March 1, 2019
Journal Articles
Complimentary CONTENT
Private Equity Program Breadth and Strategic Asset Allocation
By: Jason Mao, Nan Zhang, State Street Associates
March 1, 2019
By: Jason Mao, Nan Zhang, State Street Associates
By Alexander Rudin, Jason Mao, Nan R. Zhang, and Anne-Marie Fink.
Published in the Journal of Private Equity, Spring 2019.
We create a custom “synthetic” peer group for each private equity program that mirrors the program’s strategy mix and number of fund commitments actually made each year. Our enhanced methodology corrects for the program breadth bias and creates a fairer process for assessing a program manager’s skill.
Author Bios
Jason Mao
Nan Zhang
Nan Zhang is Managing Director and Head of Investment Research at State Street Markets
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.