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B_2022_ManigartS_FinancialAnal ...
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Journal article with impact factorPublication Year
2022Journal
Financial Analysts JournalPublication Volume
78Publication Issue
4Publication Begin page
121Publication End page
144
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This paper examines net-of-fees private debt fund performance, performance persistence across funds managed by the same general partner and a general partner’s ability to time the market. We document that private debt funds outperform bond and equity market benchmarks in the cross-section, with high performance dispersion across strategies and performance quartiles. Lagged performance significantly affects current fund performance. While ex ante and ex post credit market conditions strongly affect fund performance, general partners can only partially time them.Keyword
Credit Market Conditions, Market Timing, Performance, Performance Persistence, Private Debt, Private Markets, Return, SkillKnowledge Domain/Industry
Accounting & Financeae974a485f413a2113503eed53cd6c53
10.1080/0015198X.2022.2092384
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