How to Model the Risk of a Diversified Private Equity Book

How do we model the risk of a diversified private equity book that's got PE buyout, growth, venture across across vintages? I love this question, probably because I spent way too much of my life thinking about it and doing work around it. That correlation piece was really the insight for me. The idiosyncratic standalone volatility on pick your early stage venture company is enormous. Now, its weight, its dollar weight is also tiny. It's the smallest check size in that basket of call it the private 500. We're very familiar with public markets, S&P 500 500 biggest companies in the US. And so when I can pull out our phone, trade them anytime,

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