The Performance of Private Equity Funds in India

Gohil, Raviraj

doi:10.3905/jpe.2014.18.1.063

Cited by 4 publications

(2 citation statements)

References 25 publications

(19 reference statements)

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“…However, the risks associated with those markets on the one hand, and the needed adjustment effort from foreign GPs on the other hand 5 , lead to mitigated investment experiences and mixed conclusions among investors on how emerging markets are exactly an investment opportunity 6 . In the literature, issues related to scarcity and quality of data often held back the development of this yet interesting research field, with most studies often restricted to single-country level studies (Charvel, 2012, Gohil, 2014, Minardi et al, 2014. 5 E.g.…”

Section: Emerging Markets and Private Equity Performancementioning

confidence: 99%

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Is Destiny Worth the Distance? On Private Equity in Emerging Markets

Ain Tommar,

Darolles,

Jurczenko

2018

SSRN Journal

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Section: Emerging Markets and Private Equity Performancementioning

confidence: 99%

“…Most existing studies use country-level data (e.g. Mexico (Charvel, 2012), India (Gohil, 2014), Brazil (Minardi et al, 2014) with mitigated results on private equity performance in those countries. More recent research looks at larger sets of emerging markets economies Johan and Zhang (2016) and Lerner and Baker (2017).…”

Section: Introductionmentioning

confidence: 99%

Is Destiny Worth the Distance? On Private Equity in Emerging Markets

Ain Tommar,

Darolles,

Jurczenko

2018

SSRN Journal

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Private equity performance and capital flows: Evidence from China

Fang

Nofsinger

Song

et al. 2018

Emerging Markets Review

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Private Equity Firm Performance: An Empirical Evidence From India Using Benchmark Index

Kumar

Firoz

2023

Global Business Review

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The present study attempted to examine the comparative return performance of private and non-private equity firms in India. For this purpose, we have used deal-level data retrieved from venture intelligence for the period ranging from 2009 to 2019. To measure the return of private equity, we applied Return multiple, internal rate of return (IRR) and extended internal rate of return (XIRR). We have used the Nifty 50 benchmark index as a proxy for investigating the return generated by public market returns. Study findings revealed that private equity firms outperformed the benchmark Index return and open-up routes for global and domestic investors for further investment. We identified that most private equity deals exited via the M&A route; some also followed the IPO route to exit privately held firms. Results differ from prior studies advocating IPO as the prime mechanism private equity managers use for exiting. Further, returns measured under both routes outperformed the public market index Nifty 50. The study found that 84% (277 Deals) of deals provided a positive cash multiple in the last decade and outperformed the benchmark index. These findings are helpful for private equity firms and fund managers to make investment decisions in the Indian private equity market.

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The Performance of Private Equity Funds in India

Cited by 4 publications

References 25 publications

Is Destiny Worth the Distance? On Private Equity in Emerging Markets

Is Destiny Worth the Distance? On Private Equity in Emerging Markets

Private equity performance and capital flows: Evidence from China

Private Equity Firm Performance: An Empirical Evidence From India Using Benchmark Index

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