TY - JOUR T1 - The Impact of Smoothness on Private Equity Expected Returns JF - The Journal of Investing SP - 63 LP - 66 DO - 10.3905/joi.2020.1.151 VL - 30 IS - 1 AU - Antti Ilmanen Y1 - 2020/11/30 UR - https://pm-research.com/content/30/1/63.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, 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. ER -