The Democratization of Private Equity

Private equity over the last 20 or so years has probably outperformed the public markets by two or three fold. But how long do you think this outperformance at any level can continue in your world? We've done quite a bit of analysis and we looked at historic private equity return figures. And actually, we didn't find a single funder fund that over 20 year period managed to sort of outperform that poor return. It's a combination of passive and active. The private equity industry is an industry of actively management investment. So Blackstone and all the others are very active managers; they're generating potentially great alpha.

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