds of funds, we cannot observe such a pattern. |
| Authors |
Gresch, Nathalie & von Wyss, Rico |
| Journal or Publication Title |
Journal of Private Equity |
| Language |
English |
| Subjects |
business studies |
| HSG Classification |
contribution to scientific community |
| Refereed |
Yes |
| Date |
19 April 2011 |
| Publisher |
Institutional Investor Journals |
| Place of Publication |
New York |
| Volume |
14 |
| Number |
2 |
| Page Range |
43-58 |
| Number of Pages |
16 |
| ISSN |
1096-5572 |
| Publisher DOI |
https://doi.org/10.3905/jpe.2011.14.2.043 |
| Depositing User |
Dr. Rico von Wyss
|
| Date Deposited |
19 Apr 2011 14:25 |
| Last Modified |
20 Jul 2022 17:05 |
| URI: |
https://www.alexandria.unisg.ch/publications/100370 |
Private Equity Fund of Funds vs. Funds : A Performance Comparison
