An Objective Assessment of Risk in Emerging Markets PE

According to an EMPEA survey, 40 percent of limited partners this year plan to increase their emerging markets allocations, but 22 percent plan to reduce commitments, a jump...

How Bridge Loans Distort IRRs

Encouraged by low interest rates and restrictive credit markets, general partners seeking alternative sources of debt are turning to bridge loans. In fact, approximately 70...

How to Benchmark Emerging Markets Private Equity Effectively

The Emerging Markets Private Equity Association recently reported that GPs raised just $676 million in Latin America during the first quarter of 2016, a decline of 56%, year-over-year....

David Swensen on the Limitations of the Use of IRR

When Yale University’s endowment reported venture capital returns of 92.7% per annum over the past two decades (Wall Street Journal), it raised some eyebrows in the industry....

The Recipe to PE’s “Secret Sauce”

Private equity investors have long sought to define the special qualities of general partners who consistently outperform. Perhaps because doing so is so difficult, most of...

Top Quartile Status Doesn’t Tell Us Much

Median returns of PE’s “top quartile” funds are trending upward, posting 17% returns for the 2006 vintage, 20% for the 2007 vintage and 24% for the 2008 vintage, according...

The Effects of Volatility on Private Equity Portfolios

Volatility’s effects on investments can be material, yet very rarely do private equity investors discuss risk or volatility as it pertains to the asset class. This may be...

What Influences LP Decision Making Beyond Returns?

For an industry like private equity that has often pointed to its past performance as a defining characteristic, how important are other factors with respect to decision making? The...
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