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NBER WORKING PAPER SERIES
THE DISINTERMEDIATION OF FINANCIAL MARKETS:
DIRECT INVESTING IN PRIVATE EQUITY
Lily Fang
Victoria Ivashina
Josh Lerner
Working Paper 19299
/papers/w19299
NATIONAL BUREAU OF ECONOMIC RESEARCH
1050 Massachusetts Avenue
Cambridge, MA 02138
August 2013
We thank a number of institutional investors for making this analysis possible by generously sharing
their data and answering our many follow-on questions. We thank Jean-N?el Barrot (discussant), Ludovic
Phalippou, Per Str?mberg and participants at the New York Fed/NYU Conference on Private Equity,
the University of Chicago, the Greenwich Roundtable, and the London Business School Private Equity
Symposium for their insightful comments. Lilei Xu and Chris Allen provided remarkable assistance
with the analysis. We thank Per Str?mberg and Rudiger Stücke for access to unpublished data. Harvard
Business School’s Division of Research provided financial support. A number of the authors has advised
institutional investors in private equity funds, private equity groups, and governments designing policies
relevant to private equity. All errors and omissions are our own. The views expressed herein are those
of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
NBER working papers are circulated for discussion and comment purposes. They have not been peer-
reviewed or been subject to the review by the NBER Board of Directors that accompanies official
NBER publications.
? 2013 by Lily Fang, Victoria Ivashina, and Josh Lerner. All rights reserved. Short sections of text,
not to exceed two paragraphs, may be quoted without explicit permission provided that full credit,
including ? notice, is given to the source.
The Disintermediation of Financial Markets: Direct Investing in Private Equity
Lily Fang, Victoria Ivashina, and Josh Lerner
NBER Working Paper No. 19299
August 2013
JEL No. G0,G23
ABSTRACT
One of the important issues in corporate finance is the rationale
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