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This paper analyzes the determinants of returns generated by mature European private equity funds. It starts from the presumption that this asset class is characterized by illiquidity, stickiness, and segmentation. Given this presumption, Gompers and Lerner (2000) have shown that venture deal valuations are driven by overall fund inflows into the industry that yield the putative 'money chasing deals' phenomenon. It is the aim of this paper to show that this phenomenon explains a significant part of the variation in private equity funds' returns. This is especially true for venture funds, as they are affected more by illiquidity and segmentation than buy-out funds. In the context of a WLS-regression approach the paper reports a highly significant impact of total fund inflows on fund returns. It can also be shown that private equity funds' returns are driven by GP's skills as well as stand-alone investment risk. In a bootstrapping context we can show that most of these results are quite stable.

In the face of accelerating climate change, urbanization and the need to adapt to these changes, the concept of resilience as an interdisciplinary and positive approach has gained increasing attention over the last decade. However, measuring resilience and monitoring adaptation efforts have received only limited attention from science and practice so far. Thus, this paper aims to provide an indicator set to measure urban climate resilience and monitor adaptation activities. In order to develop this indicator set, a four-step mixed method approach was implemented: (1) based on a literature review, relevant resilience indicators were selected, (2) researchers, consultants and city representatives were then invited to evaluate those indicators in an online survey before the remaining indicator candidates were validated in a workshop (3) and finally reviewed by sector experts (4). This thorough process resulted in 24 indicators distributed over 24 action fields based on secondary data. The participatory approach allowed the research team to take into account the complexity and interdisciplinarity nature of the topic, as well as place- and context-specific parameters. However, it also showed that in order to conduct a holistic assessment of urban climate resilience, a purely quantitative, indicator-based approach is not sufficient, and additional qualitative information is needed.

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