Phalippou and Gottschalg analyzed the same return data as Kaplan and Schoar but found that private equity returns trailed the S&P 500 when unexited deals were taken into account.

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Phalippou and Gottschalg's analysis, which included the impact of unexited deals, concluded that private equity returns did not outperform the S&P 500, contrasting with more optimistic findings from other studies like Kaplan and Schoar's that did not account for these factors.

Phalippou and Gottschalg Analyzed the Same Return Data as Kaplan