{"title":"Private Benchmarking for Private Equity Funds","authors":"Christian Tausch, Markus J. Rieder, Philipp Abel","doi":"10.3905/jai.2023.1.192","DOIUrl":null,"url":null,"abstract":"Private equity (PE) funds, or more broadly private capital funds, can be benchmarked against public or private alternatives. Academic literature usually focuses exclusively on the public side. In this article, the authors investigate more-rigorous private peer group benchmarking methods beyond traditional “quartile ranking.” They focus mainly on both statistical and deterministic models for (1) peer group data enhancement, (2) handling very small peer groups, (3) simulation-based portfolio aggregation, and (4) the notion of maximum diversified private benchmarks. Ultimately, they discuss obtaining more-meaningful private benchmarks for a private capital portfolio.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.4000,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Alternative Investments","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3905/jai.2023.1.192","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Private equity (PE) funds, or more broadly private capital funds, can be benchmarked against public or private alternatives. Academic literature usually focuses exclusively on the public side. In this article, the authors investigate more-rigorous private peer group benchmarking methods beyond traditional “quartile ranking.” They focus mainly on both statistical and deterministic models for (1) peer group data enhancement, (2) handling very small peer groups, (3) simulation-based portfolio aggregation, and (4) the notion of maximum diversified private benchmarks. Ultimately, they discuss obtaining more-meaningful private benchmarks for a private capital portfolio.
期刊介绍：
The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices
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