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The Journal of Wealth Management

The Journal of Wealth Management

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Primary Article

Hidden Treasure

A Look Into Private Equity's History, Future, and Lure

Katherine A. Cattanach, Mary Frances Kelley and Gail Marmorstein Sweeney
The Journal of Wealth Management Summer 1999, 2 (1) 27-33; DOI: https://doi.org/10.3905/jwm.1999.320347
Katherine A. Cattanach
A managing principal at Sovereign Financial Services in Denver, Colorado. She holds a Ph.D. in finance from Arizona State University, as well as the Chartered Financial Analyst designation
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Mary Frances Kelley
A managing principal at Sovereign Financial Services in Denver, and a certified public accountant
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Gail Marmorstein Sweeney
A managing principal at Sovereign Financial Services in Denver. She holds an M.B.A. in finance from the University of Denver, an M.A. in English from Northwestern University, and the Chartered Financial Analyst designation
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Abstract

A veil of mystery still often surrounds private equity as an asset class. After having defined what constitutes a private equity investment, the authors trace the origins of the asset class - venture capital, as it is known today, how it got its start with the authorization of small business investment companies in 1958 - and its evolution through several cycles and significant market events. They discuss the mechanics of private equity partnerships and the performance record of the asset class as a whole. An important element of private equity investment is also identified: their relative tax-efficiency, as returns tend to be predominantly long-term in nature and thus exposed to lower rates of taxation. The authors conclude with the suggestion that individual investors should find private equity investments attractive, if they can deal with their relative illiquidity.

  • © 1999 Pageant Media Ltd

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The Journal of Wealth Management
Vol. 2, Issue 1
Summer 1999
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Hidden Treasure
Katherine A. Cattanach, Mary Frances Kelley, Gail Marmorstein Sweeney
The Journal of Wealth Management Apr 1999, 2 (1) 27-33; DOI: 10.3905/jwm.1999.320347

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Hidden Treasure
Katherine A. Cattanach, Mary Frances Kelley, Gail Marmorstein Sweeney
The Journal of Wealth Management Apr 1999, 2 (1) 27-33; DOI: 10.3905/jwm.1999.320347
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