the Doriot award 2022

The global “Doriot Award for the Best Private Equity Research Paper” was established within the 2021 conferences. The Award Jury was comprised of a global elite of private equity researchers from, e.g. Harvard Business School, HHL, INSEAD, London Business School, MIT and Stockholm School of Economics.


They searched for academic publications in highly ranked peer reviewed journals (A or A+ ranking) on the topics of “Private Equity” and “Venture Capital”. In total, 60 journals with several volumes and issues were scanned in 2019 and 2020.


The members of the 2022 Doriot Award Jury are:


Benjamin Hammer, Lancaster University (Co-Chair)
Thomas A. Jesch, Bund Institutioneller Investoren (Co-Chair)
Spencer Ante, Meta (Doriot Biographer)
Eric Deram, Flexstone Partners
Lily Fang, INSEAD
Jeremy Golding, Golding Capital Partners
Yup S. Kim, CalPERS
Michael McGirr, MassPRIM
Markus Muhs, Milbank
Per Strömberg, Stockholm School of Economics
Tereza Tykvová, HSG
Axel Wieandt, Kellogg Graduate School of Management

“Best Private Equity Research Paper 2022”

Has been attributed to:


Investing Outside the Box : Evidence from Alternative Vehicles in Private Equity


By Josh Lerner, Jason Mao, Antoinette Schoar, Nan R. Zhang


Published in : Journal of Financial Economics 143, no. 1 (January 2022): 359–380.


Antoinette Schoar

Antoinette Schoar is the Stewart C. Myers-Horn Family Professor of Finance, MIT Sloan School of Management. Her research interests span from entrepreneurial finance to fintech, cryptocurrencies and financial intermediation. She is the co-chair of the NBER Corporate Finance group and the Executive Editor of the Journal of Finance.

It’s been a great honor to receive the reward. The landscape of VCPE partnerships and their fund raising is constantly changing. And it is fascinating that we now have much more detailed data to analyze these dynamics and the implications it has for LPs and the wider market.

Jason Mao

Jason Mao has 20 years of experience in the private equity and venture capital industries, with a deep passion for research related to private equity performance and risk analytics, and a proven track record of innovation and product development. Jason has co-authored and published multiple research papers in scholarly journals.

We are honored to receive the 2022 Doriot Award. Thinking « outside the box » by examining alternative vehicles data, we hope our paper will shed some light on the ever complex topic in PE performance and the alignment of interest between LPs and GPs.

Josh Lerner

Josh Lerner is the Jacob H. Schiff Professor at Havard Business School and co-directs the Productivity, Innovation and Entrepreneurship Program at the National Bureau of Economic Research. His work focuses on venture capital, private capital, and innovation.

Alternative investing is increasingly taking place outside the traditional fund structure, an important but hard-to-study phenomenon. I am delighted for the recognition for this paper, which seeks to understand this shift.

Nan Zhang

Dr. Nan Zhang is a Managing Director and Head of Alternative Investment Research at State Street Associates, the research arm of State Street Global Markets. He leads the Private Equity Index business and academic partnerships at State Street.

It is my great honor to receive this year’s Doriot Award for the Best Private Equity Research Paper. I hope the insights from our findings assist asset managers and asset owners in making better investment decisions. I am thankful for the excellent team of researchers and the leadership at State Street that helped make this happen.