View all Publications

Private Equity Performance: What Do We Know?

Author: Harris, R. S., Jenkinson, T. & Kaplan, S. N.
Date: July 2013

We study the performance of nearly 1400 U.S. buyout and venture capital funds using a new dataset from Burgiss. We find better buyout fund performance than has previously been documented – performance consistently has exceeded that of public markets. Outperformance versus the S&P 500 averages 20% to 27% over a fund’s life and more than 3% annually. Venture capital funds outperformed public equities in the 1990s, but underperformed in the 2000s. Our conclusions are robust to various indices and risk controls. Performance in Cambridge Associates and Preqin is qualitatively similar to that in Burgiss, but is lower in Thomson Venture Economics.

Geography: USA

Type of study: Academic working paper

Relevant for: GP All, Limited Partner, Associate , Fund of Funds

Source: Journal of Finance

We've updated our privacy policy in response to the General Data Protection Regulation (GDPR) effective as of 25 May 2018. You can review our updated privacy policy and if you have any comments please contact us.

I have reviewed the updated Privacy Policy