TY  - JOUR
U1  - Wissenschaftlicher Artikel
A1  - Loos, Robert
A1  - Schwetzler, Bernhard
T1  - Fueling the buyout machine
BT  - Fundraising in private equity
JF  - Financial Markets and Portfolio Management
N2  - This paper analyzes the impact of performance, iestment-firm-related, and macroeconomic variables on fundraising activities in private equity (PE). We use a novel, backward-looking approach to link current to preceding funds, which allows for including several parallel predecessor funds in our analysis. We employ logit and tobit models to a global sample of 1463 fundraising events observed between 2000 and 2010 in order to estimate the probability of raising and the volume of follow-on funds. Our results show that the average buyout duration of past transactions has a negative impact, whereas exits via an initial public offering (IPO) and deals without industry-style drift positively affect fundraising activities. Larger, industry-diversified, and independent PE firms exhibit a higher likelihood of fundraising and collect larger amounts.
KW  - Fundraising
KW  - Follow-on fund
KW  - Private equity
KW  - Leveraged buyout
Y1  - 2017
SN  - 1934-4554
SS  - 1934-4554
U6  - https://doi.org/10.1007/s11408-017-0298-8
DO  - https://doi.org/10.1007/s11408-017-0298-8
VL  - 31
IS  - 4
SP  - 397
EP  - 443
ER  -