Infocus---FIntech

FinTech: Value Amongst the Noise?

March 2017

Please click here to download the PDF.

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Outlook for 2017

January 2017

Author: Chris Meads, Partner, Head of Investment

Please click here to download the PDF.

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Should DC Plan Sponsors Add Private Equity To Target-Date Funds?

January 2017

Author: Dr. Andres Reibel, Vice President

Please click here to download the PDF.

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2016 Mid-Year Update

June 2016

Author: Chris Meads, Partner, Head of Investment

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Pantheon Profile

Q3 2016

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Local language versions are available upon request.

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Private equity performance: Carried interest and the persistence of quartile rankings

March 2016

Author: Dr. Ian Roberts, Vice President

Please click here to download the PDF.

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Pantheon Profile

Q1 2016

Please click here to download the PDF.

Local language versions are available upon request.

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Outlook for 2016

January 2016

Author: Chris Meads, Partner, Head of Investment

Pantheon’s Outlook for 2016: Negotiating a world of asset price bubbles focuses on Chris Meads’ assessment of macroeconomic developments globally and the implications for private equity investing.  Please click here to download the PDF.

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Liquidity Management Strategies: The Importance of Portfolio Diversification

December 2015

Authors: Chris Meads, Partner, Nik Morandi, Partner & Dr. Andrea Carnelli, Vice President

This paper investigates the liquidity requirements of private equity portfolios as a function of fund and vintage diversification.  The results from our study show the more a portfolio is diversified across funds and vintages, the lower is the requirement for liquidity in excess of the portfolio’s distributions.  Please click here to download the PDF.

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Value Creation and the Business Cycle

October 2015

Authors: Dr. Ian Roberts, Senior Research Associate

This paper examines value creation in private equity by using a unique proprietary dataset of 450 realised private equity deals and comparing these to portfolios of public market comparables. Please click here to download the PDF.

August

Are Strong GPs Better at Exploiting Market Fluctuations?

August 2015

Authors: Dr. Andres Reibel, Vice President & Chris Meads, Head of Investment

The paper examines the relationship between GPs’ investment behavior and their long-term success. Our core finding is that top and second quartile GPs possess superior market timing skill. Please click here to download the PDF.

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Technical White Paper – Cyclicality in Private Equity Markets

August 2015

Authors: Dr. Andres Reibel, Vice President

This is the technical version of Pantheon’s Infocus entitled “Are Strong GPs Better at Exploiting Market Fluctuations?”. The paper analyzes how private equity GPs’ investment and divestment behavior varies with changes in market valuations. Please click here to download the PDF.

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Is Private Equity Delivering?

July 2015

Authors: Nik Morandi, Partner & Dr. Andres Reibel, Vice President

In this paper we review historical performance of private equity against both passive benchmarks and actively managed mutual funds to understand the performance differential between private and public equity. Please click here to download the PDF.

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Cash Management Strategies for Private Equity Investors

April 2015

Authors: Chris Meads, Head of Investment, Nik Morandi, Partner & Dr. Andrea Carnelli, Vice President

The goal of this paper is to explain the complexities surroudning the cash management of Private Equity investment programs. Please click here to download the PDF.

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Should an investors Portfolio contain Private Equity

March 2015

Authors: Dr. Ian Roberts, Senior Research Associate

Understanding the risk-return impact of private equity to a diversified equity portfolio is crucial to the investment strategy of multi-asset class fund managers. Please click here to download the PDF.

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Outlook for 2015

January 2015

Authors: Chris Meads, Head of Investment

Pantheon’s annual outlook InFocus piece is entitled “Active strategies for a low-growth world” and examines macroeconomic developments globally and the implications for private equity investing. Please click here to download the PDF.

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Residual Value in Mature Private Equity Funds

November 2014

Authors: Pierre Garnier, Associate, Nik Morandi, Partner & Dr. Ian Roberts, Senior Research Associate

Pantheon has conducted a quantitative study to understand whether there are inflexion points in the life of a private equity fund where expected value creation and distributions may become negligible relative to total value already generated. We also set out to understand wheather there is an identifiable point in time after which, irrespective of the historic performance of a private equity fund, it is logical for an investor to sell. Please click here to download the PDF.

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U.S Manufacturing Trends & Opportunities

October 2014

Authors: Greg Little, Vice President

The resurgence of U.S manufacturing has become the focus of much analysis since the U.S economy has emerged from the Great Recession. Careful analysis of U.S manufacturing market drivers can provide a deeper level of understanding and enhance investment decisions going forward This is an expansive topic which we felt warranted an in-depth study and InFocus paper. Please click here to download the PDF.

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Private Equity Cash Flows & Performance Patterns

September 2014

Authors: Nik Morandi, Partner & Andrea Carnelli, Vice President

In selecting a general partner’s (“GP”) latest fund and assessing whether the fund has the potential to be a top quartile performer, investors typically assess track record alongside more subjective elements.  Pantheon has conducted a quantitative study to review whether there are characteristics of private equity funds that certain quartile performers share in common. Please click here to download the PDF.