Listed Private Equity

Abstract

The phrase 'private equity' became widespread in the late 1980s following major buyout fund activity. What has been neglected for some time is the existence of listed private equity -an exposure through a share in a private equity company traded on a stock exchange. While the listed market is small compared to its unlisted counterpart, it benefits from a variety of advantages that make this form of private equity worth further consideration. But is public private equity a contradiction in terms? We conclude that although there are different organizational structures between listed and unlisted private equity, an investment in listed private equity exhibits similar or even equivalent characteristics to an investment in unlisted private equity. Finally, we present an empirical overview of the listed private equity market.

Controllability on relaxation-free subspaces: On the relationship between adiabatic population transfer and optimal control

“…Perfect state transfer is achieved only in this limit. This is in accordance with experimental realizations where at best 99.5% state transfer were achieved [18].…”

Reliability and relevance of fair values: private equity investments and investee fundamentals

“…This is not particularly surprising because net income is quite small and irrelevant for private equity funds. This is because the private equity funds studied have low asset turnover and hence income realizations throughout the life of the fund before liquidation (Bergmann, Christophers, Huss, and Zimmermann, 2011).…”

Institutional Investment in Listed Private Equity

“…2 See, for example, Woodward and Hall (2003), Woodward (2004), Caselli et al (2009) andCochrane (2005), on venture capital risk and returns, and Ljungqvist and Richardson (2003), Jones and Rhodes-Kropf (2003), Wright et al (2007), Martynova andRenneboog (2009), Dillern andKaserer (2009) on buyout risk and returns. There are few studies of listed private equity returns; exceptions include Bergmann et al (2010) and Jegadeesh et al (2009) Lahr and Kaserer, 2010), but not our dataset because LPEQ does not consider VCTs to be part of the definition of listed private equity. VCTs are tax subsidized funds with significant statutory covenants that arguably lower their performance, and most investors would not invest but for the tax subsidy (Cumming, 2003; for related work on analogous tax subsidised listed private equity funds in Canada, see Cumming and MacIntosh, 2007). in order to generate risk-adjusted excess returns over public markets will be associated with size of the investor, type and ease of access such as that facilitated by locational advantages.…”

“…(2007), Martynova and Renneboog (2009), Dillern and Kaserer (2009) on buyout risk and returns. There are few studies of listed private equity returns; exceptions include Bergmann et al (2010) and Jegadeesh et al . (2009).…”