127:
1075:, vol. LXX, no. 16 (19 October 2023), pp. 33-35. "rivate equity firms create nothing and provide no meaningful services – on the contrary, they actively undermine functional companies." (p. 34.) "Tax law plays a critical part in making funds profitable. The 'carried interest' provision, for example, which allows most of the profits of private equity partners to be taxed at the lower capital gains rate rather than as earnings, is crucial to their self-enrichment." (p. 35.)
352:, which should earn a premium over traditional securities, such as stocks and bonds. Once invested, liquidity of invested funds may be very difficult to achieve before the manager realizes the investments in the portfolio because an investor's capital may be locked-up in long-term investments for as long as twelve years. Distributions may be made only as investments are converted to cash with limited partners typically having no right to demand that sales be made.
2571:
1731:
1721:
1701:
1681:
1671:
2579:
1711:
1691:
1863:
25:
368:
An investor's commitment to a private-equity fund is satisfied over time as the general partner makes capital calls on the investor. If a private-equity firm cannot find suitable investment opportunities, it will not draw on an investor's commitment, and an investor may potentially invest less than
138:
and are governed by the terms set forth in the limited partnership agreement (LPA). Such funds have a general partner, which raises capital from cash-rich institutional investors, such as pension plans, universities, insurance companies, foundations, endowments, and high-net-worth individuals, which
271:
A private-equity fund typically makes investments in companies (known as portfolio companies). These portfolio company investments are funded with the capital raised from LPs, and may be partially or substantially financed by debt. Some private equity investment transactions can be highly leveraged
183:
The fund's manager has significant discretion to make investments and control the affairs of the fund. However, the LPA does have certain restrictions and controls and is often limited in the type, size, or geographic focus of investments permitted, and how long the manager is permitted to make new
401:
For the above-mentioned reasons, private-equity fund investment is for investors who can afford to have capital locked up for long periods and who can risk losing significant amounts of money. These disadvantages are offset by the potential benefits of annual returns, which may range up to 30% per
276:—hence the acronym LBO for "leveraged buy-out". The cash flow from the portfolio company usually provides the source for the repayment of such debt. While billion dollar private equity investments make the headlines, private-equity funds also play a large role in middle market businesses.
286:
LBO funds commonly acquire most of the equity interests or assets of the portfolio company through a newly created special purpose acquisition subsidiary controlled by the fund, and sometimes as a consortium of several like-minded funds.
101:
make an unfunded commitment to the limited partnership, which is then drawn over the term of the fund. From the investors' point of view, funds can be traditional (where all the investors invest with equal terms) or
319:
of the portfolio company or a sale of the company to a strategic acquirer through a merger or acquisition, also known as a trade sale. A sale of the portfolio company to another private-equity firm, also known as a
176:
Private equity funds are not intended to be transferred or traded; however, they can be transferred to another investor. Typically, such a transfer must receive the consent of and is at the discretion of the fund's
117:
and investment advisor). Typically, a single private-equity firm will manage a series of distinct private-equity funds and will attempt to raise a new fund every 3 to 5 years as the previous fund is fully invested.
2558:
327:
In prior years, another exit strategy has been a preferred dividend by the portfolio company to the private-equity fund to repay the capital investment, sometimes financed with additional debt.
342:
With most private-equity funds requiring significant initial commitment (usually upwards of $ 1,000,000), which can be drawn at the manager's discretion over the first few years of the fund.
154:
An annual payment made by the investors in the fund to the fund's manager to pay for the private-equity firm's investment operations (typically 1 to 2% of the committed capital of the fund).
646:
296:
1601:
1122:
552:
358:
Nearly all investors in private equity are passive and rely on the manager to make investments and generate liquidity from those investments. Typically, governance rights for
1179:
397:
Consistent with the risks outlined above, private equity can provide high returns, with the best private equity managers significantly outperforming the public markets.
315:
its investments in portfolio companies for a return, known as internal rate of return (IRR) in excess of the price paid. These exit scenarios historically have been an
1133:
480:
Kaplan, Steven N., and
Antoinette Schoar. "Private equity performance: Returns, persistence, and capital flows." The Journal of Finance 60.4 (2005): 1791-1823.
162:
The process by which the returned capital will be distributed to the investor, and allocated between limited and general partner. This waterfall includes the
1994:
1674:
1127:
375:
Given the risks associated with private equity investments, an investor can lose all of its investment. The risk of loss of capital is typically higher in
1079:
1116:
362:
in private-equity funds are minimal. However, in some cases, limited partners with substantial investment enjoy special rights and terms of investment.
283:, may also provide financing. Since mid-2007, debt financing has become much more difficult to obtain for private-equity funds than in previous years.
299:. Private equity multiples are highly dependent on the portfolio company's industry, the size of the company, and the availability of LBO financing.
89:
used for making investments in various equity (and to a lesser extent debt) securities according to one of the investment strategies associated with
1103:
1172:
1050:
295:
The acquisition price of a portfolio company is usually based on a multiple of the company's historical income, most often based on the measure of
2305:
2198:
1907:
1139:
1062:
1902:
1887:
1248:
416:
2265:
1892:
1145:
662:
1734:
1165:
1767:
1646:
441:
166: : a minimum rate of return (e.g. 8%) which must be achieved before the general partner can receive any carried interest, and the
2574:
379:
funds, which invest in companies during the earliest phases of their development or in companies with high amounts of financial
139:
invest as limited partners (LPs) in the fund. Among the terms set forth in the limited partnership agreement are the following:
1096:
471:
Prowse, Stephen D. "The economics of the private equity market." Economic Review-Federal
Reserve Bank of Dallas (1998): 21-34.
1028:
1005:
979:
952:
926:
899:
872:
845:
818:
791:
744:
717:
690:
584:
531:
504:
549:
279:
Such LBO financing most often comes from commercial banks, although other financial institutions, such as hedge funds and
2191:
1468:
1463:
436:
348:
Investments in limited partnership interests (the dominant legal form of private equity investments) are referred to as
1371:
230:
1151:
462:
Metrick, Andrew, and Ayako Yasuda. "The economics of private equity funds."Review of
Financial Studies (2010): hhq020.
163:
146:
The partnership is usually a fixed-life investment vehicle that is typically 10 years plus some number of extensions.
64:
35:
1256:
1233:
321:
244:
2582:
2402:
2332:
2184:
1760:
1704:
1446:
2290:
2165:
1714:
1684:
1020:
Raising
Venture Capital Finance in Europe: A Practical Guide for Business Owners, Entrepreneurs and Investors
996:
918:
Private Equity Fund
Investments: New Insights on Alignment of Interests, Governance, Returns and Forecasting
188:
The following is an illustration of the difference between a private-equity fund and a private-equity firm:
2548:
2311:
2043:
1823:
1694:
1451:
1071:
421:
86:
2483:
1281:
1276:
1271:
1266:
1261:
2606:
2322:
1328:
431:
2270:
2239:
2089:
1753:
1538:
1488:
1426:
1386:
1333:
614:
335:
Considerations for investing in private-equity funds relative to other forms of investment include:
2478:
2392:
1724:
1641:
1636:
42:
2601:
2553:
2538:
2512:
2507:
2357:
2285:
2227:
2150:
2140:
1989:
1621:
1616:
1571:
781:
316:
205:
98:
494:
2533:
2447:
2135:
1979:
1631:
1596:
1493:
1323:
609:
411:
157:
1018:
969:
916:
889:
862:
835:
808:
707:
680:
574:
2347:
2207:
2084:
1912:
1548:
1456:
521:
2337:
2233:
2160:
2033:
1576:
1361:
1238:
135:
94:
170:, the share of the profits paid the general partner above the preferred return (e.g. 20%).
90:
8:
2611:
2300:
2074:
1928:
1651:
1513:
1503:
1421:
1412:
1366:
110:
2502:
2412:
2377:
2069:
1626:
1586:
1523:
1518:
1356:
1058:
380:
258:
109:
A private equity fund is raised and managed by investment professionals of a specific
97:
with a fixed term of 10 years (often with one- or two-year extensions). At inception,
2373:
2094:
1964:
1948:
1837:
1807:
1591:
1318:
1313:
1308:
1223:
1157:
1046:
1024:
1001:
975:
948:
922:
895:
868:
841:
814:
787:
740:
713:
686:
654:
627:
580:
527:
500:
280:
2421:
2387:
2255:
1882:
1431:
1300:
1211:
619:
167:
2462:
2452:
2442:
2437:
2417:
2215:
2145:
2114:
2038:
1974:
1833:
1776:
1611:
1533:
1381:
1343:
1218:
1192:
942:
761:
734:
556:
388:
376:
359:
251:
237:
114:
103:
600:
Metrick, Andrew; Yasuda, Ayako (2010). "The
Economics of Private Equity Funds".
41:
The references used may be made clearer with a different or consistent style of
2496:
2407:
2397:
2155:
1969:
1943:
1436:
1351:
1228:
1188:
426:
384:
273:
223:
216:
149:
46:
523:
Investing in
Private Equity Partnerships: The Role of Monitoring and Reporting
126:
2595:
2492:
2457:
2342:
2317:
2280:
2245:
2026:
1917:
1543:
1528:
1508:
1396:
658:
631:
971:
Research
Handbook on Hedge Funds, Private Equity and Alternative Investments
864:
Private Equity and
Venture Capital in Europe: Markets, Techniques, and Deals
576:
Venture
Capital and Private Equity Contracting: An International Perspective
2543:
2488:
2295:
2119:
2079:
1984:
1841:
1656:
1581:
1553:
1498:
1391:
1154:. Pensions Investment Research Consultants for the Trades Union Congress.
2517:
2275:
2021:
1897:
1441:
810:
Private Equity Exits: Divestment Process Management for Leveraged Buyouts
623:
2176:
1067:
These Are the Plunderers: How Private Equity Runs – and Wrecks – America
2382:
2352:
2260:
2250:
2059:
1877:
1848:
1797:
1606:
1376:
1119:(University of Pennsylvania, The Wharton School, Department of Finance)
1080:"A closer look: Private equity co-investment: Best practices emerging"
1802:
1862:
682:
An Introduction to Investment Banks, Hedge Funds, and Private Equity
1745:
324:, has become a common feature of developed private equity markets.
647:"Selling Your Business: Why Private Equity Can Be The Best Buyer"
560:
572:
1206:
1134:"Guide on Private Equity and Venture Capital for Entrepreneurs"
297:
earnings before interest, taxes, depreciation, and amortization
2327:
837:
Merger Arbitrage: How to Profit from Event-Driven Arbitrage
1140:"UK Venture Capital and Private Equity as an Asset Class"
1087:
330:
130:
Diagram of the structure of a generic private-equity fund
891:
How to Protect Investors: Lessons from the EC and the UK
813:. Springer Science & Business Media. pp. 184–.
779:
526:. Springer Science & Business Media. pp. 99–.
496:
Private Equity Funds: Business Structure and Operations
1187:
573:
Douglas J. Cumming; Sofia A. Johan (21 August 2013).
1152:"Private equity – a guide for pension fund trustees"
775:
773:
311:
A private-equity fund's ultimate goal is to sell or
200:
Private equity portfolio investments (partial list)
967:
545:
543:
645:Davis, Eva; Robinson, Monique; Birenbaum, Joshua.
644:
302:
106:(where different investors have different terms).
1055:Plunder: Private Equity's Plan to Pillage America
770:
709:Investment Banks, Hedge Funds, and Private Equity
387:companies tend to be riskier than investments in
2593:
732:
705:
593:
540:
2306:Qualifying investor alternative investment fund
961:
860:
833:
566:
492:
1016:
994:Michael S. Long & Thomas A. Bryant (2007)
674:
672:
2192:
1761:
1173:
914:
894:. Cambridge University Press. pp. 187–.
887:
806:
678:
599:
417:History of private equity and venture capital
2266:Labour-sponsored venture capital corporation
1675:Private equity and venture capital investors
1148:(Tuck School of Business at Dartmouth, 2003)
1136:(European Venture Capital Association, 2007)
1123:CalPERS "Private Equity Industry Dictionary"
1104:"The Economics of the Private Equity Market"
1010:
827:
759:
488:
486:
266:
134:Most private-equity funds are structured as
121:
908:
881:
854:
780:Eli Talmor; Florin Vasvari (24 June 2011).
699:
669:
2578:
2199:
2185:
1768:
1754:
1710:
1690:
1647:Taxation of private equity and hedge funds
1464:Private investment in public equity (PIPE)
1180:
1166:
974:. Edward Elgar Publishing. pp. 113–.
800:
519:
442:Taxation of private equity and hedge funds
2206:
1097:"Legal Structure of Private Equity Funds"
753:
726:
613:
513:
483:
458:
456:
65:Learn how and when to remove this message
1146:"Note on Limited Partnership Agreements"
1106:. Federal Reserve Bank of Dallas, 1998.
1023:. Kogan Page Publishers. pp. 216–.
840:. John Wiley & Sons. pp. 189–.
125:
1117:"The Economics of Private Equity Funds"
1099:. Private Equity and Hedge Funds 2007.
1049:, "Conspicuous Destruction" (review of
944:Pratt's Guide to Private Equity Sources
290:
2594:
1069:, Simon and Schuster, 2023, 383 pp.),
968:Phoebus Athanassiou (1 January 2012).
786:. John Wiley & Sons. pp. 4–.
453:
331:Investment features and considerations
2180:
1749:
1161:
1142:(British Venture Capital Association)
921:. Palgrave Macmillan. pp. 114–.
474:
93:. Private equity funds are typically
1775:
1057:, PublicAffairs, 2023, 353 pp.; and
861:Stefano Caselli (20 November 2009).
18:
1000:New York: Oxford University Press.
947:. Thomson Venture Economics. 2003.
437:Special purpose private equity fund
180:Restrictions on the general partner
173:Transfer of an interest in the fund
13:
1130:(Glossary of Private Equity Terms)
1040:
550:Private equity industry dictionary
499:. Law Journal Press. pp. 3–.
493:James M. Schell (1 January 1999).
383:. By their nature, investments in
231:Energy Future Holdings Corporation
14:
2623:
1110:
888:Niamh Moloney (21 January 2010).
867:. Academic Press. pp. 310–.
763:Merger and Acquisition Sourcebook
712:. Academic Press. pp. 205–.
685:. Academic Press. pp. 347–.
579:. Academic Press. pp. 145–.
2577:
2570:
2569:
1861:
1730:
1729:
1720:
1719:
1709:
1700:
1699:
1689:
1680:
1679:
1670:
1669:
213:($ 17.6 billion of commitments)
23:
1017:Keith Arundale (3 April 2007).
988:
935:
834:Thomas Kirchner (1 July 2009).
807:Stefan Povaly (21 March 2007).
679:David Stowell (19 March 2010).
245:Hospital Corporation of America
2403:Socially responsible investing
2333:Split capital investment trust
1447:Publicly traded private equity
638:
563:Alternative Investment Program
465:
339:Substantial entry requirements
1:
2291:Open-ended investment company
2166:Money-weighted rate of return
1715:List of venture capital firms
997:Valuing the Closely Held Firm
736:Private Equity and Its Impact
447:
2549:Returns-based style analysis
2312:Real estate investment trust
2044:Real estate investment trust
1824:Real estate investment trust
1695:List of private equity firms
1452:Business Development Company
1072:The New York Review of Books
915:Cyril Demaria (1 May 2015).
783:International Private Equity
422:List of private equity firms
402:annum for successful funds.
87:collective investment scheme
7:
2484:Efficient-market hypothesis
739:. Nova Science Publishers.
602:Review of Financial Studies
520:Kay Müller (17 June 2008).
405:
10:
2628:
2323:Short-term investment fund
1838:Mezzanine investment funds
1539:High-net-worth individuals
1329:Leveraged recapitalization
1095:Krüger Andersen, Thomas.
2567:
2526:
2471:
2430:
2366:
2271:Listed investment company
2240:Fonds commun de placement
2214:
2128:
2107:
2090:Sovereign investment fund
2052:
2014:
2007:
1957:
1936:
1926:
1870:
1859:
1816:
1790:
1783:
1665:
1562:
1481:
1427:Limited liability company
1405:
1387:Venture capital financing
1342:
1334:Dividend recapitalization
1299:
1290:
1247:
1199:
733:Spencer J. Fritz (2009).
706:David P. Stowell (2012).
303:Portfolio company sales (
267:Investments and financing
210:
204:
122:Legal structure and terms
2479:Arbitrage pricing theory
2554:Traditional investments
2539:Commodity pool operator
2513:Noisy market hypothesis
2508:Modern portfolio theory
2358:Unitised insurance fund
2286:Open-ended fund company
2228:Common contractual fund
2151:Assets under management
2141:Traditional investments
2136:Alternative investments
1494:Institutional investors
317:initial public offering
206:Kohlberg Kravis Roberts
143:Term of the partnership
99:institutional investors
16:Type of investment fund
2534:Alternative investment
2448:Institutional investor
1965:Long/short equity fund
1632:Liquidation preference
1597:Distribution waterfall
1549:Sovereign wealth funds
412:Distribution waterfall
369:expected or committed.
158:Distribution waterfall
131:
2348:Unit investment trust
2208:Investment management
2108:By measure of returns
2085:Sovereign wealth fund
1913:Asset allocation fund
1705:Venture capital firms
1457:Venture capital trust
760:Walter Jurek (2006).
129:
2338:Tax transparent fund
2234:Exchange-traded fund
2161:Time-weighted return
2034:Exchange-traded fund
1990:Managed futures fund
1834:Venture capital fund
1685:Private equity firms
1413:Private equity firms
1362:Post-money valuation
1239:Equity co-investment
651:Transaction Advisors
365:Unfunded commitments
350:illiquid investments
291:Multiples and prices
211:KKR 2006 Fund, L.P.
197:Private equity fund
194:Private equity firm
136:limited partnerships
95:limited partnerships
2393:Manager of managers
2301:Private-equity fund
2065:Private equity fund
1995:Multi-strategy fund
1970:Market neutral fund
1929:investment strategy
1829:Private equity fund
1735:Portfolio companies
1652:Undercapitalization
1504:Insurance companies
1422:Limited partnership
1367:Pre-money valuation
1128:VC Experts Glossary
1102:Prowse, Stephen D.
111:private-equity firm
79:private equity fund
2503:Martingale pricing
2413:Thematic investing
2378:passive management
2070:Pooled income fund
1587:Capital commitment
1357:Business incubator
1324:Buy–sell agreement
1059:Gretchen Morgenson
624:10.1093/rfs/hhq020
555:2008-05-05 at the
355:Investment control
259:NXP Semiconductors
132:
2607:Financial markets
2589:
2588:
2367:Investment styles
2174:
2173:
2103:
2102:
2095:Urban wealth fund
2030:
2003:
2002:
1985:Global macro fund
1980:Event-driven fund
1949:Stable value fund
1857:
1856:
1845:
1808:Money market fund
1743:
1742:
1592:Capital structure
1477:
1476:
1319:Divisional buyout
1314:Management buyout
1309:Financial sponsor
1047:Kim Phillips-Fein
1030:978-0-7494-5202-5
1006:978-0-19-530146-5
981:978-1-84980-608-4
954:978-0-914470-09-0
928:978-1-137-40039-0
901:978-0-521-88870-7
874:978-0-08-096294-8
847:978-0-470-50811-4
820:978-3-540-70954-1
793:978-1-119-97388-1
746:978-1-60692-682-6
719:978-0-12-415820-7
692:978-0-08-092289-8
586:978-0-12-409596-0
533:978-3-8349-9745-6
506:978-1-58852-088-3
345:Limited liquidity
264:
263:
75:
74:
67:
2619:
2581:
2580:
2573:
2572:
2422:growth investing
2388:Impact investing
2256:Investment trust
2201:
2194:
2187:
2178:
2177:
2024:
2012:
2011:
1934:
1933:
1883:Target date fund
1865:
1831:
1788:
1787:
1777:Investment funds
1770:
1763:
1756:
1747:
1746:
1733:
1732:
1723:
1722:
1713:
1712:
1703:
1702:
1693:
1692:
1683:
1682:
1673:
1672:
1534:Commercial banks
1524:Investment banks
1432:Carried interest
1297:
1296:
1200:Investment types
1182:
1175:
1168:
1159:
1158:
1092:
1084:
1035:
1034:
1014:
1008:
992:
986:
985:
965:
959:
958:
939:
933:
932:
912:
906:
905:
885:
879:
878:
858:
852:
851:
831:
825:
824:
804:
798:
797:
777:
768:
767:
757:
751:
750:
730:
724:
723:
703:
697:
696:
676:
667:
666:
661:. Archived from
642:
636:
635:
617:
608:(6): 2303–2341.
597:
591:
590:
570:
564:
547:
538:
537:
517:
511:
510:
490:
481:
478:
472:
469:
463:
460:
432:Real estate fund
372:Investment risks
360:limited partners
208:& Co. (KKR)
191:
190:
168:carried interest
164:preferred return
81:(abbreviated as
70:
63:
59:
56:
50:
27:
26:
19:
2627:
2626:
2622:
2621:
2620:
2618:
2617:
2616:
2592:
2591:
2590:
2585:
2563:
2522:
2467:
2463:Performance fee
2453:Net asset value
2443:Fund governance
2438:Closed-end fund
2426:
2362:
2219:
2217:
2210:
2205:
2175:
2170:
2146:Net asset value
2124:
2115:Absolute return
2099:
2048:
2039:Closed-end fund
1999:
1953:
1922:
1866:
1853:
1812:
1779:
1774:
1744:
1739:
1725:Angel investors
1661:
1612:High-yield debt
1565:financial terms
1564:
1558:
1473:
1401:
1382:Startup company
1338:
1292:
1286:
1243:
1195:
1193:venture capital
1186:
1113:
1091:. January 2015.
1082:
1078:
1043:
1041:Further reading
1038:
1031:
1015:
1011:
993:
989:
982:
966:
962:
955:
941:
940:
936:
929:
913:
909:
902:
886:
882:
875:
859:
855:
848:
832:
828:
821:
805:
801:
794:
778:
771:
758:
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1908:Balanced fund
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1257:Early history
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1063:Joshua Rosner
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44:
38:
37:
32:This article
30:
21:
20:
2544:Robo-advisor
2489:Fixed income
2420: /
2376: /
2296:Pension fund
2120:Total return
2080:Pension fund
2064:
1842:Vulture fund
1828:
1657:Vintage year
1582:Capital call
1554:Crowdfunding
1489:Corporations
1416:
1392:Venture debt
1086:
1070:
1066:
1054:
1019:
1012:
995:
990:
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943:
937:
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863:
856:
836:
829:
809:
802:
782:
762:
755:
735:
728:
708:
701:
681:
663:the original
650:
640:
605:
601:
595:
575:
568:
522:
515:
495:
476:
467:
400:
394:High returns
349:
334:
326:
312:
310:
304:
294:
285:
278:
270:
187:
184:investments.
133:
108:
82:
78:
76:
61:
55:October 2015
52:
33:
2518:Yield curve
2431:Terminology
2383:Hedge Funds
2276:Mutual fund
2216:Investment
2022:Mutual fund
1975:130–30 fund
1958:Alternative
1937:Traditional
1903:Sector fund
1898:Income fund
1888:Growth fund
1817:Alternative
1791:Traditional
1519:Foundations
1442:Pledge fund
1234:Secondaries
2612:Investment
2596:Categories
2353:Unit trust
2261:Hedge fund
2251:Index fund
2220:structures
2060:Hedge fund
1893:Value fund
1878:Index fund
1849:Hedge fund
1798:Stock fund
1607:Envy ratio
1514:Endowments
1377:Seed money
1291:Terms and
448:References
391:companies.
104:asymmetric
47:footnoting
2497:Convexity
1803:Bond fund
1577:Cap table
1482:Investors
1406:Structure
1224:Mezzanine
1212:Leveraged
659:2329-9134
632:0893-9454
610:CiteSeerX
322:secondary
2575:Category
2493:Duration
1871:By style
1627:Leverage
1563:Related
1293:concepts
553:Archived
406:See also
381:leverage
177:manager.
43:citation
2308:(QIAIF)
1637:M&A
1344:Venture
1249:History
1219:Venture
561:CalPERS
85:) is a
83:PE fund
2472:Theory
2374:Active
2314:(REIT)
2015:Public
1602:EBITDA
1301:Buyout
1229:Growth
1207:Buyout
1027:
1004:
978:
951:
925:
898:
871:
844:
817:
790:
743:
716:
689:
657:
630:
612:
583:
530:
503:
2559:UCITS
2418:Value
2328:SICAV
2242:(FCP)
2236:(ETF)
2230:(CCF)
1417:funds
1282:2020s
1277:2010s
1272:2000s
1267:1990s
1262:1980s
1083:(PDF)
305:exits
272:with
113:(the
2583:List
2218:fund
1469:SPAC
1415:and
1372:SAFE
1191:and
1061:and
1025:ISBN
1002:ISBN
976:ISBN
949:ISBN
923:ISBN
896:ISBN
869:ISBN
842:ISBN
815:ISBN
788:ISBN
741:ISBN
714:ISBN
687:ISBN
655:ISSN
628:ISSN
581:ISBN
528:ISBN
501:ISBN
313:exit
45:and
1927:By
1642:PME
1622:IRR
1617:IPO
1572:AUM
1088:PwC
620:doi
2598::
2495:,
1840:,
1836:,
1085:.
1065:,
1053:,
772:^
671:^
653:.
649:.
626:.
618:.
606:23
604:.
559:.
542:^
485:^
455:^
77:A
2499:)
2491:(
2200:e
2193:t
2186:v
2029:)
2025:(
1844:)
1832:(
1769:e
1762:t
1755:v
1181:e
1174:t
1167:v
1033:.
984:.
957:.
931:.
904:.
877:.
850:.
823:.
796:.
749:.
722:.
695:.
634:.
622::
589:.
536:.
509:.
307:)
68:)
62:(
57:)
53:(
49:.
39:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
