Enterprising Investor
Practical analysis for investment professionals

private markets


Top 10 Posts from Q1: Valuation Models, Inflationary Shocks, Private Markets

This quarter's top reads reveal what's capturing the attention of investment professionals.

Private Equity and Private Debt: Two Sides of the Same Coin

Explore how the growing convergence of private equity and private debt is transforming risk dynamics, return strategies, and regulatory concerns across the private capital landscape.

The Alternative View: 401(k) Plans Are Better off Without Private Investments

The debate over the inclusion of private investments in 401(k) plans is a hot topic. Are DC plans better off without them?

Consumer Lending Unlocked: Opportunities and Risks in a $27 Trillion Market

Consumer lending is a growing sub-asset class in private markets. What are the unique challenges and opportunities for investors and policymakers?

The Endowment Syndrome: Why Elite Funds Are Falling Behind

Endowments have long been considered elite investors, but outdated strategies and skyrocketing costs are eroding their edge

A Reality Check on Private Markets: Part III

Is IRR misleading investors? Discover the flaws in traditional performance measures and how solutions like NAV-to-NAV IRR can offer a clearer view of private market returns.

A Reality Check on Private Markets: Part II

How does the internal rate of return (IRR) work and why do investors need to be careful not to view the metric as an equivalent measure to a rate of return on investments?

The Tyranny of IRR: A Reality Check on Private Market Returns

What makes most investors believe that private capital funds are such clear outperformers? The use of since-inception internal rate of return (IRR) as the industry’s preferred performance metric and the media’s coverage of the sector are to blame.

Wall Street’s Latest Flood: Private Credit

Private credit is a treacherous swamp full of opportunists. Is your consultant capable of defying the formidable odds of success?

Distress Investing: Crime Scene Investigation

In the underbelly of private markets lies the main culprit behind corporate failures: defective capital structuring.