London, United Kingdom
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.










University of Oxford Trillion Dollar Bonus of Private Capital Fund Managers Paper 2024: 10,827 Funds with $7.6 Trillion Investment & $1 Trillion Carry, Return Metrics 1.6 TVPI & 13% IRR, 83 Private Equity Billionaires with $450 billion Wealth, Richest is Blackstone Stephen Schwarzman with $77 Billion, Richest in Asia is Hong Kong-Based EQT Jean Salata with $7.3 Billion, Richest in Europe is Lone Star Funds John Grayken with $6.9 Billion

21st June 2024 | Hong Kong

University of Oxford Professor (Financial Economics) Ludovic Phalippou at Saïd Business School has released a research paper on the “Trillion Dollar Bonus of Private Capital Fund Managers”, providing key insights on private equity carry (fund profits payable to fund manager), private equity returns (TVPI / IRR), and billionaires from private equity firms.  In the released research paper, 10,827 funds have a total of $7.6 trillion investment and $1 trillion carry (profits payable to fund manager).  Return Metrics1.6 TVPI / 13% IRR.  No. of Private equity billionaires – 83 billionaires with $450 billion wealth.  Private equity billionaires with net worth > $4 billion – 31 billionaires with $301 billion wealth.  Private equity billionaires with net worth $1 b to $4 billion – 57 billionaires with $134 billion wealth.  Private equity billionaires jailed or died – 5 billionaires with $15 billion wealth.  Top 31 Private equity billionaires (>$4 billion) nationality / location 26 of 31 (83%) in United States, 1 Asia-based, 1 Europe, 1 Canada, 1 South America.  Top 5 private equity billionaires – Stephen Schwarzman (Blackstone) $77 billion, Leon Black (Apollo) $14 billion, George Roberts (KKR) – $12.7 billion, John Doerr (Kleiner Perkins) $11.7 billion, Henry Kravis (KKR) $11.7 billion.  Top private equity billionaire based in World & United States – Stephen Schwarzman (Blackstone, United States) with $77 billion wealth.  Top private equity billionaire based in Europe – John Grayken (Lone Star Funds, Ireland) with $6.9 billion wealth.  Top private equity billionaire based in Asia – Jean Salata (EQT Private Capital Asia, Chile / Hong Kong-based) with $7.3 billion wealth.  Top 22 Private equity / capital fund strategies with Carried Interest – Buyout, Growth, Fund of Funds, Real Asset Value Added, Natural Resources, Real Asset Opportunistic, Mezzanine, Venture (General), Direct Lending (Senior), Distressed Debt, Special Situations, Co-Investment, Real Asset Debt, Expansion / Late Stage, Direct lending (Junior Secondaries), Balanced, Early Stage, Infrastructure Core, Venture Debt, Timber, Turnaround, Real Estate Core.  Top 5 Location of Private Capital ProvidersUnited States 30.8%, Canada 11.1%, Benelux (Belgium, Netherlands, Luxembourg) 10.5%, United Kingdom 7.6%, Germany & Austria 6.5%.  Carry by Fund Type 10% – Real Asset funds, Fund of Funds, Secondaries.  Carry by Fund Type 20% – Leveraged Buyout, Growth, General Venture Capital (VC).  Carry by Fund Type 25% – Early-stage VC.  Top 5 Private Equity Funds by Largest Total Carry Returns (TVPI / IRR) – Blackstone (57 funds / $266 billion carry) – 1.54 / 13%, Carlyle (66 funds / $166 billion carry) – 1.51 / 11%, CVC (13 funds / $86 billion carry) – 1.86 / 18%, KKR (37 funds / $123 billion carry) – 1.54 / 12%, Bain Capital (49 funds / $107 billion carry) – 1.63 / 14%.  Insights of Private Capital Firms – Located in major financial hubs such as New York City, London or Hong Kong.  Advise Private Capital Funds, which are structured as Limited Partnership and are typically located in jurisdictions with favourable corporate taxes and practices.  Receive a payment conditional on the performance of the funds they advise: the carried interest (Carry).  Carry Tax – Most tax laws, consider Carry to be a capital gain and not a bonus payment.  Analysis – Analyze funds raised between 2000 and 2019 (10,780 funds) – Funds invested $8 trillion, returned $12.8 trillion net of fees; estimated total Carry is > $1 trillion dollars. Returns of Private Capital / Private Equity firms – Large private capital firms return about $1.6 for every $1 they call from their investors (For every $1 trillion invested $1.6 trillion was returned).  Correlation between Carry and either IRR or TVPI is zero: firms with higher Carry do not necessarily have higher performance. Duration vs return – Between 3.5 and 5 years, If 3.5 years 14% IRR, If 5 years – 10% IRR. Analysis contributes to 3 related global debates – Cost & Contribution to GDP, Tax on Carried Interest, Spillover Effect & Wealth Inequalities to eg. senior executives of publicly traded companies, lawyers ( If the remuneration of private capital fund managers increases sharply, it may trigger compensation of similar agents in other professions to increase).  See key findings & summary below | View research paper here

“ 10,827 Funds with $7.6 Trillion Investment & $1 Trillion Carry, Return Metrics 1.6 TVPI & 13% IRR, 83 Private Equity Billionaires with $450 billion Wealth, Richest is Blackstone Stephen Schwarzman with $77 Billion, Richest in Asia is Hong Kong-Based EQT Jean Salata with $7.3 Billion, Richest in Europe is Lone Star Funds John Grayken with $6.9 Billion  “

 



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2024 Investment Day
23rd July Hong Kong | 25th July Singapore

Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 23rd July 2024 in Hong Kong, 25th July 2024 in Singapore.
Visit | Register here


The 2024 Family Office Summit
16th Oct Hong Kong | 23rd Oct Singapore

Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here





 

University of Oxford Trillion Dollar Bonus of Private Capital Fund Managers Paper 2024: 10,827 Funds with $7.6 Trillion Investment & $1 Trillion Carry, Return Metrics 1.6 TVPI & 13% IRR, 83 Private Equity Billionaires with $450 billion Wealth, Richest is Blackstone Stephen Schwarzman with $77 Billion, Richest in Asia is Hong Kong-Based EQT Jean Salata with $7.3 Billion, Richest in Europe is Lone Star Funds John Grayken with $6.9 Billion

London, United Kingdom

University of Oxford Professor (Financial Economics) Ludovic Phalippou at Saïd Business School has released a research paper on the “Trillion Dollar Bonus of Private Capital Fund Managers”, providing key insights on private equity carry (fund profits payable to fund manager), private equity returns (TVPI / IRR), and billionaires from private equity firms. See key findings & summary below | View research paper here

 

Summary

  1. Total Private Capital / Private Equity Funds 10,827 Funds with $7.6 Trillion Investment & $1 Trillion Carry
  2. Return Metrics 1.6 TVPI / 13% IRR
  3. No. of Private equity billionaires – 83 billionaires with $450 billion wealth
  4. Private equity billionaires with net worth > $4 billion – 31 billionaires with $301 billion wealth
  5. Private equity billionaires with net worth $1 b to $4 billion – 57 billionaires with $134 billion wealth
  6. Private equity billionaires jailed or died – 5 billionaires with $15 billion wealth
  7. Top 31 Private equity billionaires (>$4 billion) nationality / location – 26 of 31 (83%) in United States, 1 Asia-based, 1 Europe, 1 Canada, 1 South America 
  8. Top 5 private equity billionaires – Stephen Schwarzman (Blackstone) $77 billion, Leon Black (Apollo) $14 billion, George Roberts (KKR) – $12.7 billion, John Doerr (Kleiner Perkins) $11.7 billion, Henry Kravis (KKR) $11.7 billion
  9. Top private equity billionaire based in World & United States – Stephen Schwarzman (Blackstone, United States) with $77 billion wealth
  10. Top private equity billionaire based in Europe – John Grayken (Lone Star Funds, Ireland) with $6.9 billion wealth
  11. Top private equity billionaire based in Asia – Jean Salata (EQT Private Capital Asia, Chile / Hong Kong-based) with $7.3 billion wealth
  12. Top 22 Private equity / capital fund strategies with Carried Interest Buyout, Growth, Fund of Funds, Real Asset Value Added, Natural Resources, Real Asset Opportunistic, Mezzanine, Venture (General), Direct Lending (Senior), Distressed Debt, Special Situations, Co-Investment, Real Asset Debt, Expansion / Late Stage, Direct lending (Junior Secondaries), Balanced, Early Stage, Infrastructure Core, Venture Debt, Timber, Turnaround, Real Estate Core
  13. Top 5 Location of Private Capital ProvidersUnited States 30.8%, Canada 11.1%, Benelux (Belgium, Netherlands, Luxembourg) 10.5%, United Kingdom 7.6%, Germany & Austria 6.5%
  14. Carry by Fund Type 10% – Real Asset funds, Fund of Funds, Secondaries
  15. Carry by Fund Type 20% – Leveraged Buyout, Growth, General Venture Capital (VC)
  16. Carry by Fund Type 25% – Early-stage VC

Top 5 Private Equity Funds by Largest Total Carry Returns (TVPI / IRR)

  1. Blackstone (57 funds / $266 billion carry)1.54 / 13% 
  2. Carlyle (66 funds / $166 billion carry)1.51 / 11%
  3. CVC (13 funds / $86 billion carry)1.86 / 18%
  4. KKR (37 funds / $123 billion carry)1.54 / 12%
  5. Bain Capital (49 funds / $107 billion carry)1.63 / 14%

Insights

  1. Private Capital Firms – Located in major financial hubs such as New York City, London or Hong Kong.  Advise Private Capital Funds, which are structured as Limited Partnership and are typically located in jurisdictions with favourable corporate taxes and practices.  Receive a payment conditional on the performance of the funds they advise: the carried interest (Carry). 
  2. Carry Tax – Most tax laws, consider Carry to be a capital gain and not a bonus payment. 
  3. Analysis – Analyze funds raised between 2000 and 2019 (10,780 funds).  Funds invested $8 trillion, returned $12.8 trillion net of fees; estimated total Carry is > $1 trillion dollars. 
  4. Returns of Private Capital / Private Equity firms – Large private capital firms return about $1.6 for every $1 they call from their investors (For every $1 trillion invested $1.6 trillion was returned).  Correlation between Carry and either IRR or TVPI is zero: firms with higher Carry do not necessarily have higher performance. 
  5. Duration vs return – Between 3.5 and 5 years, If 3.5 years 14% IRR, If 5 years – 10% IRR
  6. Analysis contributes to 3 related global debates – Cost & Contribution to GDP, Tax on Carried Interest, Spillover Effect & Wealth Inequalities to eg. senior executives of publicly traded companies, lawyers ( If the remuneration of private capital fund managers increases sharply, it may trigger compensation of similar agents in other professions to increase)

 

 

University of Oxford Trillion Dollar Bonus of Private Capital Fund Managers Paper 2024

1) Private Equity Billionaires

Private Equity Billionaires

  • Net worth > $4 billion31 billionaires ($301 billion wealth)
  • Net worth $1 b to $4 billion – 57 billionaires ($134 billion wealth)
  • Jailed or died – 5 billionaires ($15 billion wealth)
  • Total83 billionaires ($450 billion wealth)

Private Equity Billionaires net worth (> $4 billion)

  1. Stephen Schwarzman (Blackstone, United States) – $77 billion
  2. Leon Black (Apollo, United States) – $14 billion
  3. George Roberts (KKR, United States) – $12.7 billion
  4. John Doerr (Kleiner Perkins, United States) – $11.7 billion
  5. Henry Kravis (KKR, United States) – $11.7 billion
  6. Antony Ressler (Apollo, United States) – $10.5 billion
  7. Michael Kim (MBK Partners, United States) – $9.7 billion
  8. Robert F. Smith (Vista Equity Partners, United States) – $9.2 billion
  9. Tom Gores (Platinum Equity, United States) – $9.1 billion
  10. Ramzi Musallam (Veritas Capital, United States) – $9 billion
  11. Orlando Bravo (Thoma Bravo, United States) – $8.7 billion
  12. Josh Harris (Apollo, United States) – $8.4 billion
  13. Peter Thiel (Founders Fund, United States) – $7.5 billion
  14. Jonathan Gray (Blackstone, United States) – $7.4 billion
  15. Jean Salata – (EQT Private Capital Asia, Chile / Hong Kong-based) – $7.3 billion
  16. Douglas Leone (Sequoia, United States) – $7.2 billion
  17. John Grayken (Lone Star Funds, Ireland) – $6.9 billion
  18. Marc Rowan (Apollo, United States) – $6.5 billion
  19. Mark Stevens (Sequoia, United States) – $6.5 billion
  20. David Bonderman (TPG, United States) – $6.4 billion
  21. Alexandre Behring (3G Capital, Brazil) – $6.3 billion
  22. Michael Moritz (Sequoia, United States) – $5.6 billion
  23. Justin Ishbia (Shore Capital Partners, United States) – $5.1 billion
  24. Sami Mnaymneh (H.I.G. Capital, United States) – $5.1 billion
  25. Tony Tamer (H.I.G. Capital, United States) – $5.1 billion
  26. Stephen Feinberg (Cerberus, United States) – $4.8 billion
  27. Leonid Boguslavsky (RTP Global, Canada) – $4.7 billion
  28. Jim Coutler (TPG, United States) – $4.5 billion
  29. Tench Coxe (Sutter Hill Ventures, United States) – $4.3 billion
  30. Daniel D’Aniello (Carlyle, United States) – $4.3 billion
  31. Hamilton James (Blackstone, United States) – $4.1 billion

Do not include individuals whose source of wealth is real estate, energy or infrastructure because their wealth rarely comes from running private capital funds. 

 

Private Equity Billionaires Nationality / Location (Total 31 with > $4 billion wealth):

  • 26 United States (83%)
  • 1 Asia-based 
  • 1 Europe
  • 1 Canada
  • 1 South America 

Richest private equity billionaire by region

  1. Top private equity billionaire based in World & United States – Stephen Schwarzman (Blackstone, United States) with $77 billion wealth
  2. Top private equity billionaire based in Europe – John Grayken (Lone Star Funds, Ireland) with $6.9 billion wealth
  3. Top private equity billionaire based in Asia – Jean Salata (EQT Private Capital Asia, Chile / Hong Kong-based) with $7.3 billion wealth

Jailed or died – 5 billionaires ($15 billion wealth)

Examples of jailed or died:

  1. Thomas Haskell Lee (founder of TH Lee)
  2. Jerome Kohlberg (Co-founder of KKR and then of his own firm)
  3. Charles Feeney (Founder of General Atlantic, anonymously donated all his $7.5 billion to charities)
  4. Arif Naqvi (Founder of Abraaj) was worth $2 billion before being arrested. 

 

2) Private Equity Strategies / Location

Top 22 Private equity / capital fund strategies with Carried Interest:

  1. Buyout
  2. Growth
  3. Fund of Funds
  4. Real Asset Value Added
  5. Natural Resources 
  6. Real Asset Opportunistic
  7. Mezzanine
  8. Venture (General)
  9. Direct Lending – Senior
  10. Distressed Debt 
  11. Special Situations
  12. Co-Investment
  13. Real Asset Debt
  14. Expansion / Late Stage
  15. Direct lending – Junior Secondaries 
  16. Balanced
  17. Early Stage
  18. Infrastructure Core
  19. Venture Debt
  20. Timber
  21. Turnaround
  22. Real Estate Core

Location of Private Capital Providers:

  1. United States – 30.8%
  2. Canada – 11.1%
  3. Benelux (Belgium, Netherlands, Luxembourg) – 10.5% 
  4. United Kingdom – 7.6%
  5. Germany, Austria –  6.5%
  6. Switzerland –  5.9%
  7. France –  5.7%
  8. China, Hong Kong, Taiwan, Singapore –  4.3%
  9. Middle East –  4.0%
  10. Scandinavia –  3.4%
  11. Australia –  3.0%
  12. South Korea – 1.8% 

 

3) Return of Private Equity Funds

  • TVPI – Total Value to Paid-In Capital
  • IRR – Internal Rate of Return
  • Carry / Carried interest – Fund profits payable / paid to fund manager as compensation

Return of Private Equity Funds by Largest Total Carry (No. of funds / Investment)  – TVPI / IRR

  1. Blackstone (57 funds / $266 billion)1.54 / 13% (TVPI / IRR)
  2. Carlyle (66 funds / $166 billion)1.51 / 11%
  3. CVC (13 funds / $86 billion)1.86 / 18%
  4. KKR (37 funds / $123 billion)1.54 / 12%
  5. Bain Capital (49 funds / $107 billion)1.63 / 14%
  6. Warburg Pincus (13 funds / $81 billion) – 1.71 / 11%
  7. Brookfield (23 funds / $102 billion) – 1.58 / 14%
  8. Hellman & Friedman (6 funds / $49 billion) – 2.06 / 18%
  9. Advent (13 funds / $63 billion) – 1.82 / 18%
  10. TPG (29 funds / $116 billion) – 1.52 / 13%
  11. Apollo (30 funds / $116 billion) – 1.46 / 12%
  12. EQT (33 funds / $70 billion) – 1.73 / 17%
  13. Thoma Bravo (14 funds / $38 billion) – 2.27 / 25%
  14. Goldman Sachs (31 funds / $133 billion) – 1.46 / 11%
  15. Apax (11 funds / $59 billion) – 1.75 / 14%
  16. Vista Equity Partners (19 funds / $52 billion) – 1.82 / 14%
  17. Silver Lake (6 funds / $44 billion) – 1.96 / 17%
  18. Insight Partners (15 funds / $30 billion) – 2.44 / 21%
  19. TA Associates (13 funds / $32 billion) – 2.27 / 24%
  20. Leonard Green & Partners (7 funds / $34 billion) – 2.19 / 15%
  21. Permira (14 funds / $51 billion) – 1.83 / 14%
  22. Clayton Dubilier & Rice (5 funds / $26 billion) – 2.36 / 26%
  23. Oaktree Capital (48 funds / $97 billion) – 1.45 / 10%
  24. Summit Partners (15 funds / $26 billion) – 1.92 / 19%
  25. Ardian (50 funds / $85 billion) – 1.48 / 13%
  26. Lone Star Funds (17 funds / $76 billion) – 1.4 / 13%
  27. Fortress (29 funds / $62  billion) – 1.48 / 10%
  28. Ares Management (60 funds / $84 billion) – 1.42/ 11%
  29. HarbourVest (81 funds / $59 billion) – 1.78 / 17%
  30. Cinven (4 funds / $28 billion) – 1.85 / 19%
  31. Others (10,019 funds / $5.3 trillion) – 1.58 / 12%

Total (10,827 funds / $7.6 trillion)1.6 TVPI / 13% IRR

Example: Blackstone (57 funds / $266 billion) – 1.54 / 13% (TVPI / IRR)

  • Blackstone has 57 funds with total carried interest of $266 billion (profits payable to fund manager). 
  • $100 million investment will return a total of $154 million to investor (Principal + Profit), equivalent to 13% internal rate of return (over the invested time period).  

 

4) Carry of Private Equity Funds

Carry / Carried interest – Fund profits payable / paid to fund manager as compensation

Total (No. of funds / Investment, TVPI / IRR) – Total Carry:

  1. Blackstone – $33.6 billion
  2. Carlyle – $11.8 billion
  3. CVC – $17.9 billion
  4. KKR – $15.8 billion
  5. Bain Capital – $15.6 billion
  6. Warburg Pincus – $14.1 billion
  7. Brookfield – $13.9 billion
  8. Hellman & Friedman – $13.1 billion
  9. Advent – $13 billion
  10. TPG – $12.9 billion
  11. Apollo – $12.9 billion
  12. EQT – $12.4 billion
  13. Thoma Bravo – $12.2 billion
  14. Goldman Sachs – $12.1 billion
  15. Apax – $11.2 billion
  16. Vista Equity Partners – $10.7 billion
  17. Silver Lake – $10.6 billion
  18. Insight Partners – $10.3 billion
  19. TA Associates – $10.2 billion
  20. Leonard Green & Partners – $10.1 billion
  21. Permira – $9.9 billion
  22. Clayton Dubilier & Rice – $8.9 billion
  23. Oaktree Capital – $8.7 billion
  24. Summit Partners – $7.9 billion
  25. Ardian – $7.6 billion
  26. Lone Star Funds – $7.4 billion
  27. Fortress – $7.1 billion
  28. Ares Management – $6.8 billion
  29. HarbourVest – $6 billion
  30. Cinven – $5.9 billion
  31. Others – $678 billion

Total$1.03 trillion Carry

Carry by Fund Type:

  • Carry 10% – Real Asset funds, Fund of Funds, Secondaries
  • Carry 20% – Leveraged Buyout, Growth, General Venture Capital (VC)
  • Carry 25% – Early-stage VC

 

5) Private Capital / Private Equity Insights

  • TVPI – Total Value to Paid-In Capital
  • IRR – Internal Rate of Return
  • Carry / Carried interest – Fund profits payable / paid to fund manager as compensation

Private Capital Firms Introduction:

  • Advisory companies located in major financial hubs such as New York City, London or Hong Kong.
  • Advise Private Capital Funds, which are structured as Limited Partnership and are typically located in jurisdictions with favourable corporate taxes and practices 
  • Senior employees of the advisory firms earn a salary, which is subject to standard income taxes on these payments. 
  • In addition, they receive a payment conditional on the performance of the funds they advise: the carried interest (Carry). 
  • Most tax laws, consider Carry to be a capital gain and not a bonus payment. 

Analysis:

  • Analyze funds raised between 2000 and 2019, with performance data as of the end of 2023 (report as of April 2024). 
  • Dataset contains 10,780 funds with sufficient information about capital deployed and performance (IRR or Multiple). 
  • Funds invested $8 trillion, returned $12.8 trillion net of fees; estimated total Carry is > $1 trillion dollars. 

Returns of Private Capital / Private Equity firms:

  • TVPI of large private capital firms is surprisingly close to one another.
  • Large private capital firms return about $1.6 for every $1 they call from their investors (Sample). 
  • This means that for every $1 trillion invested $1.6 trillion was returned 
  • Correlation between Carry and either IRR or TVPI is zero: firms with higher Carry do not necessarily have higher performance. 

Duration vs return:

  • Duration – Between 3.5 and 5 years 
  • If 3.5 years14% IRR
  • If 5 years10% IRR

MSCI vs Preqin dataset:

  • Results generated from MSCI and Preqin data are remarkably similar 
  • MSCI contains performance data for 8,800 vehicles for a total amount invested of $7 trillion.
  • Preqin has slightly more funds, but its total invested is $7.7 trillion — just 10% more than MSCI’s. 
  • Close match for the overall TVPI: 1.61 from the MSCI data, 1.62 from Preqin. 
  • Invested money in Carry is the same: 70%. 
  • The Total Carry using MSCI data as of the end of 2023 is $980 billion. 
  • Preqin lists nearly 40,000 private capital vehicles raised between 2000 and 2019 for which they have a fund size. Only around 25% have performance data. 

Analysis contributes to 3 related global debates:

  1. Cost & Contribution to GDP – Rising costs of financial intermediation and, in particular, on so-called alternative investments being a key driver of the growth of the financial sector’s revenue as a share of GDP 
  2. Tax on Carried Interest – Several countries have put forward proposals to change the taxation of carried interest from capital gains to ordinary income rates. These proposals usually rest on the concern that carried interest taxation at capital gain rates is a loophole for wealthy fund managers to minimize their tax burden.  Venture Capital funds represent only 7% of the Carry pool. If we add growth, and expansion funds to this category, the share reaches 15%. If we further restrict the analysis to small or new venture capital funds, the share becomes negligible. Thus, most of the Carry goes to a few large U.S. firms specializing in Leveraged Buy-Outs. 
  3. Spillover Effect & Wealth Inequalities – Carry payments may be large enough to impact statistics measuring the evolution of wealth inequalities.  If the remuneration of private capital fund managers increases sharply, it may trigger compensation of similar agents in other professions to increase as well (e.g., senior executives of publicly traded companies, lawyers). 

 

 

University of Oxford Trillion Dollar Bonus of Private Capital Fund Managers Paper 2024

University of Oxford Professor (Financial Economics) Ludovic Phalippou at Saïd Business School research paper on the “Trillion Dollar Bonus of Private Capital Fund Managers”, providing key insights on private equity carry (fund profits payable to fund manager), private equity returns (TVPI / IRR), and billionaires from private equity firms.  View research paper here

 

Ludovic Phalippou, Professor of Financial Economics at Saïd Business School, University of Oxford

Ludovic specialises in private equity and asset management.  Ludovic is the author of the bestseller ‘Private Equity Laid Bare’, and professor of Financial Economics at Saïd Business School, University of Oxford. He specialises in private market investments with a focus on fee tracking, interest alignment, and return benchmarking.  Named as one of ‘The 40 Most Outstanding Business School Profs Under 40 in the World’ in 2014, and as one of the 20 most influential individuals in private equity in Europe in 2016, Ludovic has strong links with senior practitioners in the industry, routinely speaks at practitioner conferences, and appears in the media internationally. Ludovic’s research papers have been widely cited in academia, in the press, and in regulatory circles.  Ludovic’s paper ‘How alternative are private markets?’ is one of three 2018 recipients of the Jack Treynor Prize, sponsored by the Q-Group. The Treynor Prize recognises superior academic working papers with potential applications in the fields of investment management and financial markets.    Ludovic achieved a degree in Economics from Toulouse School of Economics; a Master in Economics and a Master in Mathematical Finance both from the University of Southern California; and a PhD in Finance from INSEAD.




Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Investment ProfessionalAdvisorProfessional InvestorFinancial ProfessionalManagementOthers


    $20 million to $100 million AUM$100 million to $300 million AUM$300 million to $1 billion AUM$1 billion to $10 billion AUM$10 billion to $100 billion AUMMore than $100 billion AUM


    Mailing List / Free TrialMonthly SubscriptionYearly SubscriptionMembershipEvents


    2024 Investment Day Hong Kong 23rd July2024 Investment Day Singapore 25th July2024 Investment Day Hong Kong 4th Sept2024 Investment Day Singapore 11th Sept2024 Family Office Summit Hong Kong 16th Oct2024 Family Office Summit Singapore 23rd Oct / 6th Nov












    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2024 Investment Day

    • March 2024 - Hong Kong
    • March 2024 - Singapore
    • June 2024 - Hong Kong
    • June 2024 - Singapore
    • Sept 2024 - Hong Kong
    • Sept 2024 - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    [email protected], [email protected]

    For Listing, Subscription
    [email protected], [email protected]

    For Press Release, send to:
    [email protected]

    For Events & Webinars
    [email protected]

    For Media Kit, Advertising, Sponsorships, Partnerships
    [email protected]

    For Research, Data, Surveys, Reports
    [email protected]

    For General Enquiries
    [email protected]





    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014




    Previous articleHong Kong Court Transfers 3 Large-Scale Ramp & Dump Cases with 18 Defendants to District Court with Higher Sentencing Authority for Trial Scheduled for 9th July 2024, 18 Defendants Charged for Market Manipulation, Fraud & Money Laundering Involving Shares of 3 Hong Kong-Listed Companies Eggriculture Foods, Fullwealth Construction & KNT Holdings
    Next articleTop 20 Most Expensive Cities in 2024: Most Expensive Cities are Hong Kong, Singapore, Zurich, Geneva, Basel, Bern, New York City, London, Nassau, Los Angeles, Copenhagen, Honolulu, San Francisco, Bangui, Dubai, Tel Aviv, Miami, Djibouti, Boston & Chicago
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia