Simon Evenett

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Title
Prof. PhD
Last Name
Evenett
First name
Simon
Phone
+41 71 224 2315

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    Item type:Publication,
    Trade Policy and Its Impact on Limited Partnership Commitments in Private Equity
    (2025-03)
    Simon Evenett  
    ;
    Morkoetter, Stefan  
    ;
    Niclas Mueller, Jan
    ;
    Schori, Tobias
    We examine how trade policy shapes the investments of U.S. public pension funds to private equity funds. Using a novel dataset of 1,824 foreign fund-level investments made by 129 U.S. public pension funds between 2009 and 2022, we link institutional capital allocation to trade distortions. Consistent with tariff-jumping behavior, U.S. public pension funds reduce foreign commitments when U.S. protectionist trade distortions rise, but increase them when protectionist trade distortions imposed by recipient countries intensify. We find limited evidence that industrial policy measures such as subsidies influence capital allocation decisions. Our results highlight how protectionist trade policy systematically shifts the geographic allocation of institutional capital by altering perceived investment conditions in foreign financial markets.
    Type:journal article
    URL:https://ssrn.com/abstract=5213634
    URI:https://www.alexandria.unisg.ch/handle/20.500.14171/125110