Asset Allocation and Private Markets A Guide to Investing with Private Equity, Private Debt, and Private Real Assets

Praise for Asset Allocation and Private Markets

“This book represents an excellent summary, both precise and educational, of investment and allocation questions in private assets. It is just as suitable for a professional audience as for students who wish to go into the details of the allocation challenges and techniques in private markets.”
—Noël Amenc, CEO, Scientific Beta; Head, SGX Index; Associate Professor of Finance, EDHEC Business School

“Overall well-written, addressing a number of very interesting, real-life topics of the illiquid market investor which are often not well understood by many market participants.”
—Markus Benzler, Managing Director, UBS Global Asset Management

“Sophisticated institutional investors show an increased interest in private markets. They are ramping up their investments in this asset class, but this exercise remains difficult. The standard conceptual framework is not designed for less liquid assets. The authors provide a bridge between this framework and private markets, thus offering an integrated approach. Asset Allocation and Private Markets capitalises on extensive research and practical recommendations. It is essential reading for investors willing to implement and optimise their private markets strategy.”
—Olivier Carcy, Global Head of Private Equity, Indosuez Wealth Management

“In this book, the authors give access to years of research in Asset Allocation and Private Markets. Obviously, there is no single recipe and one should adapt those principles to one’s own needs and purposes, which themselves are impacted by exogenous factors. In a nutshell, this book provides the necessary foundations to navigate in a complex world.”
—Laurent Guérineau, Managing Director, Eurazeo

“The nature of risk and return, and their implications for asset allocations, are well understood in public markets. But the application of these frameworks in private markets settings is challenging, due to a variety of data and conceptual challenges. This book provides an overview of these complex issues, with an eye to the very real issues facing practitioners in this arena.”
—Josh Lerner, Jacob H. Schiff Professor of Investment Banking, Harvard Business School

“Asset Allocation and Private Markets convincingly addresses a very topical challenge: combining listed and non-listed assets in a unified framework. The authors overcome this difficulty by resorting to state-of-the-art theoretical and empirical approaches. The result is a practical framework, which can be used alone or merged into the usual asset allocation models. Synthetic, pragmatic, forward-thinking and innovative, this book is a must-read for fresh and experienced professionals, as well as scholars. It will undoubtedly become a reference book.”
—Dominique Senequier, President, Ardian