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1、外文翻译原文Privateequityfunds:Returncharacteristics,returndriversandconsequencesforinvestorsMaterialSource:JournalofFinancialTransformation,2005（12）,p107-117.Author:ChristophKasererandChristianDillerIntroductionThisarticleaddressestwoimportanttopicsconcerningtheperformanceofpriv
2、ateequityfunds.Firstly,wearguethattheperformanceofaprivateequityfundshouldnotbemeasuredbytheIRR.Instead,weofferthePMEasamoremeaningfulperformancemeasure.OnthatbasisweoffersomeperformancedataformatureEuropeanprivateequityfunds.Secondly,weanalyzewhatfactorshaveanimpactonthese
3、returns.Inourperspective,thisassetclassischaracterizedbyilliquidity,stickiness,andsegmentation.Asaconsequence,wecanshowthattheso-called‘moneychasingdealsphenomenon’explainsasignificantpartofthevariationinprivateequityfunds’returns.Apartfromtheimportanceoffundflows,wecanalso
4、demonstratethattheskillsofthemanagementteamhaveasignificantimpactonthefund’sreturns.Finallywediscusstheimpactoftheseresultsonprivateequityinvestmentstrategies.DatasetOverthelastdecadeprivateequityhasbecomeanimportantassetclassforinstitutionalinvestors.Forseveralreasonsitsim
5、portancewillfurtherincreaseovertheyearstocome.Evidently,thechangingregulatoryenvironmentwillhaveasubstantialinfluenceinthisprocess.Actually,thewidespreadimplementationofinternationalaccountingrulesinEurope(IFRS/IAS)mayincreaseinstitutionalinvestors’propensitytoallocatemoreo
6、ftheirinvestmentstothisassetclass.Ontheotherside,however,itmaybethattheongoingchangeinbankingandinsurancesupervisionmakesprivateequityinvestmentsmoreexpensive.Whatevertheshiftintheregulatoryenvironmentwillbe,anyportfolioallocationdecisionisultimatelydrivenbyreturnexpectatio
7、ns.Therefore,thereisawidespreadneedtogathermoreinformationonthehistoricalperformancerecordofprivateequityinvestment.Itistheaimofthisarticletomakeacontributionwithrespecttothatquestion.Thepastthreeyearshavebeenextremelygoodforprivateequitywithreturnsforallbutthesmallestfunds
8、comfortablybeatingtheS&P500index.Long-termperformancealsolooksstrong,atleastatfirs
