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Financial Times Mastering Finance

This section contains references to research mentioned in the recent article “Private Equity Funds look for Strength in Numbers” in the Financial Times Mastering Finance series by Peter Cornelius (head of research at AlpInvest Partners visiting professor at the Vlerick Leuven Gent Management School) Oliver Gottschalg (Assistant Professor at HEC) and Maurizio Zollo (Associate Professor at INSEAD and the Shell Fellow of Business and the Environment). The mentioned INSEAD and HEC working papers are available in the section Reports & Publications or upon request (oliver@gottschalg.org).

For a detailed assessment of the historic performance of private equity relative to comparable public market investments, see
  • Kaplan, S. N./Schoar, A. (2005): Private Equity Peformance: Returns, Persistance and Capital Flows, in: Journal of Finance, Vol. 60, pp. 1791–1823
  • Phalippou, L./Zollo, M. (2005): Performance of Private Equity Funds: Another Puzzle?, INSEAD working paper
  • Phalippou, L./Zollo, M. (2005): What drives Private Equity Returns?, INSEAD working paper
  • Groh, A./Gottschalg, O. (2006): The Risk-Adjusted Performance of US-Buyouts, HEC Working Paper

For research on the money chasing deals phenomenon see
  • Gompers, P./ Lerner J. (2000) Money chasing deals? The impact of fund inflows on private equity valuations. Journal of Financial Economics;55; 281-325
  • Gottschalg, O./Zipser, D. (2006): Money Chasing Deals and Deals Chasing Money – The Impact of Supply and Demand on Buyout Performance, HEC Working Paper

For research on the negative effect of growing fund sizes on fund performance see
  • Gottschalg, O./Zollo M. (2005): Resource Development and Resource Stretching in the Private Equity Industry, INSEAD working paper, available upon request

For research on the role of managerial motivation as a determinant of buyout performance see
  • Gottschalg, O. (2005) Rewards and Firm Performance, INSEAD Working Paper, available upon request
  • Gottschalg, O. (2005) The Human Factor In MBOs:Managerial Motivation as the Key to Buyout Success. INSEAD Dissertation, available upon request

For research on the performance impact of an active involvement of buyout fund managers in financial, strategic and operational decisions of the acquired business see:
  • Meier D./Gottschalg, O. (2005) What does it take to be a good parent, HEC Working Paper