Research Library

The Research Library provides AVCAL members with a one-stop centre for accessing current international research on private equity and venture capital.

It contains links to independent research, syndicated data, conference materials and more.

Quick links by topic:

What is PE/VC? Economic impact of PE and VC ownership
Corporate governance and value creation Investing in PE & VC: performance and strategy
Global trends Research compilations
Legal and tax PE and VC data: useful links



What is private equity/venture capital?

Private Equity and Venture Capital Explained AVCAL (2011)

The microeconomic structures of private equity BVCA (2011)

Private Equity Demystified: 2012 Update 2nd ed ICAEW (2012)

What is Private Equity? video: Part 1 and Part 2 Sky Business Channel (2009)

Public Value: A Primer on Private Equity PEGCC (2007)

Guide to PE and VC for Entrepreneurs EVCA (2007)

Venture Voices videos NVCA

VentuReality video: an entrepreneur's quest for funding NVCA


Economic impact of PE and VC ownership

The performance of Canadian firms that received venture capital financing, CVCA (2013) NEW

Exploring the impact of private equity on economic growth in Europe Frontier Economics (2013) NEW

Patient Capital 3.0: Confronting the crisis and achieving the promise of venture-backed medical innovation NVCA (2013)

The Economic Contribution of PE in Australia Deloitte Access Economics (2013)

Venture's Economic Impact in Australia Cumming & Johan (2013)

Flexibility in uncertain times: Private equity backed company survey PwC (2013)

VC/PE Funds, Government Grants and Innovation in Newly Public Firms Humphery-Jenner & Suchard (2013)

The Growth Initiative BVCA (2013)

Did They Build That? The Role of Private Equity and Venture Capital in Small and Medium-Sized Businesses Paglia and Harjoto (2012)

Private equity creates value in Europe - A study of European exits Ernst & Young (2012)

Exploring the Success of VC-backed Companies BVCA (2012)

Private Equity and Employment Davis et al (2011)

Venture Impact: The Economic Impact of VC NVCA (2011)

The Global Impact of Private Equity Report 2010 World Economic Forum (2010)

The Role of the Private Equity Sector Promoting Economic Recovery Shapiro (2009)

Equity Capital in Emerging Domestic Markets and its Critical Role in Driving Growth in the Broader U.S. Economy National Association of Investment Companies and Boston Consulting Group (2009)

The Impact of Private Equity Acquisitions and Operations on Capital Spending, Sales, Productivity, and Employment Shapiro and Pham (2009)

On the Real Effects of Private Equity Investment: Evidence from New Business Creation Popov and Roosenboom (2009)

The Global Economic Impact of Private Equity Report 2009 World Economic Forum (2009)

American Jobs and the Impact of Private Equity Transactions Shapiro and Pham (2008)

Private Equity and Long-Run Investment: The Case of Innovation Lerner et al (2008)

Government Policy Towards Entrepreneurial Finance: Innovation Investment Funds Cumming (2007)



Corporate governance and value creation

How do private equity investors create value? A study of 2011–12 North American exits EY (2013) NEW

Responsible Investment: A guide for private equity and venture capital firms BVCA (2012)

Responsible investment: Creating value from ESG issues PwC (2012)

Private Equity: Engaging for Growth Boston Consulting Group (2012)

Venture Capital: Policy Lessons (European evidence) VICO Project (2011)

Corporate Governance and Value Creation: Evidence from Private Equity Archarya et al. (2011)

How do Private Equity Investors Create Value? Ernst & Young (2010)

Evidence on How Private Equity Sponsors Add Value From a Comprehensive Sample of Large Buyouts and Exit Outcomes Harford and Kolasinki (2010)

Value Creation in Middle-Market Buyouts: A Transaction Level Analysis Chapman and Klein (2009)

Private Equity vs. PLC Boards Acharya et al. (2008)

The Private Equity Advantage Moody’s Investors Service (2008)

Beyond the Credit Crunch: How Do Private Equity Investors Create Value? A Global Study of 2007 Exits Ernst & Young (2008)

Why Do Firms Use Private Equity to Opt Out of Public Markets? Bharath et al (2008)



Investing in PE & VC: performance and strategy

Public Pension Fund Analysis, Private Equity Growth Capital Council (2013) NEW

US Market Commentary - Why Did I Diversify? Cambridge Associates (2013) NEW

Fee Levels, Performance and Alignment of Interests in Private Equity Demaria (2013) NEW

Superannuation Fund Perceptions of Private Equity, bridging the gap - PWC (2013) NEW

Does Private Equity have a role in superannuation portfolios? Paper and Presentation - Tang (2013) NEW

Is it time to diversify DC risk with alternative assets? - DCIIA (2013)

Long-term commitments: The Interdependence of Pension Security and Private Equity Private Equity Growth Capital Council, Bronwyn Bailey (2013)

Annual Report on the performance of portfolio companies BVCA (2013)

Public pension fund analysis Private Equity Growth Capital Council (2012)

Trends in State Pension Asset Allocation and Performance Cliffwater LLC (2012)

Private Equity Performance: Worth the Wait [AVCAL members only] Hamilton Lane (2012)

Investing in Private Markets – The Right Strategy, the Right Geography, the Right Manager Towers Watson (2012)

Private Equity Performance: What Do We Know? Harris et al. (2012)

The Impact of PE on a Life Insurer's Capital Charges under Solvency II and the Swiss Solvency Test Braun et al (2012)

The Performance of Private Equity Higson & Stucke (2012)

Risk and Return of Illiquid Investments APRA (2012)

Measuring Private Equity Returns and Benchmarking Against Public Markets Ellis et al (2012)

UK Buyout Track League Table and Research Report on profit growth in PE-backed midmarket co.s - Deloitte/Fast Track (2012)

Understanding private equity's outperformance in difficult times Partners Group (2012)

Is Bigger Better? Size and Performance in Pension Plan Management Dyk and Pomorski (2011)

Do (Some) University Endowments Earn Alpha? Barber and Wang (2011)

Do Private Equity Fund Managers Earn Their Fees? Robinson et al. (2011)

Private Equity in the 21st Century: Liquidity, Cash Flows, and Performance from 1984-2010 Robinson et al. (2011)

Finding Alpha 2.0 Gottschalg et al. (2011)

Performance of PE-backed IPOs in Australia AVCAL (2011)

Private Equity and the Resolution of Financial Distress Hotchkiss et al. (2011)

Rating operative performance of PE portfolio companies (European evidence) AT Kearney (2011)

Private Equity portfolio company performance through the recession BVCA (2011)

Replicating the investment strategy of UK buyout funds BVCA and Gottschalg et al. (2011)

The Performance of Private-Equity Backed IPOs Mario Levis (2010)

Independent econometric analysis of the Innovation Investment Fund DIISR and Murray et al. (2010)

Finding Alpha 1.0 Gottschalg et al. (2010)

Private Equity Fund Level Return Attribution BVCA and Gottschalg et al. (2010)

Private Equity and Insolvency BVCA and Wilson et al. (2010)

Competitive Effects of Private Equity Investment Hsu et al. (2010)

The Credit Performance of Private Equity-Backed Companies in the ‘Great Recession’ of 2008-2009 Thomas (2010)

The Performance of Reverse Leveraged Buyouts Cao and Lerner (2009)

Private Equity: Past, Present and Future presentation: Kaplan (2009)

The Advantage of Persistence: How the Best Private Equity Firms “Beat the Fade” Boston Consulting Group and IESE School of Business (2008)

A comparison of ordinary, VC and PE-backed IPOs in Australia 1996-2007 Vu et al. (2008)



Global trends

2013-14 Global Private Equity Report Grant Thornton NEW

Asia-Pacific Private Equity Outlook 2014, EY (2014) NEW

Global Private Equity Barometer - Winter 2013-14 Coller Capital (2013) NEW

Preqin Investor Network Global Alternatives Report Preqin (2013) NEW

Global Alternatives Survey 2013 Towers Watson (2013) NEW

Patient Capital 3.0: Confronting the Crisis and Achieving the Promise of Venture-Backed Medical Innovation NVCA and MedIC (2013)

Turning the corner: Global venture capital insights and trends 2013 Ernst & Young (2013)

European mid-market: Delivering the goods EVCA (2013)

Global Private Equity Report Bain & Company (2013)

GE Innovation Barometer 2013 GE (2013)

2012 Global Private Equity Report Grant Thornton

Private equity Asia-Pacific: Is the boom back? McKinsey & Company

Global Alternatives Survey 2012 Russell Investments (2012)

Probitas Partners Private Equity Deskbook (2012)


Research compilations

The Extent and Evolution of Pension Funds' Private Equity Allocations, Coller Institute (2014)

Private Equity Findings Winter 2012 Coller Institute

Global Entrepreneurship Monitor - National Entrepreneurial Assessment for Australia - The Australian Centre for Entrepreneurship Research (2011)

Private Equity Findings Summer 2012 Coller Institute

Private Equity Barometer Supplement Winter 2012 PwC

A Survey of Venture Capital Research Da Rin, Hellmann and Puri (2011)

Making the Case for Private Equity: Findings from the Literature BVCA (2010)


Legal and tax

Tax Benchmark Study 2013: PE and VC tax regimes across Europe EVCA (2013)

Guidelines on Key Elements of Legal and Tax Regimes Optimal for the Development of Private Equity EMPEA (2012)

Asia Pacific Private Equity 2011 Fund Terms Survey Squadron Capital/EMPEA (2012)

PE fund formation in Australia Gilbert & Tobin (2012)

Establishing a new PE or VC fund in Australia PwC (2011)

PE fund structures in Europe EVCA (2010)


PE & VC data: useful links

Australian PE & VC data AVCAL

European PE & VC data EVCA

US VC data NVCA

US PE data PEGCC

UK PE & VC data BVCA