This paper examines the pricing and performance of ordinary, venture capital and private equity-backed initial public offerings in the Australian stock market from June 1996 to May 2007. The results indicate that VC and PE-backed issues are less underpriced than ordinary issues, suggesting a lower risk premium attached by investors to these issues. Further, all these forms of issuance outperform nominal performance benchmarks.

This study by John Evans of UNSW's School of Business looks at the attitudes of the major superannuation funds to private equity investments, and is a follow up to an earlier study conducted in 2005.