Professional Documents
Culture Documents
Download Data
-0.2x
Impact of
1.67 Timing Decision
MOIC
Average of All
Funds
in 5 VY Window
-0.3x
Impact of
Strategy Decision
1.42
1.94
1.17
Benchmark
Based on
Timing Similarity
Benchmark
Based on
Timing and
Strategy
Similarity
Fund to Be
Benchmarked
Source: PERACS
+.77x
Impact of
Implementation
TVPI
1.73
0x
Impact of
Picking Past
Performers on TVPI*
1.73
+.28x
Impact of
Picking Past
Performers on
Secret Sauce**
2.01
Average TVPI
* No material difference
** Significant at the 99% confidence level
Harris, Robert S. and Jenkinson, Tim and Kaplan, Steven N. and Stucke, Rdiger, Has Persistence Persisted in Private Equity? Evidence from
Buyout and Venture Capital Funds (February 28, 2014). Darden Business School Working Paper No. 2304808; Fama-Miller Working Paper.
Available at SSRN: http://ssrn.com/abstract=2304808 or http://dx.doi.org/10.2139/ssrn.2304808
2
Please see page 31 of the 2016 Preqin Global Private Equity & Venture Capital Report: www.preqin.com/gper
Contribution
Download Data