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Faculté et Recherche

A Theory of Liquidity in Private Equity - Vincent Maurin

04 fév
2021
15H00
Jouy-en-Josas
Anglais

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2021-02-04T15:00:00 2021-02-04T16:00:00 A Theory of Liquidity in Private Equity - Vincent Maurin Finance Speaker : Vincent Maurin (Stockholm) Videoconference Jouy-en-Josas

Finance

Speaker : Vincent Maurin (Stockholm) 

Videoconference

We develop a model of private equity capturing two critical features of this market: moral hazard for General Partners (GPs) and illiquidity risk for Limited Partners (LPs). The equilibrium fund structure incentivizes GPs with a pro t share and compensates LPs with an illiquidity premium. GPs may ineciently accelerate drawdowns to avoid default by LPs on capital commitments. LPs with higher illiquidity tolerance realize higher returns, leading to return persistence for both funds and LPs. With a secondary market for LP claims, fund persistence decreases, but LP persistence remains. The model can rationalize many empirical ndings and o ers several new predictions.

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2021-02-04T15:00:00 2021-02-04T16:00:00 A Theory of Liquidity in Private Equity - Vincent Maurin Finance Speaker : Vincent Maurin (Stockholm) Videoconference Jouy-en-Josas