Private Equity and VC

Private Equity and VC - Articles & White Papers

Research papers and articles on private equity and venture capital. This section contains both private equity research for pension funds (and other asset owners) and white papers for private equity professionals. Much of the research for institutional investors covers fundamental topics: What are the characteristics of private equity investment? How does one invest in private equity? How does an allocation to private equity impact the risk-return profile of a fund? How does private equity co-investment work? How does one invest in the PE secondary markets? How can smaller investors access private equity? Other PE and VC research is for those in the private equity industry - advice for managing a private equity business, how the private equity industry is changing, how to integrate ESG into private equity, private equity taxation and of course private equity salary surveys. Other reports and white papers on private equity consider the rise of EM private equity, particularly in African and Asian markets. Also discussed is the best path to achieve early stage funding, and the ongoing debate of venture capital versus crowdfunding. Other articles look into leveraged buyouts, illiquidity, and the rise of shareholder activism.
  • Michael Page

    UK Front Office Banking & Asset Management Salary Survey 2017

    This 22 page report from Michael Page details average remuneration (salary plus bonus) for a range of front office banking and fund management positions, including compensation for asset managers, quants, investment strategists, equity analysts, multi-asset portfolio managers, debt and credit analysts, and those in research/strategy and sales/trading roles in the UK. The ...

    • Professional
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  • Bain & Company

    Global Private Equity Report 2017 (Bain & Company)

    This 68-page paper by Bain & Company provides important insights into the state and outlook of the global private equity industry. It looks back at 2016 and examines exits, fundraising, returns, etc and then looks ahead to the coming year.

  • Heidrick & Struggles

    2016 Europe & Africa Private Capital Compensation Survey

    This survey reveals compensation levels across the Private Equity industry, by base, bonus and carry. The numbers are spliced and diced based on role, experience and other factors. Respondents represent a cross-section of the private equity value chain and include fund-raising, infrastructure (e.g. general counsel, finance & HR), and operating professionals.

  • Value Creation 2.0: A Framework for Measuring Value Creation in Private Equity Investment (INSEAD, 2016)

    The authors of this report begin by discussing the standard framework used by Private Equity practitioners to measure Value Creation sources. They review individual drivers of value identified in academic literature, then they explore different methods developed since the financial crisis to spot sources of PE returns more clearly.

  • Cambridge Associates

    Private Equity - the Co-Investment Opportunity (2015)

    Co-investing strategies are gaining favour. They, in theory, can provide institutional investors with higher returns and lower fees. This 29-page report from Cambridge Associates examines co-investing; the opportunities presented and the pitfalls to be avoided. The paper suggests that, although implementation must be undertaken carefully, co-investment returns do have the potential ...

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  • eVestment

    Enhancing Private Equity Manager Selection with Deeper Data (eVestment)

    The importance of selecting top quartile private equity funds has never been more clear – there is a significant cost of not being in these funds and historically those below the top quartile have not materially outperformed public markets. This white paper explores the research and data behind why top quartile returns are in the hands of the investor and presents advice and ...

  • Willis Towers Watson

    Global Alternatives Survey 2017: Including the top alternative asset manager rankings (Willis Towers Watson)

    This 95-page report presents the findings of the 2017 Global Alternatives Survey by Willis Towers Watson. Section 1 of the report delves into recent trends and activities in different alternative asset classes, for example, hedge funds, private equity, real estate, infrastructure, and more. Section 2 lists the Top 100 alternative asset managers by AuM around the world.

  • The Boston Consulting Group

    The Rise of Alternatives and Long-Term Investing: Strategic Asset Allocation for Large Institutional Investors (BCG)

    This report by The Boston Consulting Group provides guidance for large institutional investors on strategic asset allocation to alternative assets and thinking long-term. It examines the recent investment strategies and management practices of leading institutional investors around the world.

  • UK Venture Capital Trusts: Industry Report (Intelligent Partnership, 2017)

    Advisers seeking tax efficient alternative investments are increasingly interested in venture capital trusts (VCTs). The amount raised through VCTs increased dramatically between 2008 and 2015, when new rules were announced. These new rules now mean that the universe of potential investments has shrunk. What does all this mean for advisers? This report helps answer this, and other, ...

  • EY

    2017 Global Private Equity Survey (EY)

    • 06 Feb 2017
    • Company: EY

    This 51-page paper by EY explores how the global private equity industry can further shape its future operations. It provides insights from 103 private equity CFOs.

  • EDHEC-Risk Institute

    The Valuation of Privately-Held Infrastructure Equity Investments (EDHEC)

    This paper by EDHEC-Risk Institute proposes a valuation framework for privately-held and very illiquid assets such as equity stakes in infrastructure projects. The authors identify such a framework as key to the process of designing long-term infrastructure benchmarks that take into account the nature of such assets as well as the paucity of available data.

  • Are Lower Private Equity Returns the New Normal? (CEPR, 2016)

    U.S. private equity fundraising had its best year ever in 2015 — raising $185 billion. But is the enthusiasm of investors warranted? Do PE buyout funds deliver outsized returns to investors and will they do so in the future? This report answers this question by reviewing the most recent empirical evidence on buyout fund performance; the answer is no. While median private equity ...

  • How Do Venture Capitalists Make Decisions? (2016)

    We survey 889 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions across eight areas: deal sourcing; investment decisions; valuation; deal structure; post-investment value-added; exits; internal organization of firms; and relationships with limited partners. In selecting investments, VCs see the management team as more important than business ...

  • Asset Allocation with Private Equity (Mark Anson, 2016)

    Private assets such as venture capital and private equity have long been a thorn in the side of CIOs and asset allocators. They lack liquidity which means that it is difficult to model their return streams in a risk budget or asset allocation model. In this paper, the author seeks to correct the misspecification of these, and other, illiquid assets, showing how the parameters of ...

  • EY

    2016 EY Global Private Equity Fund and Investor Survey

    • 21 Apr 2016
    • Company: EY

    This 35-page report by Ernst & Young provides valuable insights into the global private equity fund industry. Over 100 finance execs and over 80 investors gave their opinions and observations for the report, discussing some of the opportunities and challenges ahead.

  • Pantheon

    Liquidity Management Strategies: The Importance of Portfolio Diversification

    Authored by Pantheon's Dr. Andrea Carnelli, this is a follow-on from the study published in April which demonstrated how a well-constructed cash management strategy may be able to supplement the return LPs can obtain from a private equity program.The paper seeks to answer two key questions all private equity investors should ask themselves:

    - How concerned should I be about ...