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Document type:
Misc 
Author(s):
Figge, C.; Bauer, O.; Braun, R.; Achleitner, A.K. 
Non-TUM Co-author(s):
ja 
Cooperation:
national 
Title:
The GP-LP Conflict in Private Equity Funds Revisited: The Impact of Fund-Level Considerations on the Divestment Decision 
Abstract:
This article examines the impact of private equity (PE) fund-level dynamics on the PE fund’s general partner’s (GP) divestment decisions and whether these decisions are to the detriment of the PE fund’s limited partners, indicating a moral hazard problem. We use a unique sample of 1,112 buyout transactions realized between 1995 and 2008 which allows us to link fund and deal-level data. We find that the exit routes chosen change (i) if a PE GP is in the process of fundraising and if the PE fund (...    »
 
Keywords:
GPs focus on maximizing returns across all funds, not maximizing individual fund performance 
Intellectual Contribution:
Discipline-based Research 
Year:
2012 
Key publication:
Nein 
International:
Ja 
Commissioned:
not commissioned