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1、原文：原文：PrivateEquityStrategicAssetAllocationPrivateequityisbothanassetclassaninvestmentstrategy.Distinguishingbetweentheprivateequityassetclasstheprivateequityinvestmentstrategycanbeconfusingcreateschallengesfthetradition

2、alapproachtoassetallocation.Assetallocationdecisionsshouldbebasedontheriskreturnacteristicsoftheassetclassalthoughinrealitymostprivateequitydecisionsarebasedontheperceivedriskreturnactersoftheavailableprivateequityvehicl

3、es.Publiccompaniescollectivelyfmthepublicequityassetclass.Investscangainexposuretothepublicequityassetclassbypurchasingsharesofpubliclytradedcompaniessharesofinvestmentvehiclessuchasmutualfundsthatpurchasethepublicshares

4、.Private(nonpublic)companiescollectivelyfmtheprivateequityassetclass.Investscangainexposuretotheprivateequityassetclassbypurchasingsharesofprivatelyheldcompaniessharesofinvestmentvehiclessuchasprivateequityfundsthatpurch

5、asethenonpublicshares.AlargenumberofprivatecpationsaregenerallyassumedtobepubliccpationsincludingDunkinDonutsHertzLinensNThingsNeimanMarcusToysRUs.Commonreasonsfbeingprivateincludefamilyownedbusinessesthathavealwaysbeenp

6、rivateleveragebuyoutsventurestartupsstillwaitingtogopublic.Fromamodernptfolioperspectiveideallyonecouldinvestinabasketofallprivatecpationsinwhichtheweightsofthecompaniesinthebasketarebasedontheirtruevalues.Suchabasketwit

7、hrealtimepricingwouldincludethoussofconstituentswouldbeatruerepresentationoftheprivateequityassetclass.Insuchawldallvalueweightedbenchmarkswouldleadtoverysimilarconclusionsontheperfmanceoftheassetclass.Unftunatelythisisn

8、otpossiblephilosophicallynothowmostpeopleconceptualizeaprivateequityinvestment.Wheninvestsmakeanallocationtoprivateequityitisnotapassiveinvestmentbeconsiderablyhigherthanthestarddeviationoftheprivateequityassetclassdueto

9、theconcentratednatureofprivateequityfunds.ThisphenomenonofawidedispersionofreturnsamongprivateequityfundsisdocumentedinLernerSchoarWongsunwai[2007].Publicequityinvestmentsofteninvolveexposuretomethan1000publiccompanies.W

10、hilethoussofprivatecompaniescollectivelyfmtheprivateequityassetclassprivateequityfundsaremeconcentratedofteninvolveexposuretofewerthan15privatecompanies.Thefragmentedstructureoftheprivateequitymarketissuchthatprivateequi

11、tyinvestscannotfullydiversifyawayprivatecompanyspecificriskthusallprivateequityinvestmentsareamixtureofsystematicriskexposuretotheprivateequityassetclassprivatecompanyspecificrisk.Assetallocationdecisionsarelargelybasedo

12、ntheexpectedreturnstarddeviationoftheassetclass.Fmostassetclassesitisrelativelyeasytoinvestinapassive–beta–representationoftheassetclass.Whenitcomestotheprivateequityassetclassapassiveinvestmentwithriskreturnacteristicst

13、hatmimictheriskreturnacteristicsofthetotalprivateequityassetclassdoesnotexist!Thusasadvocatesofseparatingthebeta(assetallocation)decisionfromthealpha(product)decisionwefacearatherlargedilemma–shouldwebasethebetadecisiono

14、nriskreturnacteristicsassociatedwiththeaverageprivateequityinvestmenttheprivateequityassetclassWearefcedtomuddythealphabetaseparationwatersusetheriskreturnacteristicsthatreflectthebetaacteristicsthataninvestcouldobtainth

15、roughaparticularmethodofprivateequityexposure.Ftunatelyfusthetypeofprivateequityexposureusedinthisstudy–listedprivateequityexposure–providesexposuretothoussofprivateequitycompaniesmovingfwardasmeprivateequityinvestmentsa

16、resecuritizedshouldbemereflectiveoftheprivateequityassetclass.Asassetallocatscontemplatingtheroleofprivateequityinastrategicassetallocationtwostrsofresearchareofparticularinterest:researchonstrategicassetallocationstopri

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