
Can investors time their exposure to private equity? - hhs
https://www.nber.org/papers/w26755
======
docPangloss
The short answer: Yes, investors can time their exposure to PE.

How? By doing so synthetically and/or indirectly: that is, by not investing in
the private funds directly.

Rather, investors can determine whether they want to be long, short, or
neutral private equity.

Next, an investor can select one or more publicly-traded 'private equity'
firms to either invest in, short, or buy/sell options (calls or puts).

Here are just a few big name publicly traded firms:

Firm.......Ticker

Apollo....."APO"

Ares......."ARCC"

Gladstone.."GAIN"

KKR........"KCAP"

Blackstone.."BX"

There are more, especially of the hybrid (debt/mezz/equity) and Business
Development Corp. (BDC)-type firms.

------
fludlight
My initial thought is "yes, if you invest in the vintage immediately following
a recession, let's see what the authors say". Then I am greeted with this fun
paywall:

> You may purchase this paper on-line in .pdf format from SSRN.com ($5) for
> electronic delivery.

> You are eligible for a free download if you are a subscriber, a corporate
> associate of the NBER, a journalist, an employee of the U.S. federal
> government with a ".GOV" domain name, or a resident of nearly any developing
> country or transition economy.

A subscription in the US, where my tax dollars fund this work, is $2675/year
for the whole body of work, or $705/year for just this subject.[1] WTF!?

So I googled the title and it's available for free, legally on SSRN[2]. Maybe
change the post url to that?

[1]
[https://www.nber.org/wpsubscribe.html](https://www.nber.org/wpsubscribe.html)

[2]
[https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3241102](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3241102)

~~~
WrtCdEvrydy
As someone on the other side... it sucks have to pay extra to publish in a
journal supporting open access (if you don't do open access, publishing is
cheaper)

~~~
vinniejames
Nonsense. You don't have to pay extra to post a copy on Medium, or one of the
other 9 zillion free publishing platforms

