
Private Equity Indices Based on Secondary Market Transactions
Private Equity Indices Based on Secondary Market Transactions https://ift.tt/2qvstRO Private Equity Indices Based on Secondary Market Transactions NBER Working Paper No. 25207 Issued in November 2018 NBER Program(s):Asset Pricing, Corporate Finance Measuring the performance of private equity investments (buyout and venture) has historically only been possible over long horizons because the IRR on a fund is only observable following the fund’s final distribution. We propose a new approach to evaluating performance using actual prices paid for limited partner shares of funds in secondary markets. We construct indices of buyout and venture capital performance using a proprietary database of secondary market […]