Institutional investors’ exposure to private market funds exceeds 12 trillion US dollars. Despite this and contrary to public markets, little is known about the extent and determinants of ESG transparency in private markets. Using a novel dataset, we investigate ESG disclosures in the...

A subscription line of credit (SLC) is debt issued to a private equity fund and used on a continuing basis. Using new data on U.S. buyout funds, we show that when funds use subscription lines of credit they call less capital. We find that funds using SLCs have substantial distortions in...

Extending from Lerner and Schoar's (2004) fund manager's perspective for illiquidity puzzle of the private equity fund, we take the investor's perspective. This paper examines the roles that investment illiquidity, along with bounded rationality of the fund managers and rent-seeking behavior in...

Small business survival is paramount to the vibrant business community in the United States with over 400,000 new business created annually. While the cost of starting a business can vary, the necessity of access to available capital is vital for growth. As an industry, sport comprises several...

This paper studies the difference between startup investments by private equity funds (buyout funds; PE) and venture capital funds (VC). PEs, which have traditionally invested in mature companies, have been increasingly investing in later-stage startups in recent years. Based on Crunchbase's...

Using fund-, firm- and bank-level data we investigate the investments of private equity (PE) funds in the north-western regions of Italy. Both the private equity fund managers and the PE investments are heavily concentrated in this most developed area of the country. The average size of the...