Practical analysis for investment professionals

Private Equity


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.

Book Review: Asset Allocation and Private Markets

Even investors who operate exclusively in public markets can benefit from the book’s thoughtful and sometimes unconventional takes.

Modern Variants of Capitalism, Part 2: Financial Capitalism

In financial capitalism, wealth is transaction-based rather than operational.

Book Review: The Caesars Palace Coup

Max Frumes and Sujeet Indap provide a fascinating inside account of the distressed debt markets, including the strategies, the colorful personalities, and the complex relationships.

Market Resiliency, Capital Formation, and Investing for Our Future

The story of the markets over the last 10 years has been one of remarkable change. Yet economies are still struggling.