Asset Allocation and Private Markets : A Guide to Investing with Private Equity, Private Debt and Private Real Assets

Cover -- Title Page -- Copyright -- Contents -- Foreword -- Acknowledgments -- About the Authors -- Data Sources -- Abbreviations and Acronyms -- Chapter 1 Sources of Capital: Nature, Constraints, and Objectives -- 1.1 Behavioral Biases and Their Consequences -- 1.1.1 Behavioral Biases in the Context of Private Markets Investing -- 1.1.2 Avoiding Behavioral Biases -- 1.2 Laying the Ground for an Asset Allocation: Analyzing Investors -- 1.2.1 A Multi‐Dimensional Analysis -- 1.2.2 Categorizing Investors -- 1.3 Summary -- Chapter 2 Asset Allocation: Models, Limits, and Adaptations -- 2.1 Are Private Markets an Asset Class? -- 2.1.1 The Asset Class of Private Markets -- 2.1.2 Factors and Private Equity -- 2.1.3 The Challenge of Building a Unified Asset Allocation -- 2.2 Frictions between Asset Allocation and Private Markets -- 2.2.1 Managing Structural Under‐Allocations to Private Markets -- 2.2.2 Limited Rebalancing Options: the Case for Allocation Brackets -- 2.2.3 A Possible Proxy to Define Target Allocations: Open‐Ended Funds -- 2.2.4 Alternative Approaches -- 2.3 Setting Up Private Markets Allocation Thresholds -- 2.3.1 Defining the Lower Band for a Private Markets Allocation -- 2.3.2 Defining the Higher Band for a Private Markets Allocation -- 2.3.3 Getting Started with a Private Markets Allocation -- 2.4 Summary -- Chapter 3 Private Markets Investing1 -- 3.1 Active Investment Strategies Call for Delegation and Intermediation -- 3.1.1 Investment Instruments -- 3.1.2 Intermediation and Delegation: Funds -- 3.1.3 Further Intermediation: Funds‐of‐Funds, Mandates, and Securitization -- 3.2 Benefits and Challenges of Private Markets Investing -- 3.2.1 Benefits: Performance and Diversification -- 3.2.2 Challenges -- 3.2.3 The Benefits and Challenges of Intermediated Private Market Investing.