Over the last years, the private equity market has evolved extensively and has grown to a very significant size, compared to the small niche market it was 20 years ago. Today, it plays a crucial role in the economy by fostering the restructuring of companies, by boosting research and innovation, and by creating jobs.1025 Prerequisites of this evolution are increasing investment inflows from institutional investors for whom private equity nowadays represents an important asset class.


Private Equity Fund Manager International Financial Reporting Standard Fund Investor Asset Class 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. 1025.
    See Achleitner/ Kloeckner (2005), p. 5.Google Scholar
  2. 1026.
    See Private Equity Intelligence (2005), p. 3.Google Scholar
  3. 1027.
    See Thomson (2006), p. 46.Google Scholar
  4. 1028.
    See Hagenmüller (2004), pp. 123 et seq. for different organizational structures of the investor relations departments in private equity firms.Google Scholar
  5. 1029.
    See DiPiazza/ Eccles (2002), p. 113.Google Scholar
  6. 1030.
    For a similar argumentation see Gove (2005), p. 47.Google Scholar
  7. 1031.
    See Peninion (2003).Google Scholar
  8. 1032.
    See Achleitner/ Müller (2005), p. 70.Google Scholar
  9. 1033.
    As a role model, the Global Investment Performance Standards (GIPS) issued by the CFA Institute may be taken. See chapter To claim GIPS compliance, a firm must follow a series of requirements to achieve best practice in investment performance presentations. AGF Private Equity and AXA Private Equity were the first private equity firms in Europe to have their performance figures audited according to GIPS’ private equity provisions. See Sormani (2005).Google Scholar
  10. 1034.
    See Financial Service Authority (2007), p. 12.Google Scholar
  11. 1035.
    This equals a conclusion that also the Financial Service Authority (FSA) in the U.K. came up with in their feedback statement that responds to a discussion paper on more regulatory engagement in private equity. See Financial Service Authority (2007), p. 13; Financial Service Authority (2006b).Google Scholar
  12. 1036.
    See Böhler (2004b), p. 316.Google Scholar
  13. 1037.
    See European Commission (2006), p. 20.Google Scholar
  14. 1038.
    This equals what Kaserer et al. propose in a report commissioned by the German Ministry of Finance in order to make suggestions how Germany should change the tax and legal environment for private equity. See Kaserer et al. (2007), p. 226.Google Scholar
  15. 1039.
    See Yin (1994), p. 3.Google Scholar
  16. 1040.
    See Lerner/ Schoar/ Wong (2005), p. 39.Google Scholar

Copyright information

© Betriebswirtschaftlicher Verlag Dr. Th. Gabler | GWV Fachverlage GmbH, Wiesbaden 2008

Personalised recommendations