TY - JOUR T1 - Private Equity Returns in Emerging Markets JF - The Journal of Private Equity SP - 42 LP - 52 DO - 10.3905/jpe.2008.710904 VL - 11 IS - 4 AU - Ivan Missankov AU - Riaan van Dyk AU - Andrew van Biljon AU - Mark Hayes AU - Werner van der Veen Y1 - 2008/08/31 UR - https://pm-research.com/content/11/4/42.abstract N2 - 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 ER -