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What is Fairness of Private Equity Fund Valuations about?

This paper analyzes the fairness of private equity fund valuations using data from 761 fund investments made by Calpers. It finds that valuations are generally conservative, often underestimating future distributions, but are inflated during fundraising periods, leading to misleading interim performance measures. Consequently, investors should be cautious in relying on reported returns, particularly IRRs, when making investment decisions.

Author

Marco

Language

EN