We evaluate the performance of limited partners ’ (LPs) private equity investments over time. Using a sample of 14,380 investments by 1,852 LPs in 1,250 buyout and venture funds started between 1991 and 2006, we find that the superior performance of endowment investors in the 1991-1998 period

The returns that institutional investors realize from private equity investments differ dramatically across institutions. Using detailed and hitherto unexplored records of fund investors and performance, we document large heterogeneity in the performance of different classes of limited partners

that limited partners are unable to select better funds for reinvestment compared to funds in which they choose not to reinvest. Our results imply that selection skills alone may not be an adequate explanation of the systematic differences between different limited partners’ returns, as suggested by previous

We introduce a methodology to estimate the historical time series of returns to investment in private equity. The approach is quite general, requires only an unbalanced panel of cash contributions and distributions accruing to limited partners, and is robust to sparse data. We decompose private

through a questionnaire addressed to (potential) Limited Partners world-wide. The respondents provide information about their perceptions of the region. The protection of property rights is the dominant concern, followed by social criteria, such as the belief in the management quality of local people

Moselka, Robin Rijnders, Jacco Vogels, and especially Yves Kessels. We gratefully acknowledge grants from CAREFIN and EIBURS. Electronic copy available at: http://ssrn.com/abstract=2379354 1 Team size and division of labor: Evidence from a Survey of Private Equity Limited Partners Abstract Using a

Meta-analyses of sex differences in physical aggression to heterosexual partners and in its physical consequences are reported. Women were slightly more likely (d =-.05) than men to use one or more act of physical aggression and to use such acts more frequently. Men were more likely (d =. 15

Institutional investors exhibit substantial home-state bias in private equity. This effect is particularly pronounced for public pension funds, where overweighting amounts to 9.7 % of aggregate private-equity investments and 16.2 % for the average limited partner. Public pension funds ’ in

The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

Steven Kaplan and Per Stromberg provided helpful comments. We also thank seminar participants at Harvard University and the University of North Carolina for many helpful comments. Harvard Business School’s Division of Research provided financial support. All errors are our own. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.