Private Equity
Private Equity Research Consortium (PERC) is an assemblage of academic researchers and industry professionals dedicated to advancing research on private equity and credit. Our core mission is to develop a better understanding of how private capital investments affect both financial results and broader economic outcomes.
PERC, organized through IPC, was established in 2012 by scholars from the business schools at the University of Chicago, Duke University, UNC-Chapel Hill, University of Oxford, and the University of Virginia as well as other institutions who recognized challenges facing empirical research on private equity. PERC supports academic studies by researchers all over the world by facilitating access to data for scholars. For example, PERC has an exclusive arrangement with MSCI to provide access to data for academic research. The MSCI-Burgiss data available for use by PERC researchers contains over 12,000 funds and more than 200,000 underlying investment holdings. It is sourced directly from limited partners and contains full performance histories of cash flows at the fund level. The MSCI-Burgiss dataset represents the largest and most in-depth dataset of its kind on venture, buyout, and real estate funds available for academic research.
PERC periodically accepts applications from academic researchers for access to MSCI-Burgiss private equity fund data.
Latest Private Equity Research
The Performance of Private Video Game Equity
I use deal-level data from StepStone to perform the first ever analysis of private video game investment using 566 private video game investment deals, most of which come in the form of venture capital. Using these deals, I analyze private video game companies as a source of value accretion and as investment opportunities.
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Investor Expertise and Private Investment Selection
Despite the remarkable growth of individual investors in private markets, little is known about their investment patterns. We test the impact of investor expertise on venture capital fund selection by conducting an experiment with limited partners.
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The Private Capital Alpha
The alpha of an investment reflects its ability to increase the Sharpe ratio of a benchmark portfolio allocation based on tradable factors. We argue that, in the context of private capital, the usual approach to estimate alpha is misleading because it ignores the economic realities of investing in private markets. More
Advisory Board
Greg Brown
Research Director, IPC; Weatherspoon Distinguished Professor of Finance, UNC Kenan-Flagler Business School
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Keith Crouch
Executive Director, Co-Head Private Capital Product, MSCI
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Robert S. Harris
C. Stewart Sheppard Professor of Business Administration, University of Virginia, Darden School; (PERC Advisory Board Chair)
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Yael Hochberg
Ralph S. O'Connor Professor in Entrepreneurship & Finance, Head of the Entrepreneurship Initiative, Rice University
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Tim Jenkinson
Professor of Finance, Oxford University, Saïd Business School
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Steven Kaplan
Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance, University of Chicago, Booth School of Business
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David Robinson
Professor of Finance and J. Rex Fuqua Distinguished Professor of International Management, Duke University, Fuqua School of Business
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PERC Research Fellows
Reiner Braun
Chair, Entrepreneurial Finance, Technische Universität München
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Michael Ewens
David L. and Elsie M. Dodd Professor of Finance, Columbia Business School
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Andrei Gonçalves
Associate Professor of Finance, The Ohio State University, Fisher College of Business
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Will Gornall
Associate Professor of Finance, University of British Columbia, Sauder School of Business
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Oleg Gredil
Associate Professor of Finance, Tulane University, A. B. Freeman School of Business
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Sabrina Howell
Professor of Finance, New York University Stern School of Business
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Victoria Ivashina
Lovett-Learned Chaired Professor of Finance, Harvard Business School
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Arthur Korteweg
Dean's Associate Professor of Finance and Business Economics, University of Southern California, Marshall School of Business
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Josh Lerner
Schiff Professor of Investment Banking, Harvard Business School
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Vrinda Mittal
Assistant Professor of Finance, UNC Kenan-Flagler Business School
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Stefan Morkoetter
Professor of Finance, University of St.Gallen
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Adair Morse
William A. and Betty H. Hasler Chair in New Enterprise Development Finance, UC Berkeley Haas School of Business
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Ludovic Phalippou
Professor of Financial Economics, University of Oxford, Saïd Business School
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Antoinette Schoar
Koerner Professor of Finance, MIT Sloan School of Management
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Berk Sensoy
Hans Stoll Professor of Finance, Vanderbilt University, Owen Graduate School of Management
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Morten Sorensen
Associate Professor of Finance, Tuck School of Business at Dartmouth
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Ilya Strebulaev
David S. Lobel Professor of Private Equity & Finance; Stanford Graduate School of Business
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Per Stromberg
SSE Centennial Professor of Finance and Private Equity, Stockholm School of Economics; Adjunct Professor of Finance, Booth Business School, University of Chicago
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Michael Weisbach
Ralph W. Kurtz Chair in Finance, Ohio State University, Fisher College of Business
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Ayako Yasuda
Maurice J. and Marcia G. Gallagher Chair in Finance, UC Davis
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