1086:, vol. LXX, no. 16 (19 October 2023), pp. 33-35. "rivate equity firms create nothing and provide no meaningful services – on the contrary, they actively undermine functional companies." (p. 34.) "Tax law plays a critical part in making funds profitable. The 'carried interest' provision, for example, which allows most of the profits of private equity partners to be taxed at the lower capital gains rate rather than as earnings, is crucial to their self-enrichment." (p. 35.)
363:, which should earn a premium over traditional securities, such as stocks and bonds. Once invested, liquidity of invested funds may be very difficult to achieve before the manager realizes the investments in the portfolio because an investor's capital may be locked-up in long-term investments for as long as twelve years. Distributions may be made only as investments are converted to cash with limited partners typically having no right to demand that sales be made.
138:
2582:
1742:
1732:
1712:
1692:
1682:
2590:
1722:
1702:
1874:
36:
379:
An investor's commitment to a private-equity fund is satisfied over time as the general partner makes capital calls on the investor. If a private-equity firm cannot find suitable investment opportunities, it will not draw on an investor's commitment, and an investor may potentially invest less than
149:
and are governed by the terms set forth in the limited partnership agreement (LPA). Such funds have a general partner, which raises capital from cash-rich institutional investors, such as pension plans, universities, insurance companies, foundations, endowments, and high-net-worth individuals, which
282:
A private-equity fund typically makes investments in companies (known as portfolio companies). These portfolio company investments are funded with the capital raised from LPs, and may be partially or substantially financed by debt. Some private equity investment transactions can be highly leveraged
194:
The fund's manager has significant discretion to make investments and control the affairs of the fund. However, the LPA does have certain restrictions and controls and is often limited in the type, size, or geographic focus of investments permitted, and how long the manager is permitted to make new
412:
For the above-mentioned reasons, private-equity fund investment is for investors who can afford to have capital locked up for long periods and who can risk losing significant amounts of money. These disadvantages are offset by the potential benefits of annual returns, which may range up to 30% per
287:—hence the acronym LBO for "leveraged buy-out". The cash flow from the portfolio company usually provides the source for the repayment of such debt. While billion dollar private equity investments make the headlines, private-equity funds also play a large role in middle market businesses.
297:
LBO funds commonly acquire most of the equity interests or assets of the portfolio company through a newly created special purpose acquisition subsidiary controlled by the fund, and sometimes as a consortium of several like-minded funds.
2569:
112:
make an unfunded commitment to the limited partnership, which is then drawn over the term of the fund. From the investors' point of view, funds can be traditional (where all the investors invest with equal terms) or
330:
of the portfolio company or a sale of the company to a strategic acquirer through a merger or acquisition, also known as a trade sale. A sale of the portfolio company to another private-equity firm, also known as a
187:
Private equity funds are not intended to be transferred or traded; however, they can be transferred to another investor. Typically, such a transfer must receive the consent of and is at the discretion of the fund's
128:
and investment advisor). Typically, a single private-equity firm will manage a series of distinct private-equity funds and will attempt to raise a new fund every 3 to 5 years as the previous fund is fully invested.
307:
1612:
1190:
338:
In prior years, another exit strategy has been a preferred dividend by the portfolio company to the private-equity fund to repay the capital investment, sometimes financed with additional debt.
353:
With most private-equity funds requiring significant initial commitment (usually upwards of $ 1,000,000), which can be drawn at the manager's discretion over the first few years of the fund.
165:
An annual payment made by the investors in the fund to the fund's manager to pay for the private-equity firm's investment operations (typically 1 to 2% of the committed capital of the fund).
657:
1685:
1133:
563:
369:
Nearly all investors in private equity are passive and rely on the manager to make investments and generate liquidity from those investments. Typically, governance rights for
408:
Consistent with the risks outlined above, private equity can provide high returns, with the best private equity managers significantly outperforming the public markets.
326:
its investments in portfolio companies for a return, known as internal rate of return (IRR) in excess of the price paid. These exit scenarios historically have been an
1183:
2316:
2209:
1144:
1259:
427:
491:
Kaplan, Steven N., and
Antoinette Schoar. "Private equity performance: Returns, persistence, and capital flows." The Journal of Finance 60.4 (2005): 1791-1823.
173:
The process by which the returned capital will be distributed to the investor, and allocated between limited and general partner. This waterfall includes the
2276:
1138:
1745:
1176:
386:
Given the risks associated with private equity investments, an investor can lose all of its investment. The risk of loss of capital is typically higher in
1090:
1778:
1657:
452:
1127:
373:
in private-equity funds are minimal. However, in some cases, limited partners with substantial investment enjoy special rights and terms of investment.
294:, may also provide financing. Since mid-2007, debt financing has become much more difficult to obtain for private-equity funds than in previous years.
310:. Private equity multiples are highly dependent on the portfolio company's industry, the size of the company, and the availability of LBO financing.
100:
used for making investments in various equity (and to a lesser extent debt) securities according to one of the investment strategies associated with
2585:
1114:
306:
The acquisition price of a portfolio company is usually based on a multiple of the company's historical income, most often based on the measure of
1150:
1039:
1016:
990:
963:
937:
910:
883:
856:
829:
802:
755:
728:
701:
595:
542:
515:
1156:
673:
2202:
1479:
1474:
447:
177: : a minimum rate of return (e.g. 8%) which must be achieved before the general partner can receive any carried interest, and the
1382:
241:
174:
75:
390:
funds, which invest in companies during the earliest phases of their development or in companies with high amounts of financial
150:
invest as limited partners (LPs) in the fund. Among the terms set forth in the limited partnership agreement are the following:
1267:
1244:
332:
255:
1107:
482:
Prowse, Stephen D. "The economics of the private equity market." Economic Review-Federal
Reserve Bank of Dallas (1998): 21-34.
2593:
2413:
2343:
2195:
1771:
1715:
1457:
2301:
1725:
1695:
560:
290:
Such LBO financing most often comes from commercial banks, although other financial institutions, such as hedge funds and
2559:
2322:
2054:
1834:
1705:
1462:
1082:
432:
359:
Investments in limited partnership interests (the dominant legal form of private equity investments) are referred to as
97:
2494:
1292:
1287:
1282:
1277:
1272:
1162:
473:
Metrick, Andrew, and Ayako Yasuda. "The economics of private equity funds."Review of
Financial Studies (2010): hhq020.
157:
The partnership is usually a fixed-life investment vehicle that is typically 10 years plus some number of extensions.
53:
46:
2617:
2333:
1339:
442:
2281:
2250:
2100:
1764:
1549:
1499:
1437:
1397:
1344:
2489:
2403:
1735:
1652:
1647:
1031:
Raising
Venture Capital Finance in Europe: A Practical Guide for Business Owners, Entrepreneurs and Investors
2612:
2564:
2549:
2523:
2518:
2368:
2296:
2238:
2161:
2151:
2000:
1632:
1627:
1582:
1007:
929:
Private Equity Fund
Investments: New Insights on Alignment of Interests, Governance, Returns and Forecasting
327:
216:
199:
The following is an illustration of the difference between a private-equity fund and a private-equity firm:
109:
1334:
2544:
2458:
2146:
1990:
1642:
1607:
1504:
620:
422:
168:
2005:
2358:
2218:
2095:
1923:
1559:
1467:
2348:
2244:
2171:
2044:
1587:
1372:
1249:
146:
105:
1061:
625:
346:
Considerations for investing in private-equity funds relative to other forms of investment include:
2622:
2311:
2085:
1939:
1918:
1662:
1524:
1432:
1423:
1377:
1073:
121:
2513:
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1898:
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1529:
1367:
1069:
792:
391:
269:
1903:
505:
2384:
2105:
1975:
1959:
1848:
1818:
1602:
1329:
1324:
1319:
1234:
1057:
1035:
1029:
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986:
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959:
933:
927:
906:
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879:
873:
852:
846:
825:
819:
798:
751:
724:
718:
697:
691:
665:
638:
591:
585:
538:
511:
291:
137:
532:
2432:
2398:
2266:
1893:
1442:
1311:
1222:
630:
178:
1985:
2473:
2463:
2453:
2448:
2428:
2226:
2156:
2125:
2049:
1844:
1787:
1622:
1544:
1392:
1354:
1229:
1203:
567:
399:
387:
370:
262:
248:
181:, the share of the profits paid the general partner above the preferred return (e.g. 20%).
125:
114:
2507:
2418:
2408:
2176:
2166:
1980:
1954:
1447:
1362:
1239:
1199:
437:
395:
284:
234:
227:
160:
101:
57:
120:
A private equity fund is raised and managed by investment professionals of a specific
108:
with a fixed term of 10 years (often with one- or two-year extensions). At inception,
2606:
2503:
2468:
2353:
2328:
2291:
2256:
2037:
1928:
1554:
1539:
1519:
1407:
1168:
2554:
2499:
2306:
2130:
2090:
1995:
1852:
1667:
1592:
1564:
1509:
1402:
17:
953:
772:
745:
2528:
2286:
2032:
1908:
1873:
1452:
611:
Metrick, Andrew; Yasuda, Ayako (2010). "The
Economics of Private Equity Funds".
52:
The references used may be made clearer with a different or consistent style of
2393:
2363:
2271:
2261:
2070:
1888:
1859:
1808:
1617:
1387:
534:
Investing in
Private Equity Partnerships: The Role of Monitoring and Reporting
669:
642:
1813:
1514:
982:
Research
Handbook on Hedge Funds, Private Equity and Alternative Investments
875:
Private Equity and
Venture Capital in Europe: Markets, Techniques, and Deals
587:
Venture
Capital and Private Equity Contracting: An International Perspective
1165:. Pensions Investment Research Consultants for the Trades Union Congress.
821:
Private Equity Exits: Divestment Process Management for Leveraged Buyouts
634:
2187:
1078:
These Are the Plunderers: How Private Equity Runs – and Wrecks – America
1130:(University of Pennsylvania, The Wharton School, Department of Finance)
571:
1091:"A closer look: Private equity co-investment: Best practices emerging"
1217:
693:
An Introduction to Investment Banks, Hedge Funds, and Private Equity
1756:
335:, has become a common feature of developed private equity markets.
2338:
136:
658:"Selling Your Business: Why Private Equity Can Be The Best Buyer"
2191:
1760:
1172:
1145:"Guide on Private Equity and Venture Capital for Entrepreneurs"
308:
earnings before interest, taxes, depreciation, and amortization
1098:
29:
848:
Merger Arbitrage: How to Profit from Event-Driven Arbitrage
1151:"UK Venture Capital and Private Equity as an Asset Class"
141:
Diagram of the structure of a generic private-equity fund
902:
How to Protect Investors: Lessons from the EC and the UK
824:. Springer Science & Business Media. pp. 184–.
537:. Springer Science & Business Media. pp. 99–.
507:
Private Equity Funds: Business Structure and Operations
584:
Douglas J. Cumming; Sofia A. Johan (21 August 2013).
1163:"Private equity – a guide for pension fund trustees"
786:
784:
322:
A private-equity fund's ultimate goal is to sell or
211:
Private equity portfolio investments (partial list)
2537:
2482:
2441:
2377:
2225:
2139:
2118:
2063:
2025:
2018:
1968:
1947:
1937:
1881:
1827:
1801:
1794:
1573:
1492:
1416:
1353:
1310:
1301:
1258:
1210:
556:
554:
656:Davis, Eva; Robinson, Monique; Birenbaum, Joshua.
117:(where different investors have different terms).
1066:Plunder: Private Equity's Plan to Pillage America
720:Investment Banks, Hedge Funds, and Private Equity
398:companies tend to be riskier than investments in
2317:Qualifying investor alternative investment fund
1005:Michael S. Long & Thomas A. Bryant (2007)
685:
683:
2203:
1772:
1184:
905:. Cambridge University Press. pp. 187–.
428:History of private equity and venture capital
8:
2277:Labour-sponsored venture capital corporation
1686:Private equity and venture capital investors
1159:(Tuck School of Business at Dartmouth, 2003)
1147:(European Venture Capital Association, 2007)
1134:CalPERS "Private Equity Industry Dictionary"
1115:"The Economics of the Private Equity Market"
499:
497:
145:Most private-equity funds are structured as
791:Eli Talmor; Florin Vasvari (24 June 2011).
2589:
2210:
2196:
2188:
2022:
1944:
1798:
1779:
1765:
1757:
1721:
1701:
1658:Taxation of private equity and hedge funds
1475:Private investment in public equity (PIPE)
1307:
1191:
1177:
1169:
985:. Edward Elgar Publishing. pp. 113–.
453:Taxation of private equity and hedge funds
1108:"Legal Structure of Private Equity Funds"
624:
469:
467:
76:Learn how and when to remove this message
1157:"Note on Limited Partnership Agreements"
1117:. Federal Reserve Bank of Dallas, 1998.
1034:. Kogan Page Publishers. pp. 216–.
851:. John Wiley & Sons. pp. 189–.
201:
1128:"The Economics of Private Equity Funds"
1110:. Private Equity and Hedge Funds 2007.
1060:, "Conspicuous Destruction" (review of
955:Pratt's Guide to Private Equity Sources
463:
1080:, Simon and Schuster, 2023, 383 pp.),
979:Phoebus Athanassiou (1 January 2012).
797:. John Wiley & Sons. pp. 4–.
342:Investment features and considerations
1153:(British Venture Capital Association)
932:. Palgrave Macmillan. pp. 114–.
104:. Private equity funds are typically
7:
1068:, PublicAffairs, 2023, 353 pp.; and
872:Stefano Caselli (20 November 2009).
1011:New York: Oxford University Press.
958:. Thomson Venture Economics. 2003.
448:Special purpose private equity fund
191:Restrictions on the general partner
184:Transfer of an interest in the fund
1141:(Glossary of Private Equity Terms)
561:Private equity industry dictionary
510:. Law Journal Press. pp. 3–.
504:James M. Schell (1 January 1999).
394:. By their nature, investments in
242:Energy Future Holdings Corporation
25:
899:Niamh Moloney (21 January 2010).
878:. Academic Press. pp. 310–.
774:Merger and Acquisition Sourcebook
723:. Academic Press. pp. 205–.
696:. Academic Press. pp. 347–.
590:. Academic Press. pp. 145–.
2588:
2581:
2580:
1872:
1741:
1740:
1731:
1730:
1720:
1711:
1710:
1700:
1691:
1690:
1681:
1680:
224:($ 17.6 billion of commitments)
34:
1028:Keith Arundale (3 April 2007).
845:Thomas Kirchner (1 July 2009).
818:Stefan Povaly (21 March 2007).
690:David Stowell (19 March 2010).
256:Hospital Corporation of America
2414:Socially responsible investing
2344:Split capital investment trust
1458:Publicly traded private equity
574:Alternative Investment Program
350:Substantial entry requirements
1:
2302:Open-ended investment company
2177:Money-weighted rate of return
1726:List of venture capital firms
1008:Valuing the Closely Held Firm
747:Private Equity and Its Impact
2560:Returns-based style analysis
2323:Real estate investment trust
2055:Real estate investment trust
1835:Real estate investment trust
1706:List of private equity firms
1463:Business Development Company
1083:The New York Review of Books
926:Cyril Demaria (1 May 2015).
794:International Private Equity
433:List of private equity firms
413:annum for successful funds.
98:collective investment scheme
2495:Efficient-market hypothesis
750:. Nova Science Publishers.
613:Review of Financial Studies
531:Kay Müller (17 June 2008).
2639:
2334:Short-term investment fund
1849:Mezzanine investment funds
1550:High-net-worth individuals
1340:Leveraged recapitalization
1106:Krüger Andersen, Thomas.
2578:
2282:Listed investment company
2251:Fonds commun de placement
2101:Sovereign investment fund
1870:
1676:
1438:Limited liability company
1398:Venture capital financing
1345:Dividend recapitalization
744:Spencer J. Fritz (2009).
717:David P. Stowell (2012).
314:Portfolio company sales (
278:Investments and financing
221:
215:
133:Legal structure and terms
2490:Arbitrage pricing theory
2565:Traditional investments
2550:Commodity pool operator
2524:Noisy market hypothesis
2519:Modern portfolio theory
2369:Unitised insurance fund
2297:Open-ended fund company
2239:Common contractual fund
2162:Assets under management
2152:Traditional investments
2147:Alternative investments
1505:Institutional investors
328:initial public offering
217:Kohlberg Kravis Roberts
154:Term of the partnership
110:institutional investors
27:Type of investment fund
2545:Alternative investment
2459:Institutional investor
1976:Long/short equity fund
1643:Liquidation preference
1608:Distribution waterfall
1560:Sovereign wealth funds
423:Distribution waterfall
380:expected or committed.
169:Distribution waterfall
142:
2359:Unit investment trust
2219:Investment management
2119:By measure of returns
2096:Sovereign wealth fund
1924:Asset allocation fund
1716:Venture capital firms
1468:Venture capital trust
771:Walter Jurek (2006).
140:
2349:Tax transparent fund
2245:Exchange-traded fund
2172:Time-weighted return
2045:Exchange-traded fund
2001:Managed futures fund
1845:Venture capital fund
1696:Private equity firms
1424:Private equity firms
1373:Post-money valuation
1250:Equity co-investment
662:Transaction Advisors
376:Unfunded commitments
361:illiquid investments
302:Multiples and prices
222:KKR 2006 Fund, L.P.
208:Private equity fund
205:Private equity firm
147:limited partnerships
106:limited partnerships
2404:Manager of managers
2312:Private-equity fund
2076:Private equity fund
2006:Multi-strategy fund
1981:Market neutral fund
1940:investment strategy
1840:Private equity fund
1746:Portfolio companies
1663:Undercapitalization
1515:Insurance companies
1433:Limited partnership
1378:Pre-money valuation
1139:VC Experts Glossary
1113:Prowse, Stephen D.
122:private-equity firm
90:private equity fund
18:Private-equity fund
2514:Martingale pricing
2424:Thematic investing
2389:passive management
2081:Pooled income fund
1598:Capital commitment
1368:Business incubator
1335:Buy–sell agreement
1070:Gretchen Morgenson
635:10.1093/rfs/hhq020
566:2008-05-05 at the
366:Investment control
270:NXP Semiconductors
143:
2618:Financial markets
2600:
2599:
2378:Investment styles
2185:
2184:
2114:
2113:
2106:Urban wealth fund
2041:
2014:
2013:
1996:Global macro fund
1991:Event-driven fund
1960:Stable value fund
1868:
1867:
1856:
1819:Money market fund
1754:
1753:
1603:Capital structure
1488:
1487:
1330:Divisional buyout
1325:Management buyout
1320:Financial sponsor
1058:Kim Phillips-Fein
1041:978-0-7494-5202-5
1017:978-0-19-530146-5
992:978-1-84980-608-4
965:978-0-914470-09-0
939:978-1-137-40039-0
912:978-0-521-88870-7
885:978-0-08-096294-8
858:978-0-470-50811-4
831:978-3-540-70954-1
804:978-1-119-97388-1
757:978-1-60692-682-6
730:978-0-12-415820-7
703:978-0-08-092289-8
597:978-0-12-409596-0
544:978-3-8349-9745-6
517:978-1-58852-088-3
356:Limited liquidity
275:
274:
86:
85:
78:
16:(Redirected from
2630:
2592:
2591:
2584:
2583:
2433:growth investing
2399:Impact investing
2267:Investment trust
2212:
2205:
2198:
2189:
2035:
2023:
1945:
1894:Target date fund
1876:
1842:
1799:
1788:Investment funds
1781:
1774:
1767:
1758:
1744:
1743:
1734:
1733:
1724:
1723:
1714:
1713:
1704:
1703:
1694:
1693:
1684:
1683:
1545:Commercial banks
1535:Investment banks
1443:Carried interest
1308:
1211:Investment types
1193:
1186:
1179:
1170:
1103:
1095:
1046:
1045:
1025:
1019:
1003:
997:
996:
976:
970:
969:
950:
944:
943:
923:
917:
916:
896:
890:
889:
869:
863:
862:
842:
836:
835:
815:
809:
808:
788:
779:
778:
768:
762:
761:
741:
735:
734:
714:
708:
707:
687:
678:
677:
672:. Archived from
653:
647:
646:
628:
619:(6): 2303–2341.
608:
602:
601:
581:
575:
558:
549:
548:
528:
522:
521:
501:
492:
489:
483:
480:
474:
471:
443:Real estate fund
383:Investment risks
371:limited partners
219:& Co. (KKR)
202:
179:carried interest
175:preferred return
92:(abbreviated as
81:
74:
70:
67:
61:
38:
37:
30:
21:
2638:
2637:
2633:
2632:
2631:
2629:
2628:
2627:
2603:
2602:
2601:
2596:
2574:
2533:
2478:
2474:Performance fee
2464:Net asset value
2454:Fund governance
2449:Closed-end fund
2437:
2373:
2230:
2228:
2221:
2216:
2186:
2181:
2157:Net asset value
2135:
2126:Absolute return
2110:
2059:
2050:Closed-end fund
2010:
1964:
1933:
1877:
1864:
1823:
1790:
1785:
1755:
1750:
1736:Angel investors
1672:
1623:High-yield debt
1576:financial terms
1575:
1569:
1484:
1412:
1393:Startup company
1349:
1303:
1297:
1254:
1206:
1204:venture capital
1197:
1124:
1102:. January 2015.
1093:
1089:
1054:
1052:Further reading
1049:
1042:
1027:
1026:
1022:
1004:
1000:
993:
978:
977:
973:
966:
952:
951:
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913:
898:
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770:
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743:
742:
738:
731:
716:
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704:
689:
688:
681:
676:on Jul 1, 2017.
655:
654:
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626:10.1.1.421.7270
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583:
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578:
568:Wayback Machine
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481:
477:
472:
465:
461:
419:
400:publicly traded
388:venture capital
344:
320:
304:
292:mezzanine funds
280:
263:Nielsen Company
249:First Data Corp
223:
161:Management fees
135:
126:general partner
82:
71:
65:
62:
51:
45:has an unclear
39:
35:
28:
23:
22:
15:
12:
11:
5:
2636:
2634:
2626:
2625:
2620:
2615:
2613:Private equity
2605:
2604:
2598:
2597:
2579:
2576:
2575:
2573:
2572:
2567:
2562:
2557:
2552:
2547:
2541:
2539:
2538:Related topics
2535:
2534:
2532:
2531:
2526:
2521:
2516:
2511:
2497:
2492:
2486:
2484:
2480:
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2476:
2471:
2466:
2461:
2456:
2451:
2445:
2443:
2439:
2438:
2436:
2435:
2426:
2421:
2419:Social trading
2416:
2411:
2409:Social finance
2406:
2401:
2396:
2391:
2381:
2379:
2375:
2374:
2372:
2371:
2366:
2361:
2356:
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2314:
2309:
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2299:
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2284:
2279:
2274:
2269:
2264:
2259:
2254:
2248:
2242:
2235:
2233:
2223:
2222:
2217:
2215:
2214:
2207:
2200:
2192:
2183:
2182:
2180:
2179:
2174:
2169:
2167:Rate of return
2164:
2159:
2154:
2149:
2143:
2141:
2140:Related topics
2137:
2136:
2134:
2133:
2128:
2122:
2120:
2116:
2115:
2112:
2111:
2109:
2108:
2103:
2098:
2093:
2088:
2086:Endowment fund
2083:
2078:
2073:
2067:
2065:
2061:
2060:
2058:
2057:
2052:
2047:
2042:
2029:
2027:
2020:
2016:
2015:
2012:
2011:
2009:
2008:
2003:
1998:
1993:
1988:
1983:
1978:
1972:
1970:
1966:
1965:
1963:
1962:
1957:
1955:Long-only fund
1951:
1949:
1942:
1935:
1934:
1932:
1931:
1926:
1921:
1916:
1911:
1906:
1901:
1896:
1891:
1885:
1883:
1879:
1878:
1871:
1869:
1866:
1865:
1863:
1862:
1857:
1837:
1831:
1829:
1825:
1824:
1822:
1821:
1816:
1811:
1805:
1803:
1796:
1795:By asset class
1792:
1791:
1786:
1784:
1783:
1776:
1769:
1761:
1752:
1751:
1749:
1748:
1738:
1728:
1718:
1708:
1698:
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1677:
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1620:
1615:
1610:
1605:
1600:
1595:
1590:
1585:
1579:
1577:
1571:
1570:
1568:
1567:
1562:
1557:
1555:Family offices
1552:
1547:
1542:
1540:Merchant banks
1537:
1532:
1527:
1522:
1517:
1512:
1507:
1502:
1496:
1494:
1490:
1489:
1486:
1485:
1483:
1482:
1477:
1472:
1471:
1470:
1465:
1455:
1450:
1448:Management fee
1445:
1440:
1435:
1430:
1420:
1418:
1414:
1413:
1411:
1410:
1405:
1400:
1395:
1390:
1385:
1380:
1375:
1370:
1365:
1363:Angel investor
1359:
1357:
1351:
1350:
1348:
1347:
1342:
1337:
1332:
1327:
1322:
1316:
1314:
1305:
1299:
1298:
1296:
1295:
1290:
1285:
1280:
1275:
1270:
1264:
1262:
1256:
1255:
1253:
1252:
1247:
1242:
1237:
1232:
1227:
1226:
1225:
1214:
1212:
1208:
1207:
1200:Private equity
1198:
1196:
1195:
1188:
1181:
1173:
1167:
1166:
1160:
1154:
1148:
1142:
1136:
1131:
1123:
1122:External links
1120:
1119:
1118:
1111:
1104:
1087:
1062:Brendan Ballou
1053:
1050:
1048:
1047:
1040:
1020:
998:
991:
971:
964:
945:
938:
918:
911:
891:
884:
864:
857:
837:
830:
810:
803:
780:
777:. The Company.
763:
756:
736:
729:
709:
702:
679:
648:
603:
596:
576:
550:
543:
523:
516:
493:
484:
475:
462:
460:
457:
456:
455:
450:
445:
440:
438:Private equity
435:
430:
425:
418:
415:
410:
409:
406:
403:
396:privately held
384:
381:
377:
374:
367:
364:
357:
354:
351:
343:
340:
319:
312:
303:
300:
285:debt financing
279:
276:
273:
272:
266:
265:
259:
258:
252:
251:
245:
244:
238:
237:
235:Dollar General
231:
230:
228:Alliance Boots
225:
220:
213:
212:
209:
206:
197:
196:
192:
189:
185:
182:
171:
166:
163:
158:
155:
134:
131:
102:private equity
84:
83:
47:citation style
42:
40:
33:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
2635:
2624:
2621:
2619:
2616:
2614:
2611:
2610:
2608:
2595:
2587:
2577:
2571:
2568:
2566:
2563:
2561:
2558:
2556:
2553:
2551:
2548:
2546:
2543:
2542:
2540:
2536:
2530:
2527:
2525:
2522:
2520:
2517:
2515:
2512:
2509:
2505:
2501:
2498:
2496:
2493:
2491:
2488:
2487:
2485:
2481:
2475:
2472:
2470:
2469:Open-end fund
2467:
2465:
2462:
2460:
2457:
2455:
2452:
2450:
2447:
2446:
2444:
2440:
2434:
2430:
2427:
2425:
2422:
2420:
2417:
2415:
2412:
2410:
2407:
2405:
2402:
2400:
2397:
2395:
2392:
2390:
2386:
2383:
2382:
2380:
2376:
2370:
2367:
2365:
2362:
2360:
2357:
2355:
2354:Umbrella fund
2352:
2350:
2347:
2345:
2342:
2340:
2337:
2335:
2332:
2330:
2329:Royalty trust
2327:
2324:
2321:
2318:
2315:
2313:
2310:
2308:
2305:
2303:
2300:
2298:
2295:
2293:
2292:Offshore fund
2290:
2288:
2285:
2283:
2280:
2278:
2275:
2273:
2270:
2268:
2265:
2263:
2260:
2258:
2257:Fund of funds
2255:
2252:
2249:
2246:
2243:
2240:
2237:
2236:
2234:
2232:
2224:
2220:
2213:
2208:
2206:
2201:
2199:
2194:
2193:
2190:
2178:
2175:
2173:
2170:
2168:
2165:
2163:
2160:
2158:
2155:
2153:
2150:
2148:
2145:
2144:
2142:
2138:
2132:
2129:
2127:
2124:
2123:
2121:
2117:
2107:
2104:
2102:
2099:
2097:
2094:
2092:
2089:
2087:
2084:
2082:
2079:
2077:
2074:
2072:
2069:
2068:
2066:
2064:Institutional
2062:
2056:
2053:
2051:
2048:
2046:
2043:
2039:
2038:Open-end fund
2034:
2031:
2030:
2028:
2024:
2021:
2019:By structures
2017:
2007:
2004:
2002:
1999:
1997:
1994:
1992:
1989:
1987:
1984:
1982:
1979:
1977:
1974:
1973:
1971:
1967:
1961:
1958:
1956:
1953:
1952:
1950:
1946:
1943:
1941:
1936:
1930:
1929:Fund of funds
1927:
1925:
1922:
1920:
1919:Balanced fund
1917:
1915:
1912:
1910:
1907:
1905:
1902:
1900:
1897:
1895:
1892:
1890:
1887:
1886:
1884:
1880:
1875:
1861:
1858:
1854:
1850:
1846:
1841:
1838:
1836:
1833:
1832:
1830:
1826:
1820:
1817:
1815:
1812:
1810:
1807:
1806:
1804:
1800:
1797:
1793:
1789:
1782:
1777:
1775:
1770:
1768:
1763:
1762:
1759:
1747:
1739:
1737:
1729:
1727:
1719:
1717:
1709:
1707:
1699:
1697:
1689:
1687:
1679:
1678:
1675:
1669:
1666:
1664:
1661:
1659:
1656:
1654:
1651:
1649:
1646:
1644:
1641:
1639:
1636:
1634:
1631:
1629:
1626:
1624:
1621:
1619:
1616:
1614:
1611:
1609:
1606:
1604:
1601:
1599:
1596:
1594:
1591:
1589:
1586:
1584:
1581:
1580:
1578:
1572:
1566:
1563:
1561:
1558:
1556:
1553:
1551:
1548:
1546:
1543:
1541:
1538:
1536:
1533:
1531:
1528:
1526:
1523:
1521:
1520:Fund of funds
1518:
1516:
1513:
1511:
1510:Pension funds
1508:
1506:
1503:
1501:
1498:
1497:
1495:
1491:
1481:
1478:
1476:
1473:
1469:
1466:
1464:
1461:
1460:
1459:
1456:
1454:
1451:
1449:
1446:
1444:
1441:
1439:
1436:
1434:
1431:
1429:
1425:
1422:
1421:
1419:
1415:
1409:
1408:Venture round
1406:
1404:
1401:
1399:
1396:
1394:
1391:
1389:
1386:
1384:
1381:
1379:
1376:
1374:
1371:
1369:
1366:
1364:
1361:
1360:
1358:
1356:
1352:
1346:
1343:
1341:
1338:
1336:
1333:
1331:
1328:
1326:
1323:
1321:
1318:
1317:
1315:
1313:
1309:
1306:
1300:
1294:
1291:
1289:
1286:
1284:
1281:
1279:
1276:
1274:
1271:
1269:
1268:Early history
1266:
1265:
1263:
1261:
1257:
1251:
1248:
1246:
1243:
1241:
1238:
1236:
1233:
1231:
1228:
1224:
1221:
1220:
1219:
1216:
1215:
1213:
1209:
1205:
1201:
1194:
1189:
1187:
1182:
1180:
1175:
1174:
1171:
1164:
1161:
1158:
1155:
1152:
1149:
1146:
1143:
1140:
1137:
1135:
1132:
1129:
1126:
1125:
1121:
1116:
1112:
1109:
1105:
1101:
1100:
1092:
1088:
1085:
1084:
1079:
1075:
1074:Joshua Rosner
1071:
1067:
1063:
1059:
1056:
1055:
1051:
1043:
1037:
1033:
1032:
1024:
1021:
1018:
1014:
1010:
1009:
1002:
999:
994:
988:
984:
983:
975:
972:
967:
961:
957:
956:
949:
946:
941:
935:
931:
930:
922:
919:
914:
908:
904:
903:
895:
892:
887:
881:
877:
876:
868:
865:
860:
854:
850:
849:
841:
838:
833:
827:
823:
822:
814:
811:
806:
800:
796:
795:
787:
785:
781:
776:
775:
767:
764:
759:
753:
749:
748:
740:
737:
732:
726:
722:
721:
713:
710:
705:
699:
695:
694:
686:
684:
680:
675:
671:
667:
663:
659:
652:
649:
644:
640:
636:
632:
627:
622:
618:
614:
607:
604:
599:
593:
589:
588:
580:
577:
573:
569:
565:
562:
557:
555:
551:
546:
540:
536:
535:
527:
524:
519:
513:
509:
508:
500:
498:
494:
488:
485:
479:
476:
470:
468:
464:
458:
454:
451:
449:
446:
444:
441:
439:
436:
434:
431:
429:
426:
424:
421:
420:
416:
414:
407:
404:
401:
397:
393:
389:
385:
382:
378:
375:
372:
368:
365:
362:
358:
355:
352:
349:
348:
347:
341:
339:
336:
334:
329:
325:
317:
313:
311:
309:
301:
299:
295:
293:
288:
286:
277:
271:
268:
267:
264:
261:
260:
257:
254:
253:
250:
247:
246:
243:
240:
239:
236:
233:
232:
229:
226:
218:
214:
210:
207:
204:
203:
200:
193:
190:
186:
183:
180:
176:
172:
170:
167:
164:
162:
159:
156:
153:
152:
151:
148:
139:
132:
130:
127:
123:
118:
116:
111:
107:
103:
99:
95:
91:
80:
77:
69:
59:
55:
49:
48:
43:This article
41:
32:
31:
19:
2555:Robo-advisor
2500:Fixed income
2431: /
2387: /
2307:Pension fund
2131:Total return
2091:Pension fund
2075:
1853:Vulture fund
1839:
1668:Vintage year
1593:Capital call
1565:Crowdfunding
1500:Corporations
1427:
1403:Venture debt
1097:
1081:
1077:
1065:
1030:
1023:
1006:
1001:
981:
974:
954:
948:
928:
921:
901:
894:
874:
867:
847:
840:
820:
813:
793:
773:
766:
746:
739:
719:
712:
692:
674:the original
661:
651:
616:
612:
606:
586:
579:
533:
526:
506:
487:
478:
411:
405:High returns
360:
345:
337:
323:
321:
315:
305:
296:
289:
281:
198:
195:investments.
144:
119:
93:
89:
87:
72:
66:October 2015
63:
44:
2529:Yield curve
2442:Terminology
2394:Hedge Funds
2287:Mutual fund
2227:Investment
2033:Mutual fund
1986:130–30 fund
1969:Alternative
1948:Traditional
1914:Sector fund
1909:Income fund
1899:Growth fund
1828:Alternative
1802:Traditional
1530:Foundations
1453:Pledge fund
1245:Secondaries
2623:Investment
2607:Categories
2364:Unit trust
2272:Hedge fund
2262:Index fund
2231:structures
2071:Hedge fund
1904:Value fund
1889:Index fund
1860:Hedge fund
1809:Stock fund
1618:Envy ratio
1525:Endowments
1388:Seed money
1302:Terms and
459:References
402:companies.
115:asymmetric
58:footnoting
2508:Convexity
1814:Bond fund
1588:Cap table
1493:Investors
1417:Structure
1235:Mezzanine
1223:Leveraged
670:2329-9134
643:0893-9454
621:CiteSeerX
333:secondary
2586:Category
2504:Duration
1882:By style
1638:Leverage
1574:Related
1304:concepts
564:Archived
417:See also
392:leverage
188:manager.
54:citation
2319:(QIAIF)
1648:M&A
1355:Venture
1260:History
1230:Venture
572:CalPERS
96:) is a
94:PE fund
2483:Theory
2385:Active
2325:(REIT)
2026:Public
1613:EBITDA
1312:Buyout
1240:Growth
1218:Buyout
1038:
1015:
989:
962:
936:
909:
882:
855:
828:
801:
754:
727:
700:
668:
641:
623:
594:
541:
514:
2570:UCITS
2429:Value
2339:SICAV
2253:(FCP)
2247:(ETF)
2241:(CCF)
1428:funds
1293:2020s
1288:2010s
1283:2000s
1278:1990s
1273:1980s
1094:(PDF)
316:exits
283:with
124:(the
2594:List
2229:fund
1480:SPAC
1426:and
1383:SAFE
1202:and
1072:and
1036:ISBN
1013:ISBN
987:ISBN
960:ISBN
934:ISBN
907:ISBN
880:ISBN
853:ISBN
826:ISBN
799:ISBN
752:ISBN
725:ISBN
698:ISBN
666:ISSN
639:ISSN
592:ISBN
539:ISBN
512:ISBN
324:exit
56:and
1938:By
1653:PME
1633:IRR
1628:IPO
1583:AUM
1099:PwC
631:doi
2609::
2506:,
1851:,
1847:,
1096:.
1076:,
1064:,
783:^
682:^
664:.
660:.
637:.
629:.
617:23
615:.
570:.
553:^
496:^
466:^
88:A
2510:)
2502:(
2211:e
2204:t
2197:v
2040:)
2036:(
1855:)
1843:(
1780:e
1773:t
1766:v
1192:e
1185:t
1178:v
1044:.
995:.
968:.
942:.
915:.
888:.
861:.
834:.
807:.
760:.
733:.
706:.
645:.
633::
600:.
547:.
520:.
318:)
79:)
73:(
68:)
64:(
60:.
50:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
