The Returns of Private Equity Funds: A Swiss Perspective

CFA Digest
December 2017 | Vol. 47 | No. 12
Source: CFA Institute
Daniel Steger
Mark Kenneth Bhasin, CFA (Reviewer)



The lack of reliable data is an issue in the alternative investments and private equity industry. Using a unique hand-collected dataset of private equity fund–level cash flows from Swiss pension funds, the author finds that the cross-sectional mean internal rate of return for all direct private equity funds is 9%.

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