Patient Capital: The Challenges and Promises of Long-Term Investing

This book examines the role of long-term investing in addressing major economic and societal challenges, including infrastructure, innovation, and sustainable growth. Ivashina and Lerner analyze how institutional investors such as pension funds, sovereign wealth funds, insurers, endowments, and family offices allocate capital over long horizons and why long-term investments often face structural and organizational obstacles. Drawing on academic research and practitioner experience, the authors explore the strengths and limitations of private equity and other investment models while proposing strategies for improving governance, incentives, and performance in patient capital investing.