Abstract

This paper examines net-of-fees private debt fund performance, performance persistence across funds managed by the same general partner and a general partner’s ability to time the market. We document that private debt funds outperform bond and equity market benchmarks in the cross-section, with high performance dispersion across strategies and performance quartiles. Lagged performance significantly affects current fund performance. While ex ante and ex post credit market conditions strongly affect fund performance, general partners can only partially time them.

中文翻译：

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私人债务基金的回报、持久性和市场状况

摘要

本文考察了费用净额私人债务基金的业绩、同一普通合伙人管理的基金的业绩持续性以及普通合伙人把握市场时机的能力。我们记录了私人债务基金在横截面上的表现优于债券和股票市场基准，在策略和绩效四分位数之间具有很高的绩效分散性。滞后表现会显着影响当前基金的表现。虽然事前和事后信贷市场状况强烈影响基金业绩，但普通合伙人只能部分把握时间。