Will Private Equity Live Up to Expectations?
David Swensen, the legendary Chief Investment Officer of the Yale Endowment since 1985, is the father of the Yale Model
a heavy allocation to private and alternative assets, including venture
capital and buyout funds, which enabled the Yale Endowment to return
9.9% per annum over the 20 years ending June 30, 2020.
private equity industry promotes its very high risk-adjusted returns
and sits on a record amount of dry powder. At a time of elevated market
valuations for stocks and low interest rates, private equity has an
obvious appeal to investors willing to put money at work in the real
But for Ludovic Phalippou, the author of the bestseller 'Private Equity Laid Bare
and professor of Financial Economics at Saïd Business School,
University of Oxford, private equity no longer beats public markets. It
uses a deeply flawed metrics, the IRR, to tout its returns, and has
become a 'billionaire factory', the billionaires being private equity
top executives, not investors in private equity funds.
Jean-François Bouilly, CFA, CIPM, will walk us through the GIPS® Standards
' treatment of private equity performance.
France Vassaux, Deputy Managing Director of France Invest
, the French Association of Investors for Growth, will show that private equity delivered strong growth in 2019
with record amounts of capital raised, predominantly in buyout funds.
She will also provide insights on the impact of Covid-19, and on the
increased availability of private equity funds for retail investors in
France, via life insurance contracts.
webinar moderated by Philippe Maupas, CFA, CIPM, CAIA, will follow
those 3 presentations. Laurent Grillet-Aubert, senior economist at AMF,
will join the 3 speakers to provide the French regulator's perspective.
This event will be held in French, but questions in English are welcome.
An Inconvenient Fact_Phalippou.pdf
France Invest Études 2020_Activité S1 2020.pptx.pdf