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Forget Midas; What We Really Need Is a Mygdon List

Posted on: May 20, 2013 by Mahendra Ramsinghani3 Comments »

The problem with the Midas List is that it focuses on individuals when venture capital is a team sport; it’s like giving a medal only to the member of a relay team who crosses the finish line, says guest columnist Mahendra Ramsinghani.

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Game Over: U.S. LBO Returns Beat Public Equities

Posted on: May 15, 2013 by dtollNo Comments »

It is probably time to put to rest the question of whether, over nearly three decades, U.S. buyout shops have on average outperformed the public equity markets. They have.

ILPA Touts Proprietary Benchmark For Funds

Posted on: April 11, 2013 by Steve BillsNo Comments »

With the rollout of its own private equity benchmark, the Institutional Limited Partners Association is seeking to give its members a measurement system that is “institutionally relevant,” said Michael Elio, the association’s managing director of industry affairs

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Top-Quartile Persistence Isn’t What It Used To Be

Posted on: March 27, 2013 by dtollNo Comments »

One of the fundamental principles guiding investors in private equity has been that of persistence of performance. If investors want to back a top-quartile fund, and they all do, a good starting point has been to make sure the predecessor funds were top-quartile.

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Shocker: Sponsors Inflate Valuations During Fundraises

Posted on: March 15, 2013 by dtoll2 Comments »

Private-equity firms have generally been conservative when it comes to valuing their portfolio investments—with the exception, no big surprise, of when they’re in the market raising money, according to a new academic paper.

Australian Private Equity & Venture Capital Returns Advance

Posted on: February 15, 2013 by Mark BosletNo Comments »

A key private equity and venture capital index measuring returns in Australia rose by 2.90% in the third quarter of 2012, according to a report from the Australian Private Equity and Venture Capital Association. For the 12 months ending September, the index rose by 6.44%, but trailed the S&P/ASX 300 Index’s gain of 14.46%.

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How Endowments Lost Their PE Groove: Study

Posted on: February 13, 2013 by dtoll1 Comment »

Riding high on their access to top venture funds, endowments left other categories of limited partners in the dust, performance-wise, in the 1990s. But by the following decade they had largely lost their Midas touch.

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Bigger LPs Perform Better, Study Finds

Posted on: January 30, 2013 by dtollNo Comments »

A new research paper finds that defined benefit pension plans managing the largest private equity portfolios outperform those managing the smallest ones.

Texas Teachers’ Pledged $1.1B In Fourth Quarter

Posted on: January 30, 2013 by Gregory RothNo Comments »

The giant Texas Teachers’ Retirement System committed more than $1.1 billion to private equity across seven investments in the fourth quarter, with some pledges going to long-time partners and some to new relationships…

Venture Performance Remains Far Cry From 1996 Heyday

Posted on: January 29, 2013 by Joanna GlasnerNo Comments »

How are U.S. venture capital funds performing? Depends on which time frame one looks at, and whether one focuses on portfolio value or cash returns. But overall, new data from Cambridge Associates shows VC performance improving over a 10-year time frame but third- quarter write-downs weighed on results.