Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity
---- Acknowledgements -----
We thank Harry DeAngelo, Tim Jenkinson, Steve Kaplan, Josh Lerner, Andrew Metrick, Oguzhan Ozbas, Ludovic Phalippou, Antoinette Schoar, Morten Sørensen, Per Strömberg, René Stulz, Mike Weisbach, and seminar and conference participants at Baylor University, Erasmus University Rotterdam, London School of Economics, Tilburg University, UCSD, the EFA 2011 Annual Meeting, the NBER Entrepreneurship Summer Institute, and the third annual LBS Private Equity Symposium for helpful comments and discussions. This paper, along with a companion paper, supersedes a previous draft entitled "Private Equity in the 21st Century: Cash Flows, Performance and Contract terms from 1984-2010." The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.