Tag Archives: IRR vs. TWRR

The hazards of using IRR to measure performance: The case of private equity

By James Bachman | Published: June 23, 2009
Ludovic Phalippou, Associate Professor of Finance at the University of Amsterdam, is well known for his work in private equity. In this post, I summarize and review his recent paper titled The hazards of using IRR to measure performance: The case of private equity. Abstract: Most of the investments in asset classes such as real estate and [...]
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Right-Sizing the U.S. Venture Capital Industry

By James Bachman | Published: June 15, 2009
Paul Kedrosky, Senior Fellow at the Ewing Marion Kauffman Foundation, published an eight page study last Wednesday that argues that venture capital must shrink considerably for it to be a competitive asset class. Excerpt: The U.S. venture capital industry is at an inflection point. It has had many successes over the last three decades, and is prominent [...]
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Real Estate and Private Equity: A Review of the Diversification Benefits and Some Recent Developments

By James Bachman | Published: June 11, 2009
Urbi Garay and Enrique ter Horst of IESA have published an article in the Journal of Alternative Investments (Spring 2009 issue) that summarizes recent research in the area of portfolio diversification. Excerpt: This article examines the literature on the benefits of adding real estate and private equity investments to an investor’s portfolio, and also examines some recent [...]
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