The performance of private investments has historically been undertaken at the fund level. Recent advances in data collection and access have made it possible instead to analyze the performance of private investment deals.

We replicate the analysis in Ennis and Rasmussen (2025a) using best practices in academic empirical finance and document some meaningfully different results. Specifically, we find no statistically reliable evidence of risk-adjusted underperformance of LPE.

This update of IPC’s IPO model shows that the IPO Market has returned to normal (even if just barely). It’s a far cry from the “hot” market of 2021, but we see positive signs – if momentum continues in August, the IPO Market could finally sustain a more normal posture over the longer term.

This study addresses the optimal asset allocation problem for investors managing a diversified portfolio of stocks, bonds, and hedge funds. Significant allocations to hedge funds may be justified due to their diversification benefits, even when hedge funds generate minimal or no alpha.

This paper studies the relationship between the growth in private capital markets and the rise in economic inequalities in the U.S over the last two decades. First, we document that the share of financing raised by early-stage companies from U.S.-based high-net-worth individuals...

What drives racial diversity on startup boards? We provide the first evidence on this question by exploiting the demand shock from the 2020 George Floyd (GF) protests. Using...

Evergreen funds are a rapidly growing segment of the private capital universe. While open-ended structures have existed for decades in some asset classes such as real estate, the more recent products have included a broader set of assets such as private equity and credit.

The resurgence of inflation risk has revealed stark contrasts between public and private real asset investments, particularly in infrastructure and real estate. Using granular data on 1,291 private infrastructure deals and 4,377 private real estate deals, along with private fund returns, this study...

Carried interest is a special, or disproportionate-to-ownership, allocation of profits to the general partner of a private equity or hedge fund partnership. Some commentators deride carried interest as a “loophole” that...

Despite managing $23 trillion in assets, Development Financial Institutions' (DFIs) investment activities remain understudied. We document DFIs' substantial growth in...

Research on the operations and financing of companies owned by private equity funds remains challenging due to limited quantity and inconsistent quality of available data...