Private Equity Returns: An Empirical Examination Of The Exit of Venture-Backed Companies
Sanjiv R. Das, Murali Jagannathan, and Atulya Sarin In this paper we examine 52,322 financing rounds in 23,208 unique firms, over the period 1980 through 2000 by venture and buyouts funds and estimate the probability of exit, time to exit, exit multiples and the expected gains from private equity investments. The expected multiple (after accounting
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