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Contribution Details
Type | Bachelor's Thesis |
Scope | Discipline-based scholarship |
Title | The Buy-and-Build Strategy in Private Equity - A Study of Value Creation in Leveraged Buyouts |
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Institution | University of Zurich |
Faculty | Faculty of Business, Economics and Informatics |
Number of Pages | 52 |
Date | 2021 |
Abstract Text | I study the performance of 50 buy-and-build private equity funds with vintage years up to 2018 using the dataset of Preqin. A total of 778 platform and 2430 add-on deals are evaluated. I find an outperfor-mance of 33 per cent (average) and 23 per cent (median) compared to the S&P 500 over a fund’s lifetime, resulting in an annual outperformance of at least 3.83 per cent. I derive a series of value creation drivers through the case study with Ufenau Capital Partners that are unique to the buy-and-build strategy and explain outperformance. |
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