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Question
What did Kaplan and Schoar (2005) find about performance persistence in private equity?
1
Only the very largest PE funds (by AUM) show meaningful persistence
2
Persistence exists only in buyout funds, not in venture capital
3
PE funds whose managers outperformed in one fund are more likely to outperform in subsequent funds
4
Private equity fund performance is entirely random, consistent with public equity mutual fund findings
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