September 1, 2015
Journal Articles
Complimentary CONTENT
The Components of Private Equity Performance: Implications for Portfolio Choice
By: William Kinlaw, Mark Kritzman, Jason Mao, State Street Associates
September 1, 2015
By: William Kinlaw, Mark Kritzman, Jason Mao, State Street Associates
By Will Kinlaw, Mark Kritzman, and Jason Mao.
Published in the Journal of Alternative Investments, Fall 2015.
We use a proprietary database of private equity returns to measure the excess return of private equity over public equity and to partition this return into two components: an asset class alpha and compensation for illiquidity.
Author Bios
William Kinlaw
William Kinlaw is Executive Vice President and Head of Data Intelligence at State Street Markets
Mark Kritzman
Mark Kritzman is a senior lecturer at MIT Sloan School of Management and a founding partner of State Street Associates
Jason Mao
State Street Associates
1. Peter L. Bernstein Award for Best Article in an Institutional Investor Journal in 2013; Bernstein-Fabozzi/Jacobs-Levy Award for Outstanding Article in the Journal of Portfolio Management in 2006, 2009, 2011, 2013 (2), 2014, 2015, 2016, 2021; Graham & Dodd Scroll Award for article in the Financial Analysts Journal in 2002 and 2010. Roger F. Murray First Prize for Research Presented at the Q Group Conference in 2012, 2021, 2023. Harry M. Markowitz Award for Best Paper in the Journal of Investment Management in 2022, 2023. Doriot Award for Best Private Equity Research Paper in 2022.