Private equity investors are asking harder questions than they were a few years ago. Knowing that a portfolio beat public markets is no longer enough. Boards, CIOs, and investment committees now want to know what produced the result and whether it can be repeated. Was the return earned through manager selection? Strategy allocation? The timing of when capital went to work? Or did the market simply do the heavy lifting?
Those questions matter more now because private markets have moved from a...
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