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008			190323b xxu||||| |||| 00| 0 eng d
022			_a0304-405X
245			_aFinancial intermediation in private equity: How well do funds of funds perform? / by Robert S. Harris, Tim Jenkinson, Steven N. Kaplan & Ruediger Stucke _cRobert S. Harris, Tim Jenkinson, Steven N. Kaplan & Ruediger Stucke
260			_aAmsterdam _bElsevier _cAugust 2018
300			_aPages 287-305
440			_aJournal of Financial Economics _v129 (2) _x0304-405X
500			_aAbstract This paper focuses on funds of funds (FOFs) as a form of financial intermediation in private equity (both buyout and venture capital). After accounting for fees, FOFs provide returns equal to or above public market indices for both buyout and venture capital. While FOFs focusing on buyouts outperform public markets, they underperform direct fund investment strategies in buyout. In contrast, the average performance of FOFs in venture capital is on a par with results from direct venture fund investing. This suggests that FOFs in venture capital (but not in buyouts) are able to identify and access superior performing funds.
690			_aPrivate equity
690			_aFund of funds
690			_aFinancial Intermediation
942			_2lcc _cSE
999			_c361363 _d361363