{"id":"https://openalex.org/W4241287965","doi":"https://doi.org/10.3386/w9807","title":"Private Equity Performance: Returns, Persistence and Capital","display_name":"Private Equity Performance: Returns, Persistence and Capital","publication_year":2003,"publication_date":"2003-06-01","ids":{"openalex":"https://openalex.org/W4241287965","doi":"https://doi.org/10.3386/w9807"},"language":"en","primary_location":{"id":"doi:10.3386/w9807","doi":"https://doi.org/10.3386/w9807","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w9807","pdf_url":"https://doi.org/10.3386/w9807","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w9807","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":null,"display_name":"Steven Kaplan","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I40347166","display_name":"University of Chicago","ror":"https://ror.org/024mw5h28","country_code":"US","type":"education","lineage":["https://openalex.org/I40347166"]},{"id":"https://openalex.org/I63966007","display_name":"Massachusetts Institute of Technology","ror":"https://ror.org/042nb2s44","country_code":"US","type":"education","lineage":["https://openalex.org/I63966007"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Steven Kaplan","raw_affiliation_strings":["University of Chicago MIT Graduate School of Business Sloan School of Management 1101 East 58 th Street 50 Memorial Drive, E52-447 Chicago, IL 60637 Cambridge, MA 02142"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Chicago MIT Graduate School of Business Sloan School of Management 1101 East 58 th Street 50 Memorial Drive, E52-447 Chicago, IL 60637 Cambridge, MA 02142","institution_ids":["https://openalex.org/I40347166","https://openalex.org/I63966007"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5018814530","display_name":"Antoinette Schoar B","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I40347166","display_name":"University of Chicago","ror":"https://ror.org/024mw5h28","country_code":"US","type":"education","lineage":["https://openalex.org/I40347166"]},{"id":"https://openalex.org/I63966007","display_name":"Massachusetts Institute of Technology","ror":"https://ror.org/042nb2s44","country_code":"US","type":"education","lineage":["https://openalex.org/I63966007"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Antoinette Schoar","raw_affiliation_strings":["University of Chicago MIT Graduate School of Business Sloan School of Management 1101 East 58 th Street 50 Memorial Drive, E52-447 Chicago, IL 60637 Cambridge, MA 02142"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Chicago MIT Graduate School of Business Sloan School of Management 1101 East 58 th Street 50 Memorial Drive, E52-447 Chicago, IL 60637 Cambridge, MA 02142","institution_ids":["https://openalex.org/I40347166","https://openalex.org/I63966007"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":48,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0010999999940395355,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/private-equity","display_name":"private equity","score":0.8830000162124634},{"id":"https://openalex.org/keywords/fund-returns","display_name":"fund returns","score":0.8370000123977661},{"id":"https://openalex.org/keywords/return-persistence","display_name":"return persistence","score":0.7020000219345093},{"id":"https://openalex.org/keywords/fund-size","display_name":"fund size","score":0.8700000047683716},{"id":"https://openalex.org/keywords/market-entry-timing","display_name":"market entry timing","score":0.6320000290870667},{"id":"https://openalex.org/keywords/business-cycles","display_name":"business cycles","score":0.6669999957084656}],"concepts":[{"id":"https://openalex.org/C2781009140","wikidata":"https://www.wikidata.org/wiki/Q7170389","display_name":"Persistence (discontinuity)","level":2,"score":0.6758847236633301},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5492950081825256},{"id":"https://openalex.org/C71110296","wikidata":"https://www.wikidata.org/wiki/Q476115","display_name":"Private equity","level":2,"score":0.5262978076934814},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5122787356376648},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4766845703125},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.37255316972732544},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3212534785270691},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.21485933661460876},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.06984618306159973},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C187320778","wikidata":"https://www.wikidata.org/wiki/Q1349130","display_name":"Geotechnical engineering","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3386/w9807","doi":"https://doi.org/10.3386/w9807","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w9807","pdf_url":"https://doi.org/10.3386/w9807","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"pmh:oai:RePEc:nbr:nberwo:9807","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w9807.pdf","pdf_url":"http://www.nber.org/papers/w9807.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:aleph.bib-bvb.de:BVB01-016905663","doi":null,"is_oa":true,"landing_page_url":"http://papers.nber.org/papers/w9807.pdf","pdf_url":"http://papers.nber.org/papers/w9807.pdf","source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"}],"best_oa_location":{"id":"doi:10.3386/w9807","doi":"https://doi.org/10.3386/w9807","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w9807","pdf_url":"https://doi.org/10.3386/w9807","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/17","score":0.4300000071525574,"display_name":"Partnerships for the goals"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4241287965.pdf","grobid_xml":"https://content.openalex.org/works/W4241287965.grobid-xml"},"referenced_works_count":13,"referenced_works":["https://openalex.org/W1737162675","https://openalex.org/W1989860952","https://openalex.org/W2033772453","https://openalex.org/W2052865346","https://openalex.org/W2099073136","https://openalex.org/W2101833972","https://openalex.org/W2136120210","https://openalex.org/W2157666792","https://openalex.org/W2606158074","https://openalex.org/W3022326679","https://openalex.org/W3122305625","https://openalex.org/W3122533878","https://openalex.org/W3124409588"],"related_works":["https://openalex.org/W7099753283","https://openalex.org/W2889570252","https://openalex.org/W7097020182","https://openalex.org/W2184396428","https://openalex.org/W3124151360","https://openalex.org/W2396461333","https://openalex.org/W1915103514","https://openalex.org/W2543963918","https://openalex.org/W4323253096","https://openalex.org/W4407396623"],"abstract_inverted_index":{"This":[0],"paper":[1],"investigates":[2],"the":[3,21,32,86],"performance":[4],"of":[5,13,28,41,116],"private":[6,50,92],"equity":[7,51,93],"partnerships":[8],"using":[9],"a":[10,38],"data":[11],"set":[12],"individual":[14,49],"fund":[15,25],"returns":[16,26],"collected":[17],"by":[18,48],"Venture":[19],"Economics.Over":[20],"sample":[22],"period,":[23],"average":[24,87],"net":[27],"fees":[29],"approximately":[30],"equal":[31],"S\\&P":[33],"500":[34],"although":[35],"there":[36],"is":[37,72,94],"large":[39],"degree":[40],"heterogeneity.Returns":[42],"persist":[43],"strongly":[44],"across":[45],"funds":[46,54,61,65,67,78,112],"raised":[47],"partnerships.Better":[52],"performing":[53,77],"are":[55,102],"more":[56],"likely":[57,104],"to":[58,105],"raise":[59,63,106],"follow-on":[60,107],"and":[62],"larger":[64],"than":[66],"that":[68,75,110],"perform":[69,114],"poorly.This":[70],"relationship":[71],"concave":[73],"so":[74],"top":[76],"do":[79],"not":[80],"grow":[81],"proportionally":[82],"as":[83,85],"much":[84],"fund.Finally,":[88],"market":[89],"entry":[90],"in":[91,99],"cyclical.Funds":[95],"(and":[96],"partnerships)":[97],"started":[98],"boom":[100],"times":[101],"less":[103],"funds,":[108],"suggesting":[109],"these":[111,117],"subsequently":[113],"worse.Several":[115],"results":[118],"differ":[119],"markedly":[120],"from":[121],"those":[122],"for":[123],"mutual":[124],"funds.":[125]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":2},{"year":2012,"cited_by_count":3}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2022-05-12T00:00:00"}
