Should Investors Care Where Private Equity Managers Went To School?

Florian Fuchs (), Roland Füss (), Tim Jenkisnon and Stefan Morkoetter

No 1806, Working Papers on Finance from University of St. Gallen, School of Finance

Abstract: In this paper, we investigate whether the educational background of private equity managers, which represents an important part of their human capital, impacts fund performance. In particular, we explore three potential channels how the educational background may influence fund performance: (i) institutional quality, (ii) individual performance, and (iii) academic variety. We find that a combination of top-tier education and work experience identifies individual performance in the management team. In addition, academic variety, in particular among graduates of high-ranked universities, rather than uniform institutional quality, is an important return driver.

Keywords: Performance; Buyout; Teams; Education; University (search for similar items in EconPapers)
JEL-codes: G11 G15 G24 G34 (search for similar items in EconPapers)
Pages: 46 pages
Date: 2018-01
New Economics Papers: this item is included in nep-edu and nep-hrm
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Persistent link: https://EconPapers.repec.org/RePEc:usg:sfwpfi:2018:06

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