Performance of Private Equity Funds

@article{Phalippou2005PerformanceOP,
  title={Performance of Private Equity Funds},
  author={Ludovic Phalippou and Oliver Gottschalg},
  journal={Mutual Funds},
  year={2005}
}
Using a dataset of 1328 mature private equity funds, we find that performance estimates found in previous research and used as industry benchmark are overstated. We show that in commonly used samples, accounting values reported by mature funds for non-exited investments are substantial and we provide evidence that these mostly represent living dead investments. We also document a bias towards better performing funds in these data. After correcting for sample bias and overstated accounting… 
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