The Performance of ESG-Oriented Private Equity Funds: A Quantitative Analysis
Heinen, Elena
Promotor(s) :
Lambert, Marie
Date of defense : 31-Aug-2021/6-Sep-2021 • Permalink : http://hdl.handle.net/2268.2/13525
Details
Title : | The Performance of ESG-Oriented Private Equity Funds: A Quantitative Analysis |
Author : | Heinen, Elena ![]() |
Date of defense : | 31-Aug-2021/6-Sep-2021 |
Advisor(s) : | Lambert, Marie ![]() |
Committee's member(s) : | Scivoletto, Alexandre ![]() Santino, Jo |
Language : | English |
Keywords : | [en] ESG Factors [en] Private Equity Performance [en] Propensity Score Matching [en] OLS Regression Analysis |
Discipline(s) : | Business & economic sciences > Finance |
Institution(s) : | Université de Liège, Liège, Belgique |
Degree: | Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management |
Faculty: | Master thesis of the HEC-Ecole de gestion de l'Université de Liège |
Abstract
[en] Sustainable development and environmental, social and governance (ESG) factors are playing an increasingly important role in the investment industry. The potential of private equity funds in this context is very large due to the characteristics of this asset class. However, the question that arises is whether or not the ESG orientation of private equity funds can lead to a better performance. To answer this question, three types of analysis are carried out in order to estimate the average effect of an ESG orientation on private equity fund performance, namely a simple OLS regression analysis, a multiple OLS regression analysis, and propensity score matching (PSM). These analyses are all carried out for two different performance measures, namely for the Total Value to Paid-in Capital (TVPI) multiple and the Net Internal Rate of Return (IRR).
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