Investors in Private Equity Funds Theory, Preferences and Performanc
Daniel Hobohm analyses more than 17 000 investments by more than 1800 international investors in more than 2400 private equity and venture capital funds over the last two decades. He compares different investor types in their fund preferences, home bias a
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GABLER RESEARCH
Daniel Hobohm
Investors in Private Equity Funds Theory, Preferences and Performances With a Foreword by Prof. Dietmar Harhoff, Ph.D.
RESEARCH
Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de.
Dissertation Ludwig-Maximilians-Universität München, 2009
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Foreword As the world emerges from one of the biggest financial crises in history, the list of causative factors for the global bubble that preceded it becomes clear. A lack of transparency in the investment markets, a rush to illiquid assets and a glorification of aggressive investment strategies are some of those factors. If we can learn anything from the crisis, it definitely includes that many of the largest and most important investors knew too little about how to deal with investments outside the classic, public stock markets. Indeed, investments in illiquid Private Equity (PE) and Venture Capital (VC) funds have played a significant role in many seemingly low-risk, high-return investment strategies, even though investors in these funds had few guidelines from academics or regulators on how to treat this asset class. This is unfortunate, not only because these funds play a crucial role in the financing of non-public companies – e.g. the essential financing of many innovative start-up firms or the capital investments in so many non-public mediumsized companies. The lack of analysis is also regrettable, since economically important investors, e.g. pension funds or insurances, seek to diversify their investments. But only few studies have empirically analyzed how investors choose and invest in PE and VC funds. Daniel Hobohm helps to fill this research gap with his doctoral thesis. For investors, funds and academics, three overarching questions arise naturally. First, what preferences do investors have when choosing funds? Second, what returns do they achieve with their investments? Third, do the various types of investors differ in their preferences and returns when investing in different types of funds? In his study, Daniel Hobohm
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