Menu Expand

The structure and integration of the European buyout industry

Cite JOURNAL ARTICLE

Style

Cornelius, P. The structure and integration of the European buyout industry. Vierteljahrshefte zur Wirtschaftsforschung, 86(1), 111-128. https://doi.org/10.3790/vjh.86.1.111
Cornelius, Peter "The structure and integration of the European buyout industry" Vierteljahrshefte zur Wirtschaftsforschung 86.1, 2017, 111-128. https://doi.org/10.3790/vjh.86.1.111
Cornelius, Peter (2017): The structure and integration of the European buyout industry, in: Vierteljahrshefte zur Wirtschaftsforschung, vol. 86, iss. 1, 111-128, [online] https://doi.org/10.3790/vjh.86.1.111

Format

The structure and integration of the European buyout industry

Cornelius, Peter

Vierteljahrshefte zur Wirtschaftsforschung, Vol. 86 (2017), Iss. 1 : pp. 111–128

Additional Information

Article Details

Author Details

AlpInvest Partners, New York

Abstract

The European private equity market has expanded meaningfully over the past few decades, with leveraged buyouts having averaged more than 50 billion euros per year in 2010–2016. This paper examines investment flows within Europe, as well as between Europe and the rest of the world at two levels: commitments from investors to private equity funds and acquisitions of portfolio companies by these funds. Although standard indicators of market integration are not available, these flows suggest that the European private equity market is significantly integrated both regionally and globally, with the United Kingdom serving as Europe"s major hub. At the same time, the paper finds that financial intermediation in the European buyout industry has remained relatively fragmented, which has important implications for constructing institutional investors" portfolios.