Private Equity (PE) funds have returned about the same as public equity indices since at
least 2006. Large public pension funds have received a net Multiple of Money (MoM) that …

Almost exactly 30 years ago, a famous article by Michael Jensen in the Harvard Business
Review predicted that private equity would 'eclipse'the public corporation because it was a …

The legal rules governing business transactions place great confidence in the ability of
contracting parties to bargain effectively. Contract law, for example, is built on the …

Using previously unexplored custodial data, we examine alternative investment vehicles
(AVs) in private equity (PE) funds over the last four decades. By 2017, AVs reached 40% of …

ABSTRACT A standard feature of the private equity industry," side letters" are confidential
agreements between the sponsor and individual investors that give the latter special rights …

We study how investment fees vary within private-capital funds. Net-of-fee return clustering
suggests that most funds have two tiers of fees, and we decompose differences across tiers …

Many scholars have criticized the bargaining outcomes in private equity funds.'Over the
years, academic critics have referred to private equity funds as an" incubator for agency …

This project explores side letters in private market funds. Side letters, separate agreements
between a fund and an investor, act as an invisible amendment to the main contract. This …

This Article provides the first comprehensive examination of an emerging practice within the
private equity sector—continuation funds. Continuation funds break from the traditional …

William W. Clayton* Public pension plans in the United States invest hundreds of billions of
dollars in private funds. As pensio Page 1 PUBLIC INVESTORS, PRIVATE FUNDS, AND STATE …