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Do Private Equity Fund Managers Opportunistically Smooth Fund Performance?

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Do Private Equity Fund Managers Opportunistically Smooth Fund Performance?/
Author:	Manning, Rebecca Jane.
Description:	1 online resource (58 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 85-11, Section: A.
Contained By:	Dissertations Abstracts International85-11A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798382718798

Do Private Equity Fund Managers Opportunistically Smooth Fund Performance?
Manning, Rebecca Jane.

Do Private Equity Fund Managers Opportunistically Smooth Fund Performance? - 1 online resource (58 pages)

Source: Dissertations Abstracts International, Volume: 85-11, Section: A.

Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2024.

Includes bibliographical references

Private equity is a substantial and growing component of institutional investors' portfolios. Investors rely on manager-reported fund performance when making capital allocation decisions, yet reported performance is subject to significant manager discretion. I examine whether private equity fund managers opportunistically smooth fund performance. Using Burgiss' proprietary private equity dataset, I find that, after controlling for cumulative fund performance, fund managers report smoother fund growth before raising capital for new funds and when fund managers are publicly traded firms. The effect of fundraising on smoothness is greater for less established fund managers and for lower performing funds. The findings support the hypothesis that fund managers opportunistically smooth performance, an inference that is robust to the inclusion of fund and fund manager controls such as age, size and performance. My findings are relevant to fund investors making allocation decisions and regulators as they consider increasing private equity regulation.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798382718798Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Earnings managementIndex Terms--Genre/Form:

554714
Electronic books.

Do Private Equity Fund Managers Opportunistically Smooth Fund Performance?
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504 $a Includes bibliographical references
520 $a Private equity is a substantial and growing component of institutional investors' portfolios. Investors rely on manager-reported fund performance when making capital allocation decisions, yet reported performance is subject to significant manager discretion. I examine whether private equity fund managers opportunistically smooth fund performance. Using Burgiss' proprietary private equity dataset, I find that, after controlling for cumulative fund performance, fund managers report smoother fund growth before raising capital for new funds and when fund managers are publicly traded firms. The effect of fundraising on smoothness is greater for less established fund managers and for lower performing funds. The findings support the hypothesis that fund managers opportunistically smooth performance, an inference that is robust to the inclusion of fund and fund manager controls such as age, size and performance. My findings are relevant to fund investors making allocation decisions and regulators as they consider increasing private equity regulation.
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653 $a Fair value
653 $a Institutional investors
653 $a Private equity
653 $a Private investments
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