Risk and Return Characteristics of Listed Private Equity

Abstract This article analyzes how the structure of listed private equity (LPE) is different from regular private equity. It notes the risk and return characteristics of listed private equity, and identifies the differences between limited partnership funds (LPFs) and LPEs. The next section considers the major characteristics of listed private equity, along with its advantages, possible shortcomings, and recent development. It also describes the experience of LPEs during the latest financial market recession. This article concludes with a discussion of the issue of private equity performance measurement and the recent liquidity dryout.