The Liquidity Cost of Private Equity Investments: Evidence from Secondary Market Transactions
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An important cost of investing in private equity is the illiquidity of these investments. In response to this illiquidity, a secondary market for transacting stakes in private equity funds has developed. This paper uses proprietary data from a leading intermediary to understand the magnitude and
投资私募股权（private equity）的一项重要成本在于此类投资的非流动性（illiquidity）。为应对这种非流动性，一个用于交易私募股权基金份额（stakes）的二级市场（secondary market）应运而生。本文使用一家领先中介机构的专有数据（proprietary data）来了解其规模及
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美国国家经济研究局创建时间：
2016-07-01
