Private Markets
The NCREIF Index, Explained
The NCREIF Index is the primary performance benchmark for institutional real estate investors, measuring net returns of open-end core funds. It has tracked commingled fund performance since 1978.
Topic
Private Markets
Coverage, charts, video and research on Private Markets for universal owners.
Latest in Private Markets
The GP Manages the Clock
Private markets promised long-horizon investors an illiquidity premium. They did not promise that capital calls, redemptions, collateral, distributions, and sponsor demands would remain separate events.
Private Markets
Infrastructure Investment Returns: Benchmarks and Evidence
Institutional infrastructure investors benchmark returns against MSCI, Cambridge Associates, and Preqin indices. Core strategies yield 5–6% net annually; value-add and opportunistic approaches target higher returns with corresponding risk.
Private Markets
Private Real Estate Returns: Long-Run Evidence for Institutional Investors
Institutional investors assess private real estate through realized IRRs, cash-on-cash multiples, and benchmark comparisons. Long-term returns vary significantly by strategy, market cycle, and geographic exposure.
Private Markets
Private Equity Returns Over 10 Years: What the Data Shows
Ten-year private equity performance data reveals divergent outcomes by vintage and fund type. Net returns have trended toward mid-teens IRRs, with significant dispersion across geographies and strategies.
Private Markets
Venture Capital vs Private Equity: The Key Differences
Venture capital and private equity serve distinct portfolio roles. VC pursues venture-scale returns in nascent companies; PE deploys larger capital bases into established enterprises with operational leverage and debt optimization.
Private Markets
Real Estate vs Infrastructure: How Asset Owners Allocate
Institutional investors balance real estate's income stability and liquidity against infrastructure's inflation-linked returns and longer duration matching. Allocation decisions reflect liability structure, regional exposure, and yield environment.
Private Markets
Public Equity vs Private Equity Returns: The Long-Run Evidence
Institutional research shows private equity has outperformed public markets on a net-of-fees basis since 2000, though performance dispersion among PE managers remains wide. Public equities deliver lower absolute returns but superior liquidity and lower costs.
Private Markets
Operational Due Diligence in Private Equity, Explained
Operational due diligence examines the human and functional infrastructure of PE acquisition targets. It complements financial and legal reviews by assessing execution risk, management bench strength, and operational improvement potential.
Private Markets
Listed vs Unlisted Infrastructure: How Institutions Choose
Institutional investors evaluate listed infrastructure REITs against unlisted funds based on liquidity requirements, return profiles, and operational involvement. Listed markets provide transparency and daily pricing; unlisted structures offer yield premiums and strategic influence.
Private Markets
The Illiquidity Premium in Private Markets, Explained
The illiquidity premium quantifies the additional return private market investors demand for restricted access to capital and extended redemption timelines. This spread reflects structural market frictions including capital lock-up duration, valuation transparency gaps, and exit pathway uncertainty.
Stablecoins Are the Decoy. The Real Sovereign Race Is for the Rails Under Your Portfolio.
The next phase of digital finance is not crypto speculation. It is who controls the programmable rails under sovereign debt, infrastructure, real estate, energy and collateral — the assets the world’s largest owners already hold.
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