%0 Journal Article %A Ivan Missankov %A Riaan van Dyk %A Andrew van Biljon %A Mark Hayes %A Werner van der Veen %T Private Equity Returns in Emerging Markets %B The South African Case %D 2008 %R 10.3905/jpe.2008.710904 %J The Journal of Private Equity %P 42-52 %V 11 %N 4 %X This article analyzes the investment performance of private equity funds in South Africa. We investigate the investment performance of a sample set of 11 South African private equity funds over a 13-year period. We find a performance premium of 18% p.a. relative to listed South African equities. Private equity also produces the second-best risk-adjusted performance relative to a set of conventional asset classes and a low observed correlation relative to other asset classes. We further find that returns after fees decrease by an average of 6% p.a., with the impact of costs increasing with fund performance.TOPICS: Private equity, developed, performance measurement, statistical methods %U https://jpe.pm-research.com/content/iijpriveq/11/4/42.full.pdf