| dc.description.abstract | This thesis studies the external and internal exit determinants of
European, Canadian and American private equity funds, using a
data set of 32.881 investments completed between 1990 and 2021.
The most common exits are through trade sales and sales to GP.
We show that the likelihood of the different exit channels alters
with changing market- and fund characteristics. The exit channels
depend on the general economic environment, which significantly
affects the window of opportunity for PE firms. Funds with more
experience can exploit other exit opportunities while minimizing
their risk of writing off investments. These results indicate that
the average private equity fund is flexible and adapts depending on
current and future market conditions.
Key words: Private Equity funds, exit channels, write-off, cyclicality,
leveraged buyout, VIX, interest rate, great financial crisis,
expertise. | en_US |
