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  • Publication
    Private Equity Fund of Funds vs. Funds : A Performance Comparison
    (Institutional Investor Journals, 2011-04-19)
    Gresch, Nathalie
    ;
    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.
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    Scopus© Citations 6