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 63
OP 66
DO 10.3905/joi.2020.1.151
VO 30
IS 1
A1 Antti Ilmanen
YR 2020
UL https://pm-research.com/content/30/1/63.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, 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.