We show how macro factors—economic growth, inflation, real rates, credit, emerging
markets, and liquidity—can be used to model private market returns. The framework helps to …

We find more similarities than differences in examining 800 European asset manager, asset
owner, and wealth/retail portfolios. The total risk of the average European institutional …

We analyse the drivers of real estate returns from the perspective of a diversified equity and
fixed income investor. Differences between listed and unlisted real estate reduce over the …

A key issue all investors must deal with in order to efficiently allocate their assets to private
markets is the difficulty to reach and maintain the target exposure assessed by their asset …

The definition of commercial real estate for institutional investment purposes is undergoing a
change in two ways. First, real estate is increasingly being absorbed upward into more …

Finance uses the phrase “risk-adjusted returns” to define what value is, and fiduciaries are
legally bound to consider both risk and reward in investment decision-making. This …

This paper seeks to further the understanding of US university endowment performance
building on recent research by both Hammond and Ennis. The paper finds that a Sharpe …

This paper seeks to further the understanding of US university endowment performance by
looking at performance stratified by size, whether the institution is public or private, and if the …