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Private debt fund returns, persistence, and market conditions

dc.contributor.authorBöni, Pascal
dc.contributor.authorManigart, Sophie
dc.date.accessioned2022-10-26T12:33:42Z
dc.date.available2022-10-26T12:33:42Z
dc.date.issued2022en_US
dc.identifier.issn0015-198X
dc.identifier.doi10.1080/0015198X.2022.2092384
dc.identifier.urihttp://hdl.handle.net/20.500.12127/7121
dc.description.abstractThis 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.en_US
dc.description.sponsorshipWe thank the editors, two anonymous referees, M. Da Rin, P.P.M. Joos, F.A. de Roon, J.J.A.G. Driessen, P.G.J. Rosenboom, A. Verriest, D.J.D. Cummings as well as seminar participants at Ghent University, for valuable comments on previous ver sions of the paper. We acknowledge Remaco for the use of the Preqin data.en_US
dc.language.isoenen_US
dc.publisherRoutledge journals, Taylor & Francis Ltden_US
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectCredit Market Conditionsen_US
dc.subjectMarket Timingen_US
dc.subjectPerformanceen_US
dc.subjectPerformance Persistenceen_US
dc.subjectPrivate Debten_US
dc.subjectPrivate Marketsen_US
dc.subjectReturnen_US
dc.subjectSkillen_US
dc.titlePrivate debt fund returns, persistence, and market conditionsen_US
refterms.dateFOA2022-10-26T12:33:43Z
dc.identifier.journalFinancial Analysts Journalen_US
dc.source.volume78en_US
dc.source.issue4en_US
dc.source.beginpage121en_US
dc.source.endpage144en_US
dc.contributor.departmentTilburg Universityen_US
dc.contributor.departmentGhent Universityen_US
dc.identifier.eissn1938-3312
vlerick.knowledgedomainAccounting & Financeen_US
vlerick.typearticleJournal article with impact factoren_US
vlerick.vlerickdepartmentAFen_US
dc.identifier.vperid35884en_US


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Attribution-NonCommercial-NoDerivatives 4.0 International
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivatives 4.0 International