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The Performance of Private Equity Funds - An empirical study on the performance of private equity funds with European managers, private equity firm expertise, and the impact of macroeconomic crise

Killingstad, Jenny Lakskjønn; Ludvigsen, Philip Thomas
Master thesis
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URI
https://hdl.handle.net/11250/2823282
Date
2021
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  • Master of Science [1524]
Abstract
This thesis studies the absolute and relative performance of European private equity

funds, using a data set of 417 buyout funds raised between 1999 and 2016. The

average European private equity fund provides annual returns of near 18% (net of

fees and carry) and outperforms public markets by a minimum of 12% over the life

of the fund. Performance patterns are cyclical, yet relative performance less

cyclically sensitive than absolute performance. Human capital encourages valuecreation

in private equity, as factors proxied for expertise by private equity firms

drive performance. These results indicate that the average European private equity

fund delivers premium returns over time. We acknowledge that sample selection

bias and zombie funds can influence our results but conclude that such issues are

improbable to do so.

Key words: private equity funds, performance, public markets, cyclicality,

leveraged buyout, PME, IRR, global financial crisis, oil price crash
Description
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2021
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Handelshøyskolen BI

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