Long-Run Returns to Private Equity in Emerging Markets

The authors thank Mohan Manem especially for providing an understanding of the data. Seminar participants in the Harvard Business School Finance Unit, International Finance Corporation, World Bank Development Research Group, and IMF African Department provided helpful comments and questions, along with Paddy Carter, Adam Fegan, Penny Goldberg, Neil Gregory, Oghale Ighoavodha, Victoria Ivashina, Jessica Jeffers, Kostas Kollias, Josh Lerner, Ita Mary Mannathoko, Fanele Mashwama, Paolo Mauro, Camilo Mondragón-Vélez, Jacob L. Otto, Tommaso Porzio, Raghuram Rajan, Thomas Rehermann, Roberto Rigobon, Antoinette Schoar, and Jesse Schreger. Anshul Maudar provided excellent research assistance. Shawn Cole gratefully acknowledges support from the Division of Research and Faculty Development at Harvard Business School.

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