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Performance benchmarks for institutional investors: measuring, monitoring and modifying investment behaviour

Benchmarks are pretty much absent in private equity investing and so it is vital to look at fee structures. In other asset classes, benchmarks can either provide the right incentives for fund managers or they can seriously distort their investment behaviour, say David Blake and Allan Timmermann of Birckbeck College.

As the argument about increasing transparency in the private equity industry rages on, some experts are calling for benchmarks in the asset class. However, as this study shows, they may not provide the complete answer to this issue.

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Copyright © 2001 The Pensions Institute May 2001

Originally appeared in discussion paper P1-0106, The Pensions Institute, Birckbeck College, University of London, London, www.pensions-institute.org