TY - JOUR T1 - The Impact of Smoothness on Private Equity Expected Returns JF - The Journal of Investing DO - 10.3905/joi.2020.1.151 SP - joi.2020.1.151 AU - Antti Ilmanen Y1 - 2020/10/06 UR - https://pm-research.com/content/early/2020/10/06/joi.2020.1.151.abstract N2 - Return smoothing in private assets is attractive for many investors. This feature is not costless, however. A smoothness preference might offset any fair illiquidity premium in private assets.TOPICS: Private equity, performance measurement, fundamental equity analysis, quantitative methods, statistical methods, equity portfolio managementKey Findings• Return smoothing in private assets is attractive for many investors.• This feature is not costless, however.• A smoothness preference might offset any fair illiquidity premium in private assets. ER -