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From 2004: Private Equity Performance

Reported by Chicagobooth
Nov 23, 2021· 2 min read
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Key Takeaways
  • • The primary source is a blocked-page notice from the University of Chicago Booth School of Business site, containing no article body, so the story's substantive content cannot be verified from it.
  • • Publisher context references the Chicago Booth Review piece "Private Equity Performance" and a 2005 paper by Steven N. Kaplan finding average net fund returns approximately equal to the S&P 500.
  • • Related research in the publisher context covers U.S. buyout and venture capital fund performance drawn from roughly 1,400 funds in the Burgiss dataset.
Summary
The primary source for this story is a security block page from the University of Chicago Booth School of Business website, displayed in place of the intended article. It contains no analysis, figures, or named sources of its own, and the page is dated 2021-11-23 in the story metadata, while the title references 2004.

Publisher context from the Chicago Booth Review points to research on private equity performance and persistence. A 2005 paper by S.N. Kaplan, cited more than 3,000 times, investigates the performance and capital inflows of private equity partnerships and reports that average fund returns net of fees approximately equal the S&P 500. A separate study of nearly 1,400 U.S. buyout and venture capital funds, using a dataset from Burgiss, reports better buyout fund performance than comparable benchmarks.

The publisher context also includes a Chicago Booth Review excerpt suggesting that, if historical patterns hold, 2004 to 2005 was a favorable period for general partners to raise and invest in venture capital funds. These references describe earlier research and historical periods rather than current developments, and they should be read as historical context for the original 2004 piece.

Because the primary article body is unavailable, the summary is limited to these publisher-context references and does not represent the full original analysis.

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Sources

1 outlet

AlphaMaven summarised this story from the reporting below. Each link opens the original article.

Chicagobooth From 2004: Private Equity Performance