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Title

Private Equity Performance: More appearance than substance?

Event Description

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.

Event Type

Society; Educational; Featured

Education Topic

Alternative Investments

Start Time

25-8-2020 14:50

End Time

25-8-2020 16:10

City

n/a

State/Province

 

Event Country

 

Event Region

EMEA

Location Info

​​This event will be delivered via live Webinar.

Speaker

Steven Neil Kaplan and Ludovic Phalippou

CE Credits

1

SER Credit

n/a

Currency

n/a

Member Price

Free for members of the Society

Non-Member Price

100

Candidate Price

n/a

Registration

Please register here.

An email with login instructions will be send before the webinar, so look out for this email.

Presentations

This webinar is hosted by CFA Society Denmark

All Day Event

 

Recurrence

 

Event Link

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Event Link Leads To New Tab

Yes

Event Short Info

<b>Private Equity Performance:</b> More appearance than substance?

Attachments

Content Type: MyCFA Custom Calendar
Created at 24-7-2020 05:10 by irma.willemsen@cfavba.nl[CASMSTS:username]
Last modified at 13-8-2020 11:46 by chris.scott@cfainstitute.org