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Private equity characteristics and performance: An analysis of North American venture capital and buyout funds

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  • Oliviero Roggi
  • Alessandro Giannozzi
  • Tommaso Baglioni
  • Francesco Pagliai

Abstract

The paper investigates the relationship between fund performance and fund characteristics of North American private equity (PE) funds, by analyzing the interactions of fund size, fund sequence, and past fund performance on traditional fund return measures. The empirical evidence is based on both linear and polynomial regressions, on a sample of 345 venture capital (VC) and 411 buyout (BO) funds with vintage year over the period 1995–2010. We document a concave relationship between fund size and performance, persistence in PE performance, as well as a convex relationship between fund sequence and performance. We suggest both the optimal fund size and the optimal fund sequence number. Economic implications for investors and general partners are discussed as well.

Suggested Citation

  • Oliviero Roggi & Alessandro Giannozzi & Tommaso Baglioni & Francesco Pagliai, 2019. "Private equity characteristics and performance: An analysis of North American venture capital and buyout funds," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 48(2), July.
    • Handle: RePEc:bla:ecnote:v:48:y:2019:i:2:n:e12128
    DOI: 10.1111/ecno.12128
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    Cited by:

    1. Caporale, Guglielmo Maria & Gil-Alana, Luis Alberiko & Puertolas, Francisco, 2024. "Modelling profitability of private equity: A fractional integration approach," Research in International Business and Finance, Elsevier, vol. 67(PA).

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