RT Journal Article
SR Electronic
T1 The Impact of Smoothness on Private Equity Expected Returns
JF The Journal of Investing
FD Institutional Investor Journals
SP joi.2020.1.151
DO 10.3905/joi.2020.1.151
A1 Antti Ilmanen
YR 2020
UL https://pm-research.com/content/early/2020/10/06/joi.2020.1.151.abstract
AB 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.