How do investment patterns of independent and captive private equity funds differ? Evidence from Germany |
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Authors: | Tereza Tykvová |
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Institution: | (1) ZEW, Mannheim, Germany |
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Abstract: | Empirical literature emphasizes a positive contribution of private equity investors, which results from their combined provision
of capital, monitoring, and management support. The aim of this study is to show that these previous results, which are based
mostly on the analysis of US independent closed-end private equity funds, cannot be generalized since the private equity industry
should not be treated as homogenous. We argue that it is necessary to distinguish between different types of private equity
providers because their differing governance structures, strategic goals and experiences have a decisive influence on their
value adding activities. The results of this study—which uses a data set of 179 German private equity-backed companies—are
consistent with the conjecture that independent and corporate private equity providers tend to have a more pronounced role
in corporate governance and monitoring of the companies they finance, than bank-dependent and governmental funds which often
serve only as bridge investors.
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Keywords: | Private equity Value adding IPO |
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