NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Investing Outside the Box: Evidence from Alternative Vehicles in Private Capital

Josh Lerner, Antoinette Schoar, Jason Mao, Nan R. Zhang

NBER Working Paper No. 24941
Issued in August 2018, Revised in September 2018

---- Acknowledgments ----

We received helpful comments from participants at the Fiduciary Investments Symposium and the London Business School Private Equity Symposium, as well as Sabrina Howell, Mark Kritzman, Filippo Mezzanotti, and Andrea Rossi (discussant). We thank Arnold May and Robin Painter of Proskauer Rose for helpful conversations about fund structuring. We thank Will Kinlaw and J.R. Lowry for their support of this research. Harvard Business School’s Division of Research, the Private Capital Research Institute, and the Smith-Richardson Foundation provided financial support for this project. Lerner and Schoar have advised institutional investors in private capital funds, private capital groups, and/or governments designing policies relevant to private capital. State Street provides a variety of custodial and financial services for limited and general partners in private capital funds, as well as offering private capital financial products. All errors and omissions are our own. The views expressed in this material are the views of the authors. They do not necessarily represent the official views of State Street Global Exchange, State Street Corporation and its affiliates, and the National Bureau of Economic Research.

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