Systematic Insights into Private Equity Investing
提出一个系统性私募股权投资框架，利用另类数据和先进预测方法，并扩展主动管理基本定律以展示系统性投资者的广度优势，同时探讨公开股权数据如何揭示私募市场的技能。
Systematic approaches have greatly benefitted investors in publicly traded equities since at least the development of the first index fund in 1971. Private equities pose a far greater challenge for systematic investing due to lack of return data and regulatory filings and to significant illiquidity. Today, however, the availability of alternative data covering private companies, as well as the development of advanced forecasting methods, are facilitating systematic approaches to private equity investing. This article will present a systematic framework for private equity investing and extend the fundamental law of active management to show the benefits of breadth available to systematic investors. It will then demonstrate what public equity data can tell us about skill in private markets. Systematic approaches to private equity investment can be expected to continue to evolve and improve over time and to start to gain market share in this asset class of increasing investor interest.