Private equity performance: a comparative perspective

Morrone, Paolo (A.A. 2013/2014) Private equity performance: a comparative perspective. Tesi di Laurea in Financial economics (markets, intermed, regulation), LUISS Guido Carli, relatore Nicola Borri, pp. 58. [Bachelor's Degree Thesis]

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This paper aims to respond to the investor dilemma whether wagering on a private market such as private equity, consists in the winning investment strategy. Therefore, the analysis of this alternative investment class, usually perceived as obscure due to its private nature, will be constantly benchmarked to different public market indices. My dissertation fully relies on the Harris, Jenkinson and Kaplan (2013) work. The additional sources are mentioned in the bibliography. They have been useful principally in the first part of the paper, helpful to explain the historical path of the private equity sector in the US and the mechanism of PE transactions. My goal with this dissertation is to provide a personal explanation of Harris, Jenkinson and Kaplan findings on PE performance. The driver of my research is my curiosity for the asset class, both in the underlying idea and in the engineering of PE operations. The main findings, alongside the buyout lasting outperformance on public equities and the VC alternate fortunes, relate to the high correlation between PE funds and stock market returns, proven by the qualitative convergence between PMEs and absolute performance indicators over vintage years.


Bibliografia: p. 46.

Thesis Type: Bachelor's Degree Thesis
Institution: LUISS Guido Carli
Degree Program: Bachelor's Degree Programs > Bachelor's Degree Program in Economics and Business, English language (L-33)
Chair: Financial economics (markets, intermed, regulation)
Thesis Supervisor: Borri, Nicola
Academic Year: 2013/2014
Session: Summer
Deposited by: Maria Teresa Nisticò
Date Deposited: 16 Sep 2014 13:08
Last Modified: 19 May 2015 23:54


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