Pension Fund Investment in Private Equity and Venture Capital in the U.S. and Canada
Chemla, Gilles (2004), Pension Fund Investment in Private Equity and Venture Capital in the U.S. and Canada, The Journal of Private Equity, 7, 2, p. 64-71
Type
Article accepté pour publication ou publiéDate
2004Journal name
The Journal of Private EquityVolume
7Number
2Publisher
NY Euromoney Institutional Investor PLC
Pages
64-71
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Chemla, GillesAbstract (EN)
This article provides a comparative analysis of pension plan allocations to private equity and to venture capital in the United States and in Canada. Although the assets of American funds in our data are worth 10 times those of Canadian funds, their investment in private equity is about 20 times larger. Asset size is an important determinant of the decision to invest in private equity in both countries, but it is only a determinant of how much to invest in Canada. Asset size appears to be an important factor in explaining the difference in private equity investment, but it is not sufficient to explain it in its entirety. We examine other possible explanatory factors, such as fund types and location, the institutional environment, and regulatory constraints.Subjects / Keywords
investment; pension trusts; venture capital; private equityRelated items
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