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The Illiquidity Premium and the Market for Private Assets

April 14th, 2019 | Filed under: Featured Post, Real Estate, Private Equity, Debt Types of Private Equity, Liquid and Fixed Income Real Estate, Newly Added, Asset allocation, Equity Types of Private Equity, Asset Allocation Models, Other Issues in Private Investments, Operationally Intensive Real Assets, The A.I. Industry, Real Estate Equity Investments, Private Investments, Real Assets, Finance & Economics

The illiquidity premium is one of the most frequently discussed and hotly disputed subjects in financial economics. Speaking broadly, an investment is not a checking account. One generally cannot just “get the cash back” at a moment’s notice, by visiting some equivalent of an ATM. How long will it takeRead More



Cracking the Illiquidity Code

September 26th, 2018 | Filed under: Performance, Analytics & Metrics, Featured Post, Private Equity, Newly Added, Benchmarking & Performance Attribution, Equity Types of Private Equity, Other Issues in Private Investments, Risk Metrics and Measurement, The A.I. Industry, Private Investments

By Tom Keck, Partner & Head of Research; Lisa Larsson, Vice President, Research Researchers at StepStone Group, a global private markets firm, recently released a white paper that puts the illiquidity of private equity into perspective. A fund’s life they reckon is too coarse a measure; the picture comes into focusRead More



Sovereign Funds: Illiquidity and Transparency

June 22nd, 2017 | Filed under: Featured Post, Newly Added, Institutional Asset Management, Real Assets, Allocating to A.I.

News reports in the waning days of the second quarter of 2017 indicate that sovereign wealth funds, especially those of the Middle East, have turned in a big way toward real estate. Invesco says that the region’s SWFs allocated 11% of their portfolios to international real property in 2016. RealRead More



New factor on the block: Research suggests you don’t need alternative investments to get an “illiquidity premium”

August 2nd, 2010 | Filed under: CAPM / Alpha Theory, Today's Post, Academic Research

Move over "momentum factor", there's a new kid in town and it's one that is familiar to the alternative investment industry. Read More



Is the vaunted “illiquidity premium” partially an illusion?

November 22nd, 2009 | Filed under: Performance, Analytics & Metrics, Hedge Fund Operations and Risk Management, Today's Post, Academic Research

An academic study finds that a hedge fund's source for pricing data can tell you a lot about its propensity to "smooth" returns.Read More