On June 13, 2017, the Notre Dame Institute for Global Investing co-hosted a roundtable discussion with the Private Capital Research Institute at the University of Notre Dame Chicago campus. A group of limited partners, academics and general partners met to share their thoughts on performance and persistence in private equity investments. Overall, the evidence suggests that the conclusion was that the once robust persistence of performance across buyout funds has weakened, along with the historical outperformance of private equity relative to the private markets. The discussion among the practitioners focused on the various approaches employed in selecting fund managers, factors influencing performance in the current environment, industry trends and performance benchmarks, comparisons between venture and buyout investing, alignment issues, and the importance of culture. These views were balanced by the empirical research findings presented by academics.
A summary of the discussion can be viewed here: PCRI NDIGI Forum Summary Final.
Josh Lerner, Harvard Business School & PCRI recently discussed this event with the Working Capital Review
The Notre Dame Institute for Global Investing was established in 2015 at the Mendoza College of Business to add depth and breadth to Mendoza’s finance curriculum; expand internship and career placement opportunities for undergraduate and MBA students; provide experiential learning opportunities both in the U.S. and abroad; leverage key partnerships among the college, the Notre Dame Investment Office and the University’s extensive alumni network; and further faculty research and thought leadership in areas related to global investment management.
The Private Capital Research Institute (PCRI) is a non-profit organization that seeks to further the understanding of private capital and its impact through independent academic studies. PCRI’s primary goal is to produce and disseminate high quality academic research, based in large part on the comprehensive academic databases of private capital activity that the PCRI is building.