标题： 规模的弊端：大型二次基金表现不佳的实证证据 显示英文标题

标题： The Case against Scale: Empirical Evidence of Underperformance in Large Secondary Funds

摘要： 论文分析了大型基金在二级私募股权市场中日益流行的现状，这些基金依赖于运营效率和较少的经理关系所带来的规模优势（Reuter & Zitzewitz, 2021）。 然而，已有实证证明，在内部收益率（IRRs）方面，小型基金的表现优于大型基金。 这项研究质疑了这一权威观点，提供了小型基金相对于大型基金表现出色的证据。 这项研究向我们展示了小型基金所拥有的优势。 因此，投资者必须重新审视他们的配置策略，不再自动优先考虑大型基金（Gualandris et al., 2021）。 显示英文摘要

摘要： The paper analyses the increasing popularity of large funds in the secondary private equity market, which are pegged on the perceived larger scale advantages of operational efficiency and fewer manager relationships (Reuter & Zitzewitz, 2021). However, it has been proved empirically that smaller funds perform better than the big ones in terms of their internal rates of return (IRRs). This work questions this authoritative view, providing evidence of outperformance of smaller funds relative to their larger counterparts. This research shows us the benefits that smaller funds possess. Thus, investors must revisit their allocation strategy to prioritize larger funds automatically (Gualandris et al.,2021).