Sector-based portfolio changes of private equity funds during economic shocks

Moritz Wehking; Tim Alexander Herberger

Journal of Asset Management · 2025-09-20 · Issue: 2025-10
Research article · Published version of record · CC BY 4.0 · 5,349 words

Original source: Volume 26 · Issue 6 · 697-706

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Title: Sector-based portfolio changes of private equity funds during economic shocks
Human authorship: Moritz Wehking; Tim Alexander Herberger
Source: Complete manuscript edition 2026-10-22
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Original authors / creators: Moritz Wehking; Tim Alexander Herberger
Original publication: Journal of Asset Management · Springer Science and Business Media LLC · 2025-09-20 · Issue date 2025-10
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doi:10.1057/s41260-025-00406-2
License & retained notices: CC BY 4.0
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Open Access This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ .
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Evidence limits: Historical observational transaction data; three selected shocks do not establish current sector attractiveness. Allocation shares are not net investor returns or evidence that a defensive sector is safe. The practical protocol is proposed for family-office governance and has not been tested.
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Preserved record: Rights and full text checked 2026-10-22. Included in this volume on 2026-10-22. Original source dates remain unchanged.
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