Private Investing: A Survey of Issues and Solutions
综述了私人基金业绩衡量、基准选择、alpha和beta估计、投资组合构建及风险管理等问题，并提供了应对长期非流动性资产风险的实用方法，适合投资者和学者参考。
This article begins with a discussion of private fund performance metrics and turns to the closely related topic of performance benchmarking, a crucial issue in light of the widely held belief that private equity and venture capital investments outperform publicly traded assets. The authors then discuss how to estimate the alpha and beta of private investment funds and move onto a second set of topics concerned with portfolio construction and risk management. They examine the distorting effects that serially correlated return streams can have on risk analysis and asset allocation decisions and finally conclude with a discussion of practical remedies that allocators can employ to mitigate the risks of owning long-dated illiquid assets.