Compare vintages before extrapolating persistence.

Family Office Private Wealth Journal · Editorial research desk · 2 November 2026

Companion to Private Equity Performance: Returns, Persistence, and Capital Flows by STEVEN N. KAPLAN; ANTOINETTE SCHOAR.

Decision in practice

A GP pitches its previous top-quartile fund during an unusually crowded fundraising year.

Committee assignment

Compare like vintages, verify team continuity and separate realized distributions from remaining marks. Stress the effect of a slower deployment period.

Record and decision rule

Keep cash-flow dates and vintage comparators. Defer a repeat commitment when prior success is attributable to a departed team.

Illustrative application by the editorial desk. The source authors did not evaluate or endorse this procedure.