Private Equity Laid Bare Podcast Por Ludovic Phalippou arte de portada

Private Equity Laid Bare

Private Equity Laid Bare

De: Ludovic Phalippou
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Private equity, private markets, venture capital, real assets, LPs, GPs, no BS, no secrets -- University of Oxford© 2021 Laid Bare Online Economía
Episodios
  • AI does my Endowment and Canadian investment model case study

    AI does my Endowment and Canadian investment model case study
    Dec 1 2024
    This case study presents a debate between Edward, advocating for the Yale endowment model and significant private equity investment, and Hatter, defending Queen’s College, Oxford’s successful, low-cost, largely passive approach. The discussion highlights contrasting investment philosophies, analysing the performance and risks of various strategies including private equity, hedge funds, and direct investing. A key point of contention is the illiquidity premium, with Edward arguing that patient capital earns extra returns in illiquid markets, while Hatter counters that this premium is competed away due to high demand. The Canadian pension fund model, focusing on factor investing and a reference portfolio, is introduced…Read the postAI does my Endowment and Canadian investment model case study
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    14 m
  • AI does my IRR paper

    AI does my IRR paper
    Dec 1 2024
    This paper by Ludovic Phalippou critiques the widespread use of since-inception Internal Rate of Return (si-IRR) to assess private equity performance. Phalippou argues that si-IRR is misleading, significantly inflating perceived returns and driving excessive capital allocation to private equity. He demonstrates how si-IRR is highly sensitive to early cash flows, susceptible to manipulation, and not a true rate of return, unlike calculations in public markets. The author proposes using horizon IRRs – returns calculated over fixed periods (e.g., 5, 10, 15 years) – as a more accurate and less manipulable alternative, while acknowledging limitations even with this approach. Ultimately, the paper aims to expose…Read the postAI does my IRR paper
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    30 m
  • How Deadly Is Financial Leverage? Evidence from Care Homes during the COVID-19 crisis

    How Deadly Is Financial Leverage? Evidence from Care Homes during the COVID-19 crisis
    Oct 13 2024
    AI-Generated Summary This research paper examines the relationship between financial leverage and COVID-19 death rates in English care homes. The authors argue that high financial leverage, particularly when accounting for operating leases, significantly increases death rates, especially during the first wave of the pandemic. This is because highly leveraged care homes are more likely to cut costs aggressively, potentially compromising resident care. The authors also find that care homes controlled by private equity firms do not have higher death rates once financial leverage is accurately measured. This suggests that the ownership structure itself is less relevant than the level of…Read the postHow Deadly Is Financial Leverage? Evidence from Care Homes during the COVID-19 crisis
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    8 m
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