We cordially invite you to join two top researchers discuss private equity returns and share their conflicting views on this matter. The event is live streamed by the Danish Finance Society/CFA Society Denmark to a broader audience, and you now have the opportunity to participate is this exciting webinar.
Hosted by Michael Albrechtslund, CEO of the Danish Finance Society/CFA Society Denmark, moderated by Christian Kvorning, CFA, CAIA, Senior Partner at Danske Private Equity, and featuring two presentations and a panel discussion with Professor Steven Neil Kaplan from University of Chicago Booth School of Business and Ludovic Phalippou, Professor of Financial Economics at Saïd Business School, University of Oxford.
Watch as they discuss pros and cons of private equity investments.
While global investors have increased their allocation to alternative investments substantially over the recent years, there have been opponents to this trend who claim that private equity do not add value to a portfolio, especially on a risk-adjusted basis and net of fees. To get a better understanding of the pros and cons of private equity investments and whether the returns make up for the complexity and illiquidity, we have invited Professor Steven Kaplan from University of Chicago Booth School of Business and author of the paper “Have Private Equity Returns Really Declined?” to give his view on the topic. Prof. Kaplan contributed substantially to the Private Equity community, not least by the development of the KS PME (Kaplan Schoar Public Market Equivalent), a widespread performance measure of private investments against a public benchmark.
In addition, we have also invited Ludovic Phalippou, Professor of Financial Economics at Saïd Business School, University of Oxford, to discuss and present different views on the value-added by Private Equity. Mr. Phalippou has argued, that investors have paid mass amounts of fees to private equity managers over decades, while private equity returns have matched those an investor would have gotten by investing in publicly traded stocks. He found in his research paper, "An Inconvenient Fact: Private Equity Returns & The Billionaire Factory", that the apparent outperformance all comes from comparing, to wrong benchmarks and misleading measurement, not private equity returns themselves.