Tag: Private equity

Investieren in Listed Private Equity – mehr als eine Alternative

Posted on | by Robin Jakob

Listed Private Equity refers to publicly traded investment companies, such as those analyzed by the LPX Group, that invest directly or indirectly in private companies; investors purchase shares of these companies at the market price, with performance depending on the stock price rather than the net asset value of a traditional fund.

Authors: Thomas Heimann
Publication date: 27 January 2019
Published in: Neue Zürcher Zeitung
Volume/ Ausgabe: 
Source download link: https://www.nzz.ch/finanzen/investieren-in-listed-private-equity-mehr-als-eine-alternative-ld.1454836

Pricing of Liquidity Risk in Buyout Funds

Posted on | by Robin Jakob

This paper analyzes the structure and pricing of liquidity risk for international listed buyout funds. We use a time-series framework for our tests which allows us to discriminate between the exposure of buyout funds to two types of liquidity: Market and funding liquidity. We find that the innovation in funding liquidity is a priced factor for buyout funds, while changes in market liquidity are not. Investors require a risk premium of approximately 3% to 7% per annum in order to be compensated for bearing that risk. Controlling for funding liquidity risk decreases the alpha of the asset class to zero.

Authors: Matthias Huss / Heinz Zimmermann
Publication date: 27 June 2018
Published in: Schmalenbach Business Review
Volume/ Ausgabe: Volume 70
Source download link: https://link.springer.com/article/10.1007/s41464-018-0050-6

Investments in Listed Infrastructure

Posted on | by Robin Jakob

The article discusses the challenges of integrating infrastructure into portfolios due to its complexity and high demands. It outlines the benefits of investing in listed infrastructure, which offers better transparency and liquidity.

Authors: Dr. Michel Degosciu, Dr. Robin Jakob
Publication date: 6 April 2017
Published in: Absolut Research
Volume/ Ausgabe: 2017, Issue 2
Source download link: https://www.absolut-research.de/publikationen/absolutranking/news/detail/n/investments-in-listed-infrastructure/

Flughäfen, Stromnetze, Zugschienen

Posted on | by Robin Jakob

Infrastrukturanlagen wie der Flughafen Zürich zeichnen sich durch natürliche Monopole, geringe Konjunkturabhängigkeit und stabile Cashflows aus, wodurch sie attraktive Investitionen darstellen. Die LPX Group konzentriert sich mit ihrem Fonds auf Unternehmen, die mindestens 50 % ihres Umsatzes aus Basis-Infrastruktur erzielen, und legt Wert auf nachhaltige, langfristig wirkungsvolle Anlagen.

Authors: Markus Städeli
Publication date: 9 October 2016
Published in: Neue Zürcher Zeitung
Volume/ Ausgabe: 
Source download link: http://Seite_85_NZZ_am_Sonntag_2016-10-09.pdf

Verteilungs- und Performance-Eigenschaften

Posted on | by Robin Jakob

Im Rahmen dieser Studie werden die Verteilungs- und Performanceeigenschaften von börsennotierten Private Equity-Gesellschaften, auch Listed Private Equities genannt, analysiert. Es wird die relative Attraktivität dieser alternativen Anlageklasse im Vergleich zu den traditionellen Anlagen wie Aktien und Anleihen untersucht. Weiter wird der Frage nachgegangen, welche Performancemaße den Präferenzen der Anleger und den speziellen Verteilungseigenschaften dieser Anlageklasse gerecht werden.

Authors: Patrik Hanser / Wolfgang Disch
Publication date: 2 May 2016
Published in: Corporate Finance
Volume/ Ausgabe: Volume 5
Source download link: https://research.owlit.de/document/9b3fe7ca-bc73-33d9-838c-7ada197595d2

Determinants of net asset value premia of Listed PE

Posted on | by Robin Jakob

This paper examines the determinants of premia to net asset values for global listed private equity (LPE) over the period of 2000 to 2013. Factors for valuation of traditional private equity and the closed-end fund puzzle are tested to explain the longrun discount in LPE of 18.13%. Specific emphasis is laid on factors influencing LPE premia during the economic crisis from 2007 to 2009 and the information content of historical premia and net asset value (NAV) returns. The findings suggest that both traditional and behavioral finance factors of private equity and closed-end fund valuation such as investor sentiment determine premia to NAV. During crisis, sentiment has a weaker influence than expected. Investors update their opinion about management skills based on past NAV returns and exhibit rational expectations about future performance based on historic premia. During the crisis from 2007-2009, information content of past performance declines, which reduces the learning effect of investors about management ability.

Authors: Simone Hollenwaeger
Publication date: 5 October 2015
Published in: Corporate Finance
Volume/ Ausgabe: Volume 10
Source download link: https://research.owlit.de/document/499d70cf-f479-3629-a256-5172127038b5