By Daniel Hobohm (auth.)
Daniel Hobohm analyses greater than 17 000 investments through greater than 1800 foreign traders in additional than 2400 inner most fairness and enterprise capital money over the past 20 years. He compares various investor kinds of their fund personal tastes, domestic bias and investor responses to marketplace shocks. additional, he determines returns by means of investor variety and the influence of exterior advisors on fund funding returns. the writer analyses the position of risk-taking while selecting VC cash and, in a different research, the position of the proximity of the investor to the fund. His research sheds gentle at the intransparent deepest fairness industry and highlights the importance of the shut investor-fund interplay for funding success.
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Additional info for Investors in Private Equity Funds: Theory, Preferences and Performances
Example text
When looking at specific criteria in the due diligence process, the study by Christian Tausend (2005) is particularly noteworthy. For a summary, see Tausend (2005), page 110 and pages 173–176. 18 CHAPTER 2. THEORY OF FUND INVESTMENTS these decision points in a simplified version. 1: PE Allocation Process. Adapted: Tausend (2005, p. 48). 2 Empirical Evidence 19 In summary, two groups of hypotheses emerge as a consequence of the generic LP investment theory. 1. g. risk preferences, are expressed primarily in the process of defining the overall investment strategy.
1: Financial Assets of Institutional Investors Source: Committee on the Global Financial System Institutional investors, global savings and asset allocation CGFS Papers, Bank for international settlements, 27, February 2007. 1 International Monetary Fund, World Economic Outlook Database. com. Date of access: December 3, 2007 3 Including only the European countries as shown Insurers Country Financial Assets of Institutional Investors 28 CHAPTER 3. 1 Different Types of LPs 29 Pension funds act as investment fiduciaries for the contributing employers.
For instance, non-US LPs are likely less experienced, and the PE market less developed. Location is also emphasized as an important factor to understand ‘regionally’ operating funds. Therefore, LPs that do not have an international presence are likely to be more subject to home bias. These would include the smaller LPs, like endowments or family offices, but also the public pension funds who are usually located near or in their state capital. III. Sophistication In this section, I asked about the ability of investors to screen and assess funds.