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Performance of Private Equity Funds: Focusing on US and European Markets

초록/요약

So far, the private equity industry has played an important role on the global economy as stimulator and diversifier in financial market. Especially in 2000, private equity firms contributed to the IT boom and boosted global economy by sponsoring various venture companies. Actually, until then, only a few investors had invested into private equity market because most investors couldn’t have access to information on its performance. Also the investors were not allowed to involve in investing on private equity funds and they were concerned about the stability of its rate of returns and volatility of its risks at the same time. However, in reality, the performance of private equity has excelled the performance of public equity markets, and the private equity funds have played a diversifier of portfolios which can make rate of returns higher than other traditional asset portfolios. Therefore, more individual and institutional investors need to invest in private equity funds even in emerging market such as Korea. In Korea, due to implementing the Indirect Investment Asset Management Law on December 2004, more foreign global equity firms as well as domestic private equity firms seem to be actively involved in Korean private equity markets for years to come. This thesis is designed to inform the investors and the investment managers of the performance of global private equity, focusing on the US and European market which account for more than two third of total funds raised. This study shows that the private equity funds in the US and EU have outperformed the public equity market indices. In addition, the performance of private equity funds would be analyzed based on different types of funds. In the US the venture funds have played important role on the economy by developing venture companies in IT sectors. It also contributed to economic boom in 2000 while buyout funds have served as a facilitator of M&A for economic restructuring in Europe. Moreover, this thes

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CONTENTS

Acknowledgements i
Abstract iii
List of Tables viii
List of Figures ix

I. Introduction 1

II. Related Literature on Private Equity Funds 3
A.Types of Investment 5
B.Private Equity Asset Class 8
C.Different Stages of a Company’s Development for Private Equity Purposes 9
D.Fund Size Ranges 10
E.Fee Structure 10

III. Performance of Private Equity Funds 11
A.J-CURVE Effect 11
B.Performance of the US & European Private Equity Funds 13
C.Performance by Different Types of Private Equity Funds 19

IV. Analysis of Funds-of-Funds as Alternative Investment 32

V. Prospects of Private Equity Funds’ Performance 43

VI. Conclusion 47

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