By Daniel Hobohm (auth.)
Daniel Hobohm analyses greater than 17 000 investments by way of greater than 1800 overseas traders in additional than 2400 inner most fairness and enterprise capital cash during the last 20 years. He compares diverse investor kinds of their fund personal tastes, domestic bias and investor responses to industry shocks. additional, he determines returns through investor kind and the influence of exterior advisors on fund funding returns. the writer analyses the position of risk-taking while settling on VC money and, in a different research, the function of the proximity of the investor to the fund. His research sheds mild at the intransparent deepest fairness industry and highlights the importance of the shut investor-fund interplay for funding success.
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Additional resources for Investors in Private Equity Funds: Theory, Preferences and Performances
Chapter 3 Limited Partners This chapter develops the research hypotheses for the empirical, quantitative analysis. 1 therefore discusses the major investor types that invest in PE funds. 2 presents preliminary results that formed the basis for the explorative interviews with a number of industry practitioners. 1. 2 takes a few key notions of the interviews and develops speciﬁc hypotheses. 3 then states the hypotheses and concludes the chapter. e. 1 presents the share of (European) PE funds by each LP type over the last 20 years.
Second, the investment decision is, in reality, not taken by the institution, but by the individual decision maker within the LP. Therefore, if his incentives are set to avoid risk-taking, then he will be interested in sharing some of his own risk with that of the investment target, the GP. ”9 3. Third, not even large institutions are necessarily fully diversiﬁed in PE. In fact, practically, it is exceedingly difﬁcult to be truly diversiﬁed in 7 Gompers and Lerner (1999), page 33 (Appendix to their work).
The data on the years before were sent to me in a personal communication. 12). 1 shows, with heterogeneous international distribution. Most of the largest investors are found in Anglo-Saxon countries. In fact, the importance of institutional investors has increased signiﬁcantly over the last decades. ”7 The liability is the obligation of an institutional investor vis-` a-vis the client, that is, for instance, providing retirement funding in the case of a pension fund. 5 Mutual funds are also often included as they are specialized vehicles for a speciﬁc investment purpose.