Inaugural PitchBook PE Analyst Note: Publicly held PE underperforms peers
May 02, 2017
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This Analyst Note dives into the comparison of publicly traded PE fund returns relative to their privately held peers. It's been roughly a decade since PE firms began to trade on the public markets, and while stock prices of these firms have underperformed any number of broader indices, we instead have examined the underlying returns of the PE vehicles they operate to gauge performance. The returns generated by the likes of Blackstone, KKR and Apollo—among others—have been strong, yet we find that the returns of private PE firms of comparable size are actually greater.