Insights | Research from State Street Markets | Private Equity and the Leverage Myth

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Private Equity and the Leverage Myth

By David Turkington, Mark Kritzman, Megan Czasonis, State Street Associates

Mar 1, 2020

Conventional wisdom regarding the way leverage affects volatility is incorrectly leading private equity investors to dramatically overestimate risk.

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1.Peter L. Bernstein Award for Best Article in an Institutional Investor Journal in 2013; Doriot Award for Best Private Equity Research Paper in 2022; Bernstein-Fabozzi/Jacobs-Levy Award for Outstanding Article in the Journal of Portfolio Management in 2006, 2009, 2011, 2013 (2), 2014, 2015, 2016, 2021; Roger F. Murray First Prize for Research Presented at the Q Group Conference in 2012 and 2021; Graham & Dodd Scroll Award for article in the Financial Analysts Journal in 2002 and 2010.