The Impact Of Private Fund Manager's Public Fund Performance On Private Fund Performance

Private fund has been more and more mature after decades of development,and has been gradually improved in China because of continuous policy supports and its own advantages.A considerable number of public fund managers have turned to private equity funds which promotes the further expansion of private equity funds.Based on the entire environment of private equity fund,this paper studies the impact of fund managers' public fund background on the performance of private fund.Notably,public fund background here include two parts: first of all,I will verify whether or not the public fund background influences private fund returns and then verify if the past public fund performance will impact private fund performance.The empirical data in the article comes from the Simuyuntong database and PBOC's official website.After integrating all the public offering and private fund products in between 2007 and 2018,I have two database in hand.The paper combines theoretical and empirical research.In theoretical analysis,I mainly introduce some private fund related theories and how to measure private fund return.Empirical study includes two stage.On the first stage,I verified whether or not the public fund background influences private fund returns and then on the second stage,I verified if the past public fund performance will impact private fund performance.After the research,we can get the corresponding conclusions that,fund managers' public fund background and historical public fund performance will promote the development of private funds.Simultaneously,fund performance is subject to fund manager's working seniority and market conditions.So through the study,we can reveal the behavior characteristics of private fund managers,provide appropriate reference for investors' investment behavior,and also provide advice for the career development of fund managers.