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📚 Research Categories & Core Reviews

The following categories summarize key themes in private equity scholarship and include classic review articles for each.

📈 Performance & Returns

Evaluates historical performance of PE funds and deals versus public benchmarks; discusses persistence, risk, and benchmarking methods.

• Private Equity Performance: What Do We Know? — Ludovic Phalippou (2014)
• The Performance of Private Equity Funds: Does Diversification Matter? — Robert S. Harris, Tim Jenkinson, & Steven N. Kaplan (2014)

🧭 Investment Strategies & Value Creation

Explores acquisition, governance, operational improvement, and exit strategies; maps mechanisms of value creation in portfolio firms.

• Private Equity Value Creation: A Review — Oliver Gottschalg & Ludovic Phalippou (2008)
• Private Equity Operational Value Creation: A Review and Framework — Harald Kayser & Ludovic Phalippou (2016)

🏭 Impact on Companies & Stakeholders

Assesses effects of PE ownership on firm performance, governance, employment, and other stakeholders (employees, managers, creditors).

• The Impact of Private Equity on Firms and Employees — Steven J. Davis, John Haltiwanger, Kyle Handley, Josh Lerner, & Javier Miranda (2014)
• Private Equity Buyouts and Financial Distress — Gregor Andrade & Steven N. Kaplan (1998)

🌐 Industry Trends & Regulatory Landscape

Tracks fundraising, deal activity, strategies, and evolving regulation; contrasts cycles across regions and sectors.

• Private Equity: Past, Present, and Future — Josh Lerner & Antoinette Schoar (2005)
• Private Equity and the Public Markets: The Impact of Going Public on PE-Backed Companies — Susan Chaplinsky & Michael Weisbach (2015)

🌱 Emerging Markets & Alternative Strategies

Examines PE growth in emerging markets and adjacent strategies (VC, growth equity, impact investing).

• Private Equity in Emerging Markets: A Survey — Josh Lerner, Antoinette Schoar, & Wan Wong (2007)
• Impact Investing: A Review of the Market and Its Future Potential — Cathy Clark, Jed Emerson, & Ben Thornley (2015)

🆕 More Recent Reviews (Selected)

Recent industry and academic reviews that complement the core articles above.

• McKinsey & Company. Private Markets Annual Review (2024). Open
• Goldman Sachs Asset Management. The New Math of PE Value Creation (2023). Open
• Bain & Company. Global Private Equity Report (2023). Open

• EY. How the drivers of PE value creation are changing (2023). Open
• Boston Consulting Group. The Future of PE Value Creation (2022). Open
• Harvard Business Review. The Private Equity Playbook (2022). Open

• Yasuda, A. Impact of Private Equity (2022). Open
• New Private Markets. Mid-year review: Impact industry on the verge of a wave of exits (2023). Open
• Harvard Law School Forum on Corporate Governance. PE: 2021 Year in Review & 2022 Outlook (2022). Open

• PitchBook. Global Private Equity Breakdown (2023). Open
• Private Equity International. PEI 300 (2023). Open

• EMPEA. Industry Report (2023). Open
• GIIN. Annual Impact Investor Survey (2023). Open
• AVCA. Venture Capital in Africa Report (2023). Open

📝 APA Citations (Selected)

1. McKinsey & Company. (2024). Private markets annual review. McKinsey & Company. https://www.mckinsey.com/industries/private-capital/our-insights
2. Goldman Sachs Asset Management. (2023). The new math of private equity value creation. Goldman Sachs. https://www.goldmansachs.com/investor-relations/financials/current/annual-reports/2023-annual-report/
3. Bain & Company. (2023). Global private equity report 2023. Bain & Company. https://www.bain.com/insights/topics/global-private-equity-report/
4. EY. (2023, May 17). How the drivers of private equity value creation are changing. EY. https://www.ey.com/en_us/industries/private-equity
5. Boston Consulting Group. (2022, September 1). The future of private equity value creation: 2022 value creation in private equity report. Boston Consulting Group. https://www.bcg.com/industries/principal-investors-private-equity/insights
6. Barber, N., & Yasuda, A. (2022). The private equity playbook: Evolving strategies for value creation. Harvard Business Review, 2022(9).
7. Yasuda, A. (2022). Impact of private equity. https://www.nber.org/system/files/working_papers/w28030/w28030.pdf
8. Mid-year review: Impact industry on the verge of “a wave of exits,” says Bain Capital’s Cook. (2023, June 13). New Private Markets. https://www.newprivatemarkets.com/
9. Harvard Law School Forum on Corporate Governance. (2022, January 11). Private equity: 2021 year in review and 2022 outlook. https://corpgov.law.harvard.edu/2022/02/09/private-equity-2021-year-in-review-and-2022-outlook/
10. PitchBook. (2023). Global private equity breakdown 2023. PitchBook. https://pitchbook.com/
11. Private Equity International. (2023). PEI 300. Private Equity International. https://www.privateequityinternational.com/
12. Emerging Markets Private Equity Association. (2023). EMPEA industry report 2023. https://www.ey.com/en_za/strategy-transactions/savca-2023-pe-survey
13. Global Impact Investing Network. (2023). Annual impact investor survey 2023. https://thegiin.org/assets/documents/pub/2023-GIINsight/2023%20GIINsight%20%E2%80%93%20Impact%20Investing%20Allocations,%20Activity%20&%20Performance.pdf
14. African Private Equity and Venture Capital Association. (2023). 2023 AVCA venture capital in Africa report. https://www.avca.africa/data-intelligence/research-publications/

🔗 UF Resources & Quick Links

Fast access to UF library databases and trusted open-web sources for private equity research.