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La vérité sur les performances dans le capital-investissement

Author

Listed:
  • Oliver Gottschalg

    () (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Ludovic Phalippou

    (UvA - University of Amsterdam [Amsterdam])

Abstract

Depuis quelques années, la croyance en une surperformance du capital-investissement est alimentée par les articles élogieux sur les rendements de cette classe d'actifs qui paraissent régulièrement dans la presse économique et financière. Les statistiques de mesure des performances publiées par Thomson Venture Economics, qui servent de standard dans la profession, suggèrent que, sur longue période, les performances du capital-investissement se comparent favorablement à celles des indices boursiers. En dépit de ce consensus apparent, le point de vue d'une surperformance du capitalinvestissement vis-à-vis d'un placement dans le coté est erroné. En utilisant les données les plus complètes sur le capital-investissement en Amérique du Nord et en Europe, nous montrons que les performances du capital-investissement ont été, en moyenne, inférieures de près de 3 % par an à celles des grands indices de marché.

Suggested Citation

  • Oliver Gottschalg & Ludovic Phalippou, 2008. "La vérité sur les performances dans le capital-investissement," Post-Print hal-00758556, HAL.
  • Handle: RePEc:hal:journl:hal-00758556
    Note: View the original document on HAL open archive server: https://hal-hec.archives-ouvertes.fr/hal-00758556
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    Cited by:

    1. Xavier Mahieux, 2010. "La gestion déléguée dans les fonds de capital-investissement : relation d’agence et clauses contractuelles des fonds," Revue d'Économie Financière, Programme National Persée, vol. 97(2), pages 253-274.

    More about this item

    Keywords

    performances; capital-investissement;

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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