The structure and integration of the European buyout industry
Year: 2017
Author: Cornelius, Peter
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 86 (2017), Iss. 1 : pp. 111–128
Abstract
The European private equity market has expanded meaningfully over the past few decades, with leveraged buyouts having averaged more than 50 billion euros per year in 2010–2016. This paper examines investment flows within Europe, as well as between Europe and the rest of the world at two levels: commitments from investors to private equity funds and acquisitions of portfolio companies by these funds. Although standard indicators of market integration are not available, these flows suggest that the European private equity market is significantly integrated both regionally and globally, with the United Kingdom serving as Europe"s major hub. At the same time, the paper finds that financial intermediation in the European buyout industry has remained relatively fragmented, which has important implications for constructing institutional investors" portfolios.
Journal Article Details
Publisher Name: Global Science Press
Language: English
DOI: https://doi.org/10.3790/vjh.86.1.111
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 86 (2017), Iss. 1 : pp. 111–128
Published online: 2017-03
AMS Subject Headings: Duncker & Humblot, Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 18
Keywords: Private equity capital flows portfolio investments integration market structure G34 F21 F36 G15 G24
Author Details
Cornelius, Peter Email