Should private equity investors trust IRR?
Since the early days of private equity, the internal rate of return (IRR) has served as the industry’s prime metric. It is perhaps best known as the gauge which underpins fund managers’ claims that they deliver better returns than the public equity markets.
But Oliver Gottschalg, professor of strategy and business policy at Paris-based HEC School of Management and head of research with Peracs, and his colleague Ludovic Phalippou, lecturer at Oxford University's...
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