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Stanford paper recasts '2 and 20' as a response to private markets' information problem

Reported by Alternativeswatch
May 27, 2026· 3 min read
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Stanford professors Jonathan Berk, Peter DeMarzo argue private equity's performance fees, fund-size caps reflect the information economics of illiquid markets.
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Alternativeswatch Stanford paper recasts '2 and 20' as a response to private markets' information problem