The PE S-Curve, Stumbled Upon

Unexpectedly last week, I stumbled upon an S-Curve hidden between the lines of a study released by an established private equity funds of funds firm with a cautious introductory question: “do private equity funds sometimes just run out of steam?Continue reading

What’s Up with Private Markets’ Secondary Prices?

There are some confusing messages out there about private markets’ secondary prices that are worth distilling to identify latent signals of opportunity and risk. Continue reading

Carlyle, Blackstone and Private Markets’ Beta

In the last few days, Carlyle first and Blackstone almost right after released investor updates and provided interesting information about the growth estimates of the value of their private equity funds for 2013 and the first quarter of 2014. Continue reading

Introducing the [α + β-Cen] Reports

I am pleased to introduce first issue (number 0 in beta) of the [α + β-Cen] Reports whose objective is to provide “rational and quantitative” valuation indications and forecasting references to private markets’ fund investors. Continue reading

No Liquidity without Price

The title of last week’s PEI‘s Friday Letter, “No Dice without Liquidity”, identifies the critical element determining the reported decision of KKR to stop promoting two retail products. Continue reading

Riding Private Markets’ S-Curves

As I write about interpreting and predicting private markets’ returns, for the readers who missed one of my previous posts, I confirm there is no misspelling in the headline, it’s an S. Continue reading

Why IRR, PME Induce Inaccurate Allocation Decisions

In one of my previous posts, I wrote about the importance of time – of correctly framing time – for purposes of comparability and pricing. The topic is so critical not to require a second round that adds more details and practical implications. Continue reading

Fair Value, DaRC Transparency

A recent article from the Private Equity Manager’s Daily Digest titled “When is fair value not fair value?” provides interesting and sharable comments about the decision taken by the American Institute of CPAs (AICPA) to create a task force and deliver more granular rules for “valuing hard-to-price non-quoted companies”. Continue reading