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Private equity has long carried the reputation of delivering returns that public markets simply cannot match, at least for investors with the capital to get in.
In recent years, private equity funds have lagged the S&P 500, even as their longer-term record still shows outperformance. The case for private equity rests on that historical edge.
The asset class, accessible largely to wealthy individuals and institutional investors, built its brand on doing better than the index over full market cycles.
The logic was that exclusivity carried its own reward: limited access, longer lock-ups, and complexity were supposed to translate into better outcomes. It is also, increasingly, a story about the past.
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