Style Drift in Private Equity

Topics:
Equity,
Investment Strategy
Tags:
Drift,
Entrepreneurship,
Finance,
Financial Services,
Fund,
Investment,
Management,
Private Equity,
University Of New South Wales
Source:
University of New South Wales

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Overview: This paper introduces the concept of style drift to private equity investment. This paper presents theory and evidence pertaining to style drifts in terms of a fund's stated focus on particular stages of entrepreneurial development. This paper presents a model that derives conditions under which style drifts are less likely among younger funds, in order to signal ability and commitment to stated objectives for the purpose of raising follow-on funds. The paper also shows ways in which changes in market conditions can affect style drifts, and shows differences for funds committed to early stage investments versus funds committed to late stage investments.

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Format: PDF | Size: 330KB | Date: Dec 2004 | Pages: 36

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