Continuation Vehicles: What the Preliminary Research Says
Continuation vehicles have gone from five transactions in 2018 to 85 in 2025. We review what the first wave of empirical research — including the largest CV dataset assembled to date — says about which managers launch them, which assets get transferred, how LPs decide, and whether returns actually differ.
Is Brand Strength Linked to Firm Valuation? Evidence from Consumer Survey Data
A Bella Private Markets research partnership with Tracksuit and WestCap, analyzing 675 company-month observations across 23 public companies to test whether stronger consumer brand perception predicts higher firm valuation.
The Rise of the Total Portfolio Approach
The Rise of the Total Portfolio Approach In November 2025, the California Public Employees’ Retirement System (CalPERS) made headlines among allocators in formally adopting the “total portfolio approach” (TPA) investment model, replacing the strategic asset allocation (SAA) model it had previously used for investment decision-making. Guiding this choice in part was a study reporting a […]
Feeling inspired? The LP-to-founder track is more common than one might expect
While venture capital (VC) has long been recognized as playing an important role in scaling innovative startups and developing broader entrepreneurial ecosystems, the mechanisms through which this occurs have been less well documented. A new study sheds light on one such mechanism: how exposure to VC investment may help develop not just entrepreneurial firms and ecosystems, but entrepreneurs themselves. In other words, VC investment may not only finance innovation; it may also help foster and equip a new generation of entrepreneurs.
Exit Stage Right: Private Equity’s Path Back to Liquidity
Exit Stage Right: Private Equity’s Path Back to Liquidity The private equity market has undergone a dramatic transformation over the past several years. Following the industry’s boom in 2021—fueled by cheap debt, abundant liquidity, and a surge in deal activity following hopes that the worst of the global pandemic was past—rising interest rates and tightening […]
Do First-Time Funds Warrant a “Flight to Safety?” Evidence from PE and VC
Do First-Time Funds Warrant a “Flight to Safety?” Evidence from PE and VC Amid a broader private markets slowdown, heightened uncertainty has prompted LPs to shift capital toward established managers in a “flight to safety,” posing fundraising challenges for first-time funds. First-time private equity (PE) funds’ share of total PE fundraising fell from 5.9% in […]
Measuring What Matters: Benchmarking for the Year Ahead
As a new year begins, allocators face a deceptively simple question: How do we measure success in a market that keeps changing?
In public markets, benchmarking is straightforward. Returns are compared against widely accepted indices. Risk is assessed through volatility and expected loss. Performance can be observed daily.
Private markets are different.
From Data to Decisions: The Role of Research in Private Market Strategy
Private markets are opaque. Performance assessment is complex. Reporting is inconsistent. Every allocator faces unique constraints. In this environment, sound decisions are grounded in empirical analysis rather than intuition alone.
How Institutional Allocators Can Gain Clarity in Private Markets
Private markets play an increasingly central role in institutional portfolios. For pensions, sovereign wealth funds, endowments, and family offices, private capital offers the potential for differentiated returns, diversification, and long term value creation. Yet these benefits come with real complexity.
Forecasting the Future: How Simulation Models Are Transforming Private Market Strategy
Private market investing is fundamentally about the future. Capital is committed today in anticipation of cash flows, valuations, and outcomes that may unfold over a decade or more. Yet for decades, the tools used to guide these decisions have remained anchored in the past.