Mar
5
On Private Equity’s Economics, from George Zachar
March 5, 2007 |
The Economics of Private Equity Funds, by Andrew Metrick Ayako Yasuda, University of Pennsylvania, The Wharton School, Department of Finance. February 22, 2007. Noticed by George Zachar.
The overwhelming majority of funds, including all 151 BO [buy-out] funds, use 20 percent as their carry level. Among the 98 VC funds, one fund has a carry level of 17.5 percent, three funds have 25 percent, and one fund has a carry level of 30 percent. The exact origin of the 20 percent focal point is unknown, but previous authors have pointed to Venetian merchants in the middle ages, speculative sea voyages in the age of exploration, and even the book of Genesis as the source.
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