The CFA Institute Research Foundation announces that Ludovic Phalippou, Professor of Financial Economics at Saïd Business School, University of Oxford, has been awarded the 2026 James R. Vertin Award, recognizing his influential research on private equity and private markets.

Established in 1996 by the CFA Institute Research Foundation, the James R. Vertin Award honors individuals whose body of research is notable for its relevance and value to investment professionals, advancing excellence in investment practice and education.

Phalippou’s work focuses on the structure, performance, and transparency of private markets. He is the author of the book Private Equity Laid Bare and host of the podcast by the same name, both widely recognized for bringing greater clarity and critical analysis to this segment of the financial system. Over the past two decades, he has collaborated with major institutional investors, sovereign wealth funds, and public bodies on private equity investment decisions and benchmarking.

His research has appeared in leading peer-reviewed academic journals and international media outlets. He has served on the Editorial Board of the Financial Analysts Journal and is a long-standing contributor to CFA Institute publications, including Financial Analysts Journal, CFA Institute Research Foundation literature reviews, and Enterprising Investor.

Jeffrey Bailey, CFA, Chair, CFA Institute Research Foundation, states:

“Ludovic Phalippou’s work has helped investment professionals better understand the realities and complexities of private markets. His research bridges academia and professional practice in a way that has meaningfully influenced how investors evaluate performance, fees, and long-term outcomes.”

Tricia Rothschild, CFA, Interim President and CEO of CFA Institute adds:

“As private markets play an increasingly important role in the global financial system, thoughtful research and open dialogue are essential for maintaining investor trust and healthy capital markets. Ludovic Phalippou has contributed significantly to that conversation.”

Professor Mette Morsing, Interim Dean Oxford Saïd says:

“It is a great honour that the CFA Institute has awarded Professor Ludovic Phalippou the James R. Vertin Award for his influential and critical research in the field of Private Equity. Many congratulations, Ludovic.

“We are so proud that our esteemed colleague is being recognised for the major impact he has had on the industry: driving critical thinking in the field; working with major institutions; and being invited to testify as an expert witness to parliamentary committees in the UK and France.”

The Award was presented at the CFA Society UK Summer Reception on 23 June in London.

Notes to Editors
Previous James R. Vertin Award winners include John C. Bogle, Elroy Dimson, William F. Sharpe, Campbell R. Harvey, Harry M. Markowitz, Robert C. Merton, and Robert J. Shiller.

Visit https://rpc.cfainstitute.org/research-foundation/vertin-award
Visit https://rpc.cfainstitute.org/voices-of-influence/ludovic-phalippou

About CFA Institute Research Foundation
The CFA Institute Research Foundation provides independent, high-quality research that helps investment management professionals effectively fulfill their duties with prudence, loyalty, and care. Research Foundation publications reflect the views of the author(s) and do not represent the official views of CFA Institute, the CFA Institute Research Foundation or the publication’s editorial staff.

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