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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Return Drivers of Private Equity Investments |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 54 |
| Date | 2018 |
| Abstract Text | Private equity historically performed better than public market. Understanding its performance has been of core interest to both to academics and to practitioners. This thesis attempts shed light on return drivers employed by general partners by analyzing proprietary deal-level data provided by an established limited partner. This study finds that return on EBITDA multiple mimics the behavior of overall private equity returns. It shows similar sensitivities to the risk factors as the overall PE performance. Our results are similar to those conducted on portfolio level study by (Franzoni, Nowak, and Phalippou 2011). Furthermore, this study shows that private equity displays similar risk premium to the value stocks. |
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