Publications

LPX is a specialized research firm focused on alternative asset classes. Leveraging our data, numerous studies have been conducted. Here, we provide summaries of white papers and reports generated from our research & data.

Research
Press

PE Market Dynamics: Beyond the Surface

April 2, 2025

This study examines return and volatility spillovers between different regional private equity markets and investment styles to analyse the dynamics

Tail risks and private equity performance

December 1, 2023

We examine the drivers of private equity in response to the fully exogenous Covid-19 shock, employing listed private equity as

Market-based private equity returns

November 7, 2023

Using the universe of business development companies (BDCs), a unique publicly traded segment of U.S. Private Equity (PE), for the

The Risk and Performance of Listed Private Equity

May 22, 2023

We examine the drivers of private equity in response to the fully exogenous Covid-19 shock, employing listed private equity as

Does the day of week effect exist in other asset classes?

April 26, 2023

This study aims to investigate the day-of-the-week (DoW) effect in globally listed private equity (LPE) markets using daily data covering

PE Performance Around the World

June 20, 2022

This paper looks at the performance of LPX Private Equity indices as proxy for Private Equity (PE) performance in North

Permanent PE: Market performance & transactions

April 13, 2022

Using market data for a comprehensive sample of publicly listed permanent capital private equity funds, I confirm existing results in

Modeling the volatilities of globally listed PE markets

March 29, 2022

This paper analyzes the characteristics of stochastic volatility processes in globally listed private equity markets, which are represented by nine

Testing the Efficiency of Globally Listed PE Markets

July 8, 2021

This study is the first to investigate the efficient market hypothesis in its weak form and the random walk behaviour

“Sell in May” effect: an investigation of Listed PE

May 23, 2019

This paper aims to test the so-called “Sell in May” effect in globally listed private equity markets based on monthly

Pricing of Liquidity Risk in Buyout Funds

June 27, 2018

This paper analyzes the structure and pricing of liquidity risk for international listed buyout funds. We use a time-series framework

Global risk factors in the returns of Listed PE

June 7, 2018

The purpose of this paper is, to study macroeconomic risk factors driving the expected stock returns of listed private equity

Investments in Listed Private Debt

June 1, 2018

This article highlights the growing popularity of listed debt among institutional investors and the associated challenges. It describes the market

Benefits of public reporting: Evidence from IPOs

September 29, 2017

Private equity firms that are listed on stock exchanges commit to extensive public disclosures. By contrast, unlisted private equity firms

Investments in Listed Infrastructure

April 6, 2017

The article discusses the challenges of integrating infrastructure into portfolios due to its complexity and high demands. It outlines the

Verteilungs- und Performance-Eigenschaften

May 2, 2016

Im Rahmen dieser Studie werden die Verteilungs- und Performanceeigenschaften von börsennotierten Private Equity-Gesellschaften

Determinants of net asset value premia of Listed PE

October 5, 2015

This paper examines the determinants of premia to net asset values for global listed private equity (LPE) over the period

Private equity benchmarks and portfolio optimization

May 3, 2013

Portfolio optimization using private equity is typically based on one of three indices: listed private equity, transaction-based private equity, or

A Systematic Risk Analysis of Listed Private Equity

February 28, 2013

This study aims at dissecting the systematic risk of listed private equity (LPE) empirically through the decomposition of its beta.

Impact of Private Equity on a Life Insurer’s Capital Charges

February 14, 2013

In this article, we conduct an in-depth analysis of the impact of private equity investments on the capital requirements faced

Institutional Investment in Listed Private Equity

March 9, 2011

This paper examines institutional investors’ propensity to invest in a relatively unknown asset class of listed private equity. Based on

Modeling and Managing Portfolios including Listed PE

February 25, 2011

Listed private equity (LPE) provides investors with a liquid means of considering private equity in their portfolios. This paper presents

Organizational Forms and Risk of Listed Private Equity

November 30, 2009

This article investigates the stock performance of listed private equity and wwwelops a classification of vehicles according to their organizational

Benchmarking PE – Listed PE als neue Anlageklasse

April 1, 2005

The article discusses the lack of adequate benchmarks for private equity investments and the efforts by the Finance Department at

Mit liquiden Bausteinen die Private Equity Performance konstruieren

May 1, 2024

Private equity is often favored over stocks by investors due to its higher returns and lower volatility. However, stocks can

In Flughäfen, Funkmasten und Stromleitungen investieren

October 28, 2023

The article discusses the investment landscape for infrastructure stocks, focusing on their underperformance despite inflation-linked price increases. It highlights the

Why investors should look again at private equity

August 24, 2023

This document discusses LPX AG's business strategies and its use of indices in the listed private equity market. It covers

Don’t mind the Listed Private Equity gap

November 10, 2022

Explores the concept of discounts in listed private equity and argues that current market conditions present a buying opportunity, discussing

Excess returns during high inflation

September 2, 2022

According to the index provider LPX, infrastructure operators are able to adapt flexibly to rising prices due to their monopolistic

Ein Anlagetipp der besonderen Art

August 27, 2022

This article discusses how difficult it is to outperform the market, with many experts believing it is impossible to consistently

Private equity zum Discountpreis

August 26, 2022

The LPX Group in Zurich is renowned for its private equity and infrastructure index construction. Their strict criteria focus on

Bewertungsdruck auf Private Equity

June 19, 2022

Reports on the expected correction in private equity valuations due to past high valuations achieved during low-interest rates, with insights

Core infrastructure offers inflation protection for investors’ portfolios

June 6, 2022

Discusses how core infrastructure investments offer inflation protection due to their stable and monopolistic nature, providing a consistent return in

Heuschrecken im Angebot

May 15, 2022

Discusses the opportunities for investors in private equity firms during market turbulences, which often result in lower valuations for high-quality

LPActive Value Fund im Fokus

April 29, 2022

Highlights the strategies and performance of the LPActive Value Fund, focusing on its value-oriented approach to investing in listed private

Strong during high inflation (Stark bei hoher Inflation)

April 1, 2022

The LPX Group in Zurich has established a reputation as a provider of research and as a constructor of indexes

Inflation Protection and Rapid Changes

March 31, 2022

This article explores the protective role of infrastructure investments against inflation, featuring insights from LPX’s Michel Degosciu. It highlights the

STARKE GEWINNSTRÄHNE

March 9, 2022

Private equity firms offer numerous advantages: they enhance the value of the companies they invest in, contributing to economic development

Geballte Vielfalt

March 1, 2022

Access to a highly diversified portfolio without minimum investment or holding period, which is particularly well-suited for low interest rate

Überrenditen bei hoher Teuerung

February 9, 2022

This article discusses the strong performance of infrastructure investments during periods of high inflation, highlighting their natural monopoly positions that

Lucrative Portfolios

January 7, 2022

The piece highlights the performance of various investment portfolios, with a focus on the robust returns generated by private equity

Strong Earnings Streak in Private Equity

January 7, 2022

This article examines the continued success in the private equity sector, noting the strong performance and significant investments being made

Private Equity on the Stock Market

January 4, 2022

Reviewing the trend of private equity firms listing on stock exchanges, the article examines how these firms are not just

Das große Beteiligungsrennen

December 10, 2021

The private equity sector is booming, as evidenced by listed private equity firms outperforming nearly all other industries in the

Private Equity floriert an der Börse

November 25, 2021

Private equity firms have capitalized on favorable buying opportunities, achieving notable success through well-timed investments and exits in a generally

Private-Equity-Firmen feiern Rekordjahr an der Börse

November 24, 2021

In 2021, shares of private equity firms outperformed other sectors, with the LPX Major Market index rising by 72.2%, significantly

Private Equity Flourishes and Aims for Public Listing

January 4, 2021

The article covers the rise of private equity firms aiming for public listings, driven by the high returns and growth

Private-Equity-Experte im Interview: „Es gibt enormes Aufholpotential“

November 27, 2020

The LPX Group highlights a discrepancy between the valuations and fundamentals of private equity firms. By mid-October, the stock prices

Private Equity erreicht Allzeithoch an der Börse

February 2, 2020

Private equity reached an all-time high on the stock market in 2019, with a 45% increase in the LPX Composite

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