Winners play and players win
ANALYSIS: Part three of a four-part series on private equity and the tyranny of internal rates of return.
When the destination is El Dorado, the costs of getting there are incidental.
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This is the third instalment in my private equity series. Thus far, based on a review of a recent paper by Professor Phalippou of Oxford University, recently published in the Journal of Portfolio Management, we have seen that:
The internal rates of return (IRR) quoted by private equity, despite
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