Journal of Financial Economics·Volume 129, Issue 2·August 2018

私募股权投资中的金融中介：基金的基金表现如何？

作者：Robert S. Harris（University of Virginia, Darden School of Business）

Tim Jenkinson（University of Oxford, Said Business School）

Steven N. Kaplan（University of Chicago, Booth School of Business）

Ruediger Stucke（Warburg Pincus, LLC）

摘要：本文侧重于基金的基金（FOFs）作为私募股权（买断和风险投资）中的一种金融中介形式。在计算费用后，FOF为买断和风险投资提供等于或高于公开市场指数的回报。虽然专注于收购的FOF表现优于公开市场，但它们在收购方面的表现落后于直接基金投资策略。相比之下，风险投资中FOF的平均表现与直接风险基金投资的结果相当。这表明风险投资中的FOF（但不是收购）能够识别和获取表现优异的基金。

关键词：私募股权，基金的基金，金融中介

Financial intermediation in private equity: How well do funds of funds perform?

Robert S. Harris（University of Virginia, Darden School of Business）

Tim Jenkinson（University of Oxford, Said Business School）

Steven N. Kaplan（University of Chicago, Booth School of Business）

Ruediger Stucke（Warburg Pincus, LLC）

ABSTRACT

This paper focuses on funds of funds (FOFs) as a form of financial intermediation in private equity (both buyout and venture capital). After accounting for fees, FOFs provide returns equal to or above public market indices for both buyout and venture capital. While FOFs focusing on buyouts outperform public markets, they underperform direct fund investment strategies in buyout. In contrast, the average performance of FOFs in venture capital is on a par with results from direct venture fund investing. This suggests that FOFs in venture capital (but not in buyouts) are able to identify and access superior performing funds.

Keywords: Private equity, Fund of funds, Financial Intermediation

原文链接：https://www.sciencedirect.com/science/article/pii/S0304405X18301120#!

翻译：何杉