Title: Financial crisis and private equity performance in France

Authors: Amel Sahli; Sabrina Khemiri

Addresses: Léonard de Vinci Pôle Universitaire, Research Center, 92 916 Paris La Défense, France ' Léonard de Vinci Pôle Universitaire, Research Center, 92 916 Paris La Défense, France

Abstract: This study aims at analysing the performance of the private equity industry in France taking into account the financial subprime crisis. Based on a sample of 339 private equity funds, the results show that the financial crisis negatively and significantly impacted the performance of private equity funds. Development capital funds and buy-out funds experienced a significant decline in their performance after the crisis. Results show a better resilience of small funds in comparison to larger ones. The bigger funds suffered from a severe drop in their performance after the beginning of the financial crisis.

Keywords: financial crisis; private equity; performance; internal rate of return; IRR; France.

DOI: 10.1504/IJESB.2020.104254

International Journal of Entrepreneurship and Small Business, 2020 Vol.39 No.1/2, pp.279 - 294

Received: 19 Sep 2017
Accepted: 26 Sep 2018

Published online: 19 Dec 2019 *

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