The US entrepreneurial finance market has changed dramatically over the last two decades.
Entrepreneurs who raise their first round of venture capital retain 30% more equity in their …

We survey the literature on the private equity partnership arrangement from the perspective
of an outside investor (limited partner). We examine how the partnership arrangement fits …

We estimate unsmoothed private equity net asset values (NAVs) at weekly frequency for
individual funds. Using simulations and large samples of buyout and venture funds, we …

This paper develops the first option pricing model of venture capital-backed companies and
their security values that incorporates the dilutive future financing rounds prevalent in the …

This chapter is both a primer on estimation methods for assessing risk and return in private
equity and a survey of the empirical literature. Most private equity investments are made by …

Private Equity and Entrepreneurial Finance, volume 1 of the new series, Handbook of the
Economics of Corporate Finance, provides comprehensive and accessible updates of …

Portfolio Management in Private Equity Page 1 Portfolio Management in Private Equity Gregory
W. Browna Celine (Yue) Feia David Robinsonb a Kenan-Flagler Business School, University of …

We evaluate private equity (PE) performance using investor-specific stochastic discount
factors, and examine whether investors could benefit from changing their allocation to PE …

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 …

We characterize the factors common between public and private equity (PE) returns as well
as the factors specific to private and public returns, respectively. Using a comprehensive …