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The Performance and Diversification Effect of Private Funds by Asset Class, Region and Strategy

  • IK Song
  • Jongwon Park
  • Myungsub Choi
This paper examines private equity (PE) funds and private equity real estate (PERE) funds¡¯ performance and diversification effect. The key findings are as follows; i) the return-risk profile and the correlation between net IRR and 10yearaverage return of traditional asset differ between funds strategies and regions, suggesting that strategy and region are the important factors explaining PE and PERE fund performance, ii) industry-based and geography-based diversification increase PE funds¡¯ IRR. However, Diversification across industries and region can reduce IRR if funds spread staff over too many industries and regions. In addition, the diversification effect differ between fund¡¯s strategies.
alternative investment,private equity fund,private equity real estate fund,fund performance,diversification effect