NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Wendy Hu

Burgiss
111 River Street, 10th Floor
Hoboken, NJ 07030

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Institutional Affiliation: Burgiss

NBER Working Papers and Publications

February 2020Can Investors Time Their Exposure to Private Equity?
with Gregory Brown, Robert S. Harris, Tim Jenkinson, Steven N. Kaplan, David T. Robinson: w26755
Private equity performance, both for buyouts and venture capital, has been highly cyclical: periods of high fundraising have been followed by periods of low performance. Despite this seemingly predictable variation, we find modest gains, at best, to pursuing realistic, investable strategies that time capital commitments to private equity. This occurs, in part, because investors can only time their commitments to funds; they cannot time when commitments are called or when investments are exited. There is a high degree of time-series correlation in net cash flows even across commitment strategies that allocate capital in a very different manner over time.
 
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