In this latest COVID-19-related research note, our PE analysts examine how buyout funds have performed in past crises and predict how and why they may act differently during this crisis. Buyout funds tend to have smaller and fewer capital calls in a recession and issue smaller and fewer distributions as well. Performance also typically dips, though recession-era vintages often outperform over the long haul. This note is meant to help LPs assess their current buyout fund portfolio and understand what to expect in the coming quarters.
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