PT  - JOURNAL ARTICLE
AU  - Ilmanen, Antti
TI  - The Impact of Smoothness on Private Equity Expected Returns
AID  - 10.3905/joi.2020.1.151
DP  - 2020 Nov 30
TA  - The Journal of Investing
PG  - 63--66
VI  - 30
IP  - 1
4099  - http://joi.pm-research.com/content/30/1/63.short
4100  - http://joi.pm-research.com/content/30/1/63.full
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.