Practical analysis for investment professionals

Private Equity


Tricks of the Private Equity Trade, Part 2: Leverage

The essence of maximizing the internal rate of return (IRR) lies in the total amount of leverage contracted to finance a transaction.

Tricks of the Private Equity Trade, Part 1: Value Drivers

PE firms have a repertoire of tools at their disposal to achieve their target returns.

New Breed of Private Capital Firms Will Face Performance Headwinds

A challenge awaits PE firms that amass funds to expand beyond their core competency.

Not All NAVs Are Created Equal

How can investors price NAV valuations and efficiently transfer their eventual risk?

The Private Capital Wealth Equation, Part 2: The Economics Variable

The performance of alternative asset managers is encapsulated in the formula: Wealth = Controls + Economics. Here, we outline the economics component of the equation.

The Private Capital Wealth Equation, Part 1: The Controls Variable

Private capital fund managers have developed tools to reduce risk while protecting or even boosting their returns.

Drowning in the Private Equity Pool

What's most surprising about aggregated private market performance calculations? How deeply flawed they are.

Alternative Investments: Predictable Uncertainty in Private Markets

While analytical judgment is considered universal in science, in finance investment decisions are derived from mental heuristics.

Private Equity: Market Saturation Spawns Runaway Dealmaking

Private equity is settling into a rent-extracting, self-dealing trade.

The S-Curve: Bending the J-Curve in Private Equity

The J-curve narrative in private equity (PE) investments deserves a quiet obsolescence.



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