{"title":"什么时候去,怎么去?私募股权公司的创始人和领导者转型","authors":"J. Lerner, D. Noble","doi":"10.2139/ssrn.3924331","DOIUrl":null,"url":null,"abstract":"Leadership transition in private equity firms is an understudied field, despite the important, albeit controversial, role such firms play in developed economies. The authors analyzed 260 firms in an empirical study, supplemented by qualitative interviews with a small sample of highly experienced LPs and GP founders and leaders who have experienced such transitions firsthand. Their research shows that private equity transitions manifest very differently from those in better studied public corporations. It appears that a) founders and leaders in GPs stay in their positions considerably longer than other sectors, b) are more likely to move on once they are outperforming, and c) if underperforming, their firms are more likely to see an uplift from a transition. In addition, d) transitions are idiosyncratic, internally driven processes with little accepted best practice or governance, e) some frictions frequently characterize these processes, and f) LPs have observed many suboptimal processes and prefer greater transparency. Key Findings ▪ Leadership turnover in private equity is exceptionally low relative to other corporate structures. ▪ Transitions have little accepted best practice or governance and are instead driven by the philosophy of the founder and the context the firm finds itself in. They are typically (especially founder transitions) complex multiyear processes with substantial frictions. ▪ LPs increasingly recognize the importance of well-executed transitions on the value of their investments but are less than impressed, on the whole, by the performance of the industry.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.4000,"publicationDate":"2021-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":"{\"title\":\"When to Go and How to Go? Founder and Leader Transition in Private Equity Firms\",\"authors\":\"J. Lerner, D. Noble\",\"doi\":\"10.2139/ssrn.3924331\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Leadership transition in private equity firms is an understudied field, despite the important, albeit controversial, role such firms play in developed economies. The authors analyzed 260 firms in an empirical study, supplemented by qualitative interviews with a small sample of highly experienced LPs and GP founders and leaders who have experienced such transitions firsthand. Their research shows that private equity transitions manifest very differently from those in better studied public corporations. It appears that a) founders and leaders in GPs stay in their positions considerably longer than other sectors, b) are more likely to move on once they are outperforming, and c) if underperforming, their firms are more likely to see an uplift from a transition. In addition, d) transitions are idiosyncratic, internally driven processes with little accepted best practice or governance, e) some frictions frequently characterize these processes, and f) LPs have observed many suboptimal processes and prefer greater transparency. Key Findings ▪ Leadership turnover in private equity is exceptionally low relative to other corporate structures. ▪ Transitions have little accepted best practice or governance and are instead driven by the philosophy of the founder and the context the firm finds itself in. They are typically (especially founder transitions) complex multiyear processes with substantial frictions. ▪ LPs increasingly recognize the importance of well-executed transitions on the value of their investments but are less than impressed, on the whole, by the performance of the industry.\",\"PeriodicalId\":45142,\"journal\":{\"name\":\"Journal of Alternative Investments\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.4000,\"publicationDate\":\"2021-02-28\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"3\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Alternative Investments\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3924331\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Alternative Investments","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3924331","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
When to Go and How to Go? Founder and Leader Transition in Private Equity Firms
Leadership transition in private equity firms is an understudied field, despite the important, albeit controversial, role such firms play in developed economies. The authors analyzed 260 firms in an empirical study, supplemented by qualitative interviews with a small sample of highly experienced LPs and GP founders and leaders who have experienced such transitions firsthand. Their research shows that private equity transitions manifest very differently from those in better studied public corporations. It appears that a) founders and leaders in GPs stay in their positions considerably longer than other sectors, b) are more likely to move on once they are outperforming, and c) if underperforming, their firms are more likely to see an uplift from a transition. In addition, d) transitions are idiosyncratic, internally driven processes with little accepted best practice or governance, e) some frictions frequently characterize these processes, and f) LPs have observed many suboptimal processes and prefer greater transparency. Key Findings ▪ Leadership turnover in private equity is exceptionally low relative to other corporate structures. ▪ Transitions have little accepted best practice or governance and are instead driven by the philosophy of the founder and the context the firm finds itself in. They are typically (especially founder transitions) complex multiyear processes with substantial frictions. ▪ LPs increasingly recognize the importance of well-executed transitions on the value of their investments but are less than impressed, on the whole, by the performance of the industry.
期刊介绍:
The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices