While private equity and venture capital managers have outperformed public markets, a lot of the gains for vintages since 2015 are still on paper, leaving investors exposed to how managers mark positions and prices at which companies are sold in a world of higher interest rates, writes Michael Cembalest, chairman of market and investment strategy for J.P. Morgan Asset & Wealth Management, in a recent alternative investments review report.
Performance of diversified hedge fund portfolios has been better than expected. The debate continues on private credit regarding how different are its underwriting standards compared with broadly syndicated leveraged loans.
To read the report, click here.
