A new study from a U.S. investment consulting firm found that private equity performance over a nearly 20-year time horizon accounted for a 4% annualized excess return over public equities.
The data set collected by Cliffwater centered on returns generated by large state pension systems over a 19 fiscal year period from 2001 through 2019.
Most of the pension funds included in Cliffwater’s study have a private equity performance aim of outperforming public equity by a set percentage – for instance 3% net of all fees. The equity index used to represent public . . .
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