Three Essays in Private Equity.

Summary Recent years have witnessed a lack of dynamism in the stock markets, which has led a growing number of investors to turn to private markets, particularly private equity. This manuscript addresses issues that characterize the changes in private equity today: a search for relative liquidity, a quest for higher returns in new markets, and the stability of human resources, which remain an important vector of communication when raising funds from investors.The first essay of this thesis examines the impact of the IPO of private equity vehicles on their performance and shows that this search for liquidity leads to a significant decrease in realized performance. The second essay discusses the performance of private equity in emerging markets and shows that the success of these investments is related to the geographical distance and cultural proximity between private equity firms and the companies financed.Finally, the last essay of this thesis examines the importance of human capital for private equity firms and shows that managerial mobility deteriorates realized performance.