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Title:Managing investment risks of institutional private equity investors: The challenge of illiquidity PDF Logo
Authors:Kaserer, Christoph
Wagner, Niklas
Achleitner, Ann-Kristin
Issue Date:2003
Series/Report no.:CEFS working paper series 2003-01
Abstract:Since private equity investments are not publicly traded, a key issue in measuring investment risks of institutional private equity investors arises from a careful measurement of investment returns in the first place. Prices of private equity investments are typically observed at low frequency and are determined by transactions under low liquidity. This contribution highlights useful approaches to the problem of return measurement under conditions of illiquidity. Then, specific risk management issues, including asset allocation issues, are discussed.
Subjects:private equity
risk/return measurement
net asset values
cash flows
illiquidity
stale pricing
risk management
asset allocation
JEL:G1
G2
Document Type:Working Paper
Appears in Collections:CEFS Working Paper Series, Center for Entrepreneurial and Financial Studies, Technische Universität München

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