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Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments
Abstract
Institutional investors of all types exhibit substantial home-state bias when investing in private equity (PE) funds. This effect is particularly pronounced for public pension funds, where the local overweighting amounts to 9.7% of the private equity portfolio on average, based on 5-year rolling average benchmarks. Public pension funds
Type
Article
Author(s)
Yael V. Hochberg, Joshua Rauh
Date Published
Citations
Hochberg, Yael V., and Joshua Rauh. 0. Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments.
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