Private Equity

Product

Fund of Fund

Our Fund of Fund offering provides access to a carefully selected portfolio of top tier specialist Private Equity funds.

Co-Invest

Our Co-Investment program provides access to direct investments in high quality companies alongside top tier Private Equity funds.

Sientific Reasoning

A one standard deviation increase in skill leads to an increase in annual returns of 1-2%3

Difference between top and bottom quartile 16.9+% in annualized return3,4

Most of the performance persistence is in the top and bottom quartiles5,7

Reasonably sized portfolios of co-investments significantly outperform fund returns6

The average buyout co-investment outperforms deals in fund by between 0.10 and 0.29 (net) PME6

Portfolios of 10 buyout deals on average ouperform fund returns net of fees and costs6

Product

Scientific Reasoning

Fund of Funds

Our Fund of Funds offering provides access to a carefully selected portfolio of top tier specialist Private Equity funds in the most attractive part of the market: the lower mid-market.

Scientific reasoning

A one standard deviation increase in skill leads to an increase in annual returns of 1-2%3

Difference between top and bottom quartile 16.9+% in annualized return3,4

Most of the performance persistence is in the top and bottom quartiles5,7

Co-Invest

Our Co-Investment program provides access to direct investments in high quality companies alongside top tier Private Equity funds.

Scientific reasoning

Reasonably sized portfolios of co-investments significantly outperform fund returns6

The average buyout co-investment outperforms deals in fund by between 0.10 and 0.29 (net) PME6

Portfolios of 10 buyout deals on average ouperform fund returns net of fees and costs6

1
Gruener, Andreas and Marburger, Leon, New Insights into PrivateEquity: Empirical Evidence from More than 500 Buyouts, The Journal of Portfolio Management July 2022
2
Brown, G., and S. Kaplan. 2019.“Have Private Equity Returns Really Declined?” Journal of Private Equity 22(4): 11-18.
3
‍Cavagnaro, Daniel and Sensoy, Berk A. and Wang, Yingdi and Weisbach, Michael S., Measuring InstitutionalInvestors’ Skill at Making Private Equity Investments (April 17, 2018). Journalof Finance, Forthcoming, Fisher College of Business Working Paper No.2016-03-14, Charles A. Dice Center Working Paper No. 2016-14,Available at SSRN: https://ssrn.com/abstract=2826633 or http://dx.doi.org/10.2139/ssrn.2826633
4
“The Allure of the Outlier: AFramework for Considering Alternative Investments,” Vanguard, 2015.
5
Reiner Braun, Tim Jenkinson, Ingo Stoff, How persistent is private equity performance? Evidence from deal-level data, Journal of Financial Economics, Volume 123,Issue 2, 2017, Pages 273-291, ISSN 0304-405X, Available at https://doi.org/10.1016/j.jfineco.2016.01.033.
6
Braun, R., Jenkinson, T., & Schemmerl, C. (2020). Adverse Selection and the Performance of Private Equity Co-Investments. Risk Management eJournal.
7
Aigner, P, S. Albrecht, G. Beyschlag, T. Friedrich, M. Kalepky, and R. Zagst. 2008. “What Drives PE? Analyses ofSuccess Factors for Private Equity Funds”. Journal of Private Equity 11 (4):63-85.

Past performance is no guarantee for future performance.
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