Gregory W. Brown

In this conversation, Dr. Gregory W. Brown, a finance professor and director of the Institute for Private Capital, dives into the complexities of measuring private market returns. He highlights the challenges of risk-adjusted evaluations and why alternative investments remain under-researched. Brown explains the Kaplan–Schoar PME method for better comparisons and reveals that buyouts often outperform public markets, while venture capital struggles with alpha. He also discusses the importance of fund size, geography, and individual partner skills in driving returns.