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Paper eres2016_130:
How important is the manager in private equity real estate funds? Empirical evidence on fund returns from the European markets

id eres2016_130
authors Sleptcova, Maiia; Heidi Falkenbach
year 2016
title How important is the manager in private equity real estate funds? Empirical evidence on fund returns from the European markets
source 23rd Annual European Real Estate Society Conference in Regensburg, Germany
summary The managers are in a key role in a private equity real estate fund, and it has been suggested that the managerís abilities or characteristics might be the factor explaining the large variation between the returns of the funds. In this paper, we extend the literature on managerís role on private equity real estate fund returns in two ways using fund-level cash flow data on European private equity real estate funds. First, we analyse the effects of the manager characteristics on fund returns. Second, we analyze performance persistence, where earlier research on both non-real estate and real estate private equity funds suggests that the returns of the current fund are positively correlated to the returns of the past fund as well as to fund size and growth, whereas fund returns are negatively correlated to the sequence number of the fund indicating that emerging managers deliver superior returns over seasoned managers. Late findings in the non-real estate private equity area, however, suggest that the persistence only prevails in pre-2000 data for non-real estate private equity, indicating that the phenomenon might have been due to the lack of maturity in the sector.
series ERES:conference
type paper session
discussion No discussions. Post discussion ...
ratings
session Real Estate Investment Insights
last changed 2017/11/18 16:16
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