Average fund performance has leveled off with the pandemic, according to analytics firm eFront, owned by BlackRock. Large global investors are also wondering about the relevance of company valuation calculations.

The performance of LBO funds has fallen to 1.36 times the average invested capital at the end of June worldwide, according to analysis firm eFront.

The unlisted is attracting investors more than ever. But will the crisis end in a hard comeback, and double-digit returns turn out to be mirrors? The debate is mounting. In June, a study by the professor of financial economics at the University of Oxford, Ludovic Phalippou (“An Inconvenient Fact: Private Equity Returns & The Billionaire Factory”) deconstructed stratospheric returns, from 15% to 20% declared by the private equity. The fees charged by these funds actually bring the actual performance of private equity investments down to the level of those on the stock market, he explained, sparking a bronca from private equity giants.