Review of Corporate Finance > Vol 2 > Issue 3

Should Investors Care Where Private Equity Managers Went to School?

Florian Fuchs, School of Finance, University of St. Gallen, Switzerland, , Roland Füss, Swiss Institute of Banking and Finance (s/bf), University of St. Gallen, Switzerland, and Research Fellow at Center for Real Estate and Environmental Economics, NTNU Business School, Norway, , Tim Jenkinson, Saïd Business School, University of Oxford, UK, , Stefan Morkoetter, School of Finance and St.Gallen Institute of Management in Asia, University of St. Gallen, Switzerland and Singapore,
Suggested Citation
Florian Fuchs, Roland Füss, Tim Jenkinson and Stefan Morkoetter (2022), "Should Investors Care Where Private Equity Managers Went to School?", Review of Corporate Finance: Vol. 2: No. 3, pp 451-492.

Publication Date: 07 Dec 2022
© 2022 F. Fuchs, R. Füss, T. Jenkinson, S. Morkoetter
JEL Codes: G11, G15, G24, G34
Buyout fundsfund teamseducationfund performanceuniversity


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In this article:
Roles of Education 
Sample Characteristics 
Empirical Results 
Concluding Remarks 


In this paper, we investigate whether the educational background of private equity managers, which represents an important part of their human capital, impacts fund performance. In particular, we explore three potential channels of how their educational background may influence fund performance: (i) institutional quality, (ii) individual performance, and (iii) academic variety. We find that a combination of top-tier education and work experience identifies individual performance in the management team. In addition, academic variety, in particular among graduates of high-ranked universities, rather than uniform institutional quality, is an important return driver.



Review of Corporate Finance, Volume 2, Issue 3 Special Issue on Alternative Investments: Articles Overiew
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