Enterprising Investor
Practical analysis for investment professionals

private markets


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.

How Private Capital Markets Are Disrupting Traditional Finance and Economic Indicators

Banks and other traditional capital providers are no longer the primary source of capital for the economy. This shift has increased the diversity of capital providers but also has fragmented the capital markets.

Elusive Alpha, Corrosive Costs

The cost of institutional investing has become an impossible burden. Reduce costs. Give alpha a chance.

A Case for Broadening Retail Access to Private Markets

Retail investors may achieve more stable and diversified portfolios with allocations to private markets.

Mergers and Acquisitions in Quebec

What is behind the M&A bonanza in La Belle Province?

The Innovation Advantage: Private Market Investing

The potential advantages of private market investments, specifically venture equity and venture debt investing, extend to five dimensions of performance.