What interim valuations actually tell you
Distributions have been stuck near 14 to 15 percent of NAV since late 2022, and LPs are questioning the marks they hold. New NBER research on 8,331 buyout and 6,822 venture investments finds that how a manager reports a valuation — how often it goes stale, how often it is marked down — predicts both weaker returns and slower exits, independent of the headline multiple.
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 […]
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.