Come to the private side: The returns and risks of private equity funds and funds of funds
dc.contributor | Aalto University | en |
dc.contributor | Aalto-yliopisto | fi |
dc.contributor.advisor | Joenväärä, Juha | |
dc.contributor.author | Ahdekivi, Jaakko | |
dc.contributor.department | Rahoituksen laitos | fi |
dc.contributor.school | Kauppakorkeakoulu | fi |
dc.contributor.school | School of Business | en |
dc.date.accessioned | 2023-01-22T17:04:31Z | |
dc.date.available | 2023-01-22T17:04:31Z | |
dc.date.issued | 2022 | |
dc.description.abstract | In this thesis I examine the returns that private equity and venture capital funds have yielded to investor between 1984 and 2019 with focus on returns between 2010 and 2019. I also examine the returns and risks of private equity funds of funds and their risk-return profile. To determine the returns, I use the IRR and TVPI of each vintage year. In addition, I discuss the public market equivalent (PME) approach to returns comparisons and provide a rough estimate of the PME for PE and VC funds. To determine the risks, I use standard deviation of IRRs as a measure of risk. I find that private equity and venture capital funds have yielded excess returns compared to the public market. Secondly, I observe that this is the case also for private equity funds of funds. Thirdly, I find that funds of funds provide lower risk and are only partially exposed to same return factors as individual private equity funds. | fi |
dc.format.extent | 38 | |
dc.format.mimetype | application/pdf | en |
dc.identifier.uri | https://aaltodoc.aalto.fi/handle/123456789/119056 | |
dc.identifier.urn | URN:NBN:fi:aalto-202301221410 | |
dc.language.iso | fi | en |
dc.programme | Rahoitus | en |
dc.subject.keyword | Private Equity | fi |
dc.subject.keyword | Venture Capital | fi |
dc.subject.keyword | IRR | fi |
dc.subject.keyword | TVPI | fi |
dc.subject.keyword | PME | fi |
dc.subject.keyword | Fund of funds | fi |
dc.title | Come to the private side: The returns and risks of private equity funds and funds of funds | fi |
dc.title | Come to the private side: The returns and risks of private equity funds and funds of funds | en |
dc.type | G1 Kandidaatintyö | fi |
dc.type.ontasot | Bachelor's thesis | en |
dc.type.ontasot | Kandidaatintyö | fi |