Gretchen Morgenson: From Wall Street to Journalism
Masters in Business
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The Purpose of Private Equity Month Pensions
This was a small asset class that whether it was the illiquidity premium or just the ability to go places where the public markets couldn't actually did better than the markets. That risk premium seems to have evaporated. It stopped outperforming in like the mid 2000s, towards 2008. And so you really have to wonder what the purpose of the continued infatuation with private equity month pensions is if they can get the same return in a S&P 500 with five basis points as a cost and total transparency.
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