The importance of size in private equity: Evidence from a survey of limited partners |
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| Institution: | 1. Tilburg University, Department of Finance, Warandelaan 2, 5037AB, Tilburg, The Netherlands;2. University of Oxford, Said Business School and Oxford-Man Institute of Quantitative Finance, Oxford, United Kingdom;1. Finance Department, INSEAD, Boulevard de Constance, 77300 Fontainebleau, France;2. Department of Finance, The Hong Kong University of Science and Technology, Clear Water Bay, Kowloon, Hong Kong;1. Bank of Finland, PO Box 160, 00101 Helsinki, Finland;2. Bank of Finland, PO Box 160, 00100 Helsinki, Finland and University of Turku, Finland;1. Weilun Building 201F, School of Economics and Management, Tsinghua University, Beijing 100081, PR China;2. School of Economics and Management, Tsinghua University;1. Technical University Munich, Arcisstraße 21, 80333 Munich, Germany;2. Saïd Business School, University of Oxford, Park End Street, Oxford OX1 1HP, UK |
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| Abstract: | Using a comprehensive survey, we show that investors with a larger capital allocation to private equity are more specialized ? measured by the degree to which the investor focuses on private equity rather than other classes of investments ? and have a wider scope of due diligence and investment activities. Other investor characteristics (experience, type, location, compensation structure, number of funds under management) play no role. In particular, endowments are not special according to the survey measures. These results are consistent with the changing LP–GP relationship in private equity as capital is increasingly concentrated in the hands of large investors. |
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