Abstract
This article analyzes the investment performance of private equity funds in South Africa. We investigate the investment performance of a sample set of 11 South African private equity funds over a 13-year period. We find a performance premium of 18% p.a. relative to listed South African equities. Private equity also produces the second-best risk-adjusted performance relative to a set of conventional asset classes and a low observed correlation relative to other asset classes. We further find that returns after fees decrease by an average of 6% p.a., with the impact of costs increasing with fund performance. <b>TOPICS:</b>Private equity, developed, performance measurement, statistical methods
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