PT  - JOURNAL ARTICLE
AU  - Antti Ilmanen
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  - https://pm-research.com/content/30/1/63.short
4100  - https://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, fundamental equity analysis, 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.