Hobohm Investors in Private Equity Funds

Theory, Preferences and Performances
2010
ISBN: 978-3-8349-8726-6
Verlag: Betriebswirtschaftlicher Verlag Gabler
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 199 Seiten, eBook

Daniel Hobohm analyses investments by international investors in private equity and venture capital funds over the last two decades. He compares different investor types in their fund preferences, home bias and investor responses to market shocks.

Dr. Daniel Hobohm obtained his doctorate at the Institute for Innovation Research, Technology Management and Entrepreneurship (Ludwig-Maximilians-Universität Munich) under the supervision of Prof. Dietmar Harhoff, Ph.D. He works in the alternative investment industry.

Zielgruppe

Research

Autoren/Hrsg.

Hobohm, Daniel

Weitere Mitwirkende

Harhoff, Ph.D., Prof. Dietmar

Inhaltsverzeichnis

1;Foreword;6
2;Preface;8
3;Contents;9
4;List of Figures;11
5;List of Tables;12
6;List of Abbreviations;14
7;Chapter 1 Introduction;17
7.1;1.1 Investments in Private Equity Funds;17
7.2;1.2 Related Research;20
7.3;1.3 Aim and Structure;25
8;Chapter 2Theory of Fund Investments;28
8.1;2.1 Risk-Sharing and Selection;28
8.2;2.2 Empirical Evidence;34
8.3;2.3 Conclusion;37
9;Chapter 3Limited Partners;39
9.1;3.1 Different Types of LPs;39
9.2;3.2 Preliminary Results;54
9.3;3.3 Hypotheses;55
9.3.1;3.3.1 Interviews;55
9.3.2;3.3.2 Additional Arguments;65
9.3.3;3.3.3 Summary;70
10;Chapter 4Data;75
10.1;4.1 Source;75
10.2;4.2 Data Preparation;76
10.3;4.3 Descriptives;77
10.3.1;4.3.1 General Partners;77
10.3.2;4.3.2 Limited Partners;84
10.3.3;4.3.3 LP – GP investments;90
10.4;4.4 Methods;91
11;Chapter 5LP Investment Preferences;98
11.1;5.1 LP Preferences;98
11.1.1;5.1.1 Fund Preferences;98
11.1.2;5.1.2 Home Bias;109
11.2;5.2 The Strategy Adjustment Hypothesis;119
11.3;5.3 Summary and Discussion;126
12;Chapter 6LP Investment Performance;133
12.1;6.1 LP Returns;133
12.1.1;6.1.1 Mean LP Investment Performances;133
12.1.2;6.1.2 US LP Performance;142
12.1.3;6.1.3 Global LP Performance;154
12.2;6.2 What Drives Investment Success?;161
12.2.1;6.2.1 The Risk-Taking Hypothesis;161
12.2.2;6.2.2 The External Advisor Hypothesis;164
12.2.3;6.2.3 The LP Proximity Hypothesis;170
12.3;6.3 Summary and Discussion;182
13;Chapter 7Conclusion;191
13.1;7.1 Discussion;191
13.2;7.2 Theory: Conclusion;199
13.3;7.3 Outlook;200
14;Bibliography;203

Theory of Fund Investments.- Limited Partners.- Data.- LP Investment Preferences.- LP Investment Performance.- Conclusion.

Über Autor(innen)

Dr. Daniel Hobohm obtained his doctorate at the Institute for Innovation Research, Technology Management and Entrepreneurship (Ludwig-Maximilians-Universität Munich) under the supervision of Prof. Dietmar Harhoff, Ph.D. He works in the alternative investment industry.