Discount Rate Risk in Private Equity: Evidence from Secondary Market Transactions

We are grateful to the partners at an anonymous intermediary for providing us with data. We thank Ulf Axelson, Carter Davis, Pierre Collin-Dufresne, Brigham Frandsen, Jason Gull, Niklas Hüther, Jonathan Jensen, Steve Kaplan, Arthur Korteweg, Josh Lerner, Stefan Nagel, Ludovic Phalippou, Joseph Romano, Amit Seru, Tyler Shumway, Per Strömberg, Ayako Yasuda, Jeffrey Wooldridge, two anonymous referees, and seminar and conference participants at Brigham Young University, the University of Chicago Housing and Corporate Lending Conference, Ensign Peak Advisors, the Finance Research Association, Lausanne, London Business School, Miami, the NBER Corporate Finance Meetings, Ohio State, Singapore Management University, Texas Tech, and the Wasatch Finance Conference, for useful comments and suggestions. We also thank Greg Adams and Hyeik Kim for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.