选择合伙人:私募股权基金经理的选择

Amit Goyal, Sunil Wahal, M. Yavuz
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引用次数: 1

摘要

我们研究了1990年至2019年间,全球机构投资者(lp)从一个合理的同期机会集中选择了超过10万个资本承诺的私募股权经理(gp)。有限合伙人除了追逐排名第四的基金经理外,更倾向于选择没有业绩记录的首次或年轻普通合伙人。有限合伙人还倾向于跟随同行的投资决策,对同一位普通合伙人进行再投资,并投资于在同一州/国家注册的普通合伙人。然而,这些选择标准并不能为未来的表现提供信息材料,而且在首次gp的情况下,会导致较低的未来表现。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Picking Partners: Manager Selection in Private Equity
We study the selection of private equity managers (GPs) for over 100,000 capital commitments between 1990 and 2019 by global institutional investors (LPs) choosing from a plausible contemporaneous opportunity set. LPs have large propensities to select first-time or young GPs without a performance history, in addition to chasing 4th quartile managers. LPs also have tendency to follow their peers’ investment decisions, to reinvest in the same GP, and to invest in GPs domiciled in the same state/country. These selection criteria, however, do not provide information material for future performance, and in the case of first-time GPs result in lower future performance.
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