NJ 10-year PE returns: around the same as global equities, way worse than their own benchmark. but yeah lets make sure all 'mericans get access to this!

NJ 10-year PE returns: around the same as global equities, way worse than thier own benchmark. but yeah lets make sure all 'mericans get access to this!

What does an investment organization, already invested in Private Equity, do when the prospects for PE returns weakens? Here is a partial list of options: 1. Stop benchmarking Private Assets, inlcluding when paying bonuses; 2. Rely on Wilshire's PE forecasts that might appear to be PE forecasts but are actually a forecast for above-average PE managers; 3. Share asset class results from Private equity that appear to leave out important costs; If you like, you can do all three of these and more! The AltView is on Substack, and its FREE! thealtview.substack.com/

Iowa PERS' disappearing alpha: thealtview.substack.com/p/io…

The Private Equity propaganda machine at work: In May, the Journal Of Private Markets Investing (JPMI) published an eye-opening (double-blind peer-reviewed) paper suggesting that PE performance has trounced that of public markets. As in, DEMOLISHED. By 8% per year. Unfortunately, it was based on bad math. Nonetheless, the *great news* was later amplified by Coller Capital EQT and at least one other platform… Can the record be corrected? Can one even try? We will find out! thealtview.substack.com/p/pr… @larryswedroe

Bluerock's Private Real Estate Fund (BPRE) has some problems. 1. Increasing fees for reasons that don’t track… 2. Soon after having told investors they could expect to pay less… 3. While investors are feeling acute pain… Is a bad look. No wonder the activists are circling. Upcoming "progress report" webinar from Bluerock on Oct 6 might be interesting. us06web.zoom.us/webinar/regi… The AltView Substack (100% free) thealtview.substack.com/p/bl…

Iowa PERS shows us all how how to max out bonuses...by changing the benchmarks. In 2023, comp formula was based on actual weightings. PE was underperforming; in 2024, the formula was changed to favor other stuff. Then, in 2025, PE got fully disappeared. This is 'adding value'? Full article on the AltView substack! ALL FREE.. thealtview.substack.com/p/ip…

IPERS "Beta and Switch": Iowa PERS says its “Beta Management Overlay,” Which sounds an awful lot like a way to keep asset class weightings in line, somehow adds to asset class alpha. This seems impossible. In fact, it's a leveraged index futures strategy which has no business being benchmarked to equities at all….. Unless you are desperately seeking "alpha"…. @DMRegister @LetsJett @FT @WSJ thealtview.substack.com/p/io…

NOW OPEN! JPMorgan's Volatility Laundromat. Powered By PRIVATE EQUITY Detergent. Doesn't clean, but FEELS GOOD! JPMorgan says: 1. 86% of the total investment universe is private equity, and 2. Adding private equity can reduce volatility... and then shows a cool chart to illustrate how performance can be improved. EXCEPT: adding plain old (liquid, flexible, low cost) public equities would have helped performance MORE. h/t Cliff Asness @LeylaKuni @NickNemo17 @Ritholtz The AltView substack gives you that fresh, deep clean (sorry about the bumpiness): thealtview.substack.com/p/jp…

Another great The Wall Street Journal column from Jason Zweig. To the list of questions, including those contributed by Mark J. Higgins and @LeylaKuni, we'd add (for private equity-focused funds): 1. By what increment do you expect this fund to outperform public markets? with the follow up: 2. By what amount have your funds historically outperformed public markets? Both of these questions should get a written response. Worth noting that because performance of PE has recently been weaker, managers are increasingly focused on the fact that investing in private equity (the way they measure it) REDUCES the risk of a portfolio. Don't laugh! They are very good salespeople. We've seen the same thing with hedge funds. "Come for the returns, stay for the diversification." Gift link: wsj.com/finance/investing/wh…

Today's AltView article explores some educational content (marketing?) from KKR. Might it be time for IRR to go the way of Leeching and Bloodletting? These also sounded like good ideas at the time. Finally, we discuss the Alts sales process when the argument to invest weakens, and introduce the PFP: Pyramid of Financial Prestige. Unlike Alternative Investments, TheAltView is not only inexpensive, it is FREE! Subscribe here: thealtview.substack.com

Hamilton Lane's PAF incentive fees were $1.6 million in total for its first five years of existence. Last year, shareholders voted to change the fee structure. The fund's board said it would be good for investors. Incentive fees paid in FY 2026: $115 million. Hamilton Lane has an "Office Space" problem. The Altview proposes a solution. thealtview.substack.com/p/ha…

Very sensibly, Apollo Global Management, Inc.'s Marc Rowan says NAV-Squeezing "makes no sense." Still, Apollo does just that in its retail-focused S3 Private Markets Fund.... open.substack.com/pub/thealt…

"If somebody interferes with your marketing, you're not going to like that."-David Swensen The AltView is here to do just that. Ernie's Alts Adventure continues, and shit gets real. Feat many industry players incl @FTI_US @Prudential and others @CliffordAsness thealtview.substack.com/p/er…

FAKE PLASTIC TREES Radiohead said "Gravity always wins". For Hamilton Lane's Private Secondary Fund, not yet anyway. When the gap between the marketing and the legal dislosures grows too wide.... True reality may be obscured. Which world do you live in? thealtview.substack.com/p/ha… #privateequity #evergreenfunds @hamilton_lane

Alts investing using common sense and logic, guided by evidence? What a novel idea! Excerpted from TheAltView's comment on the DOL's Alts-in-401(k)s initative. thealtview.substack.com/p/er… @CliffordAsness @LeylaKuni

Well timed, even if this fund is not the one in the news today....

HLNE management says: 1. People (like the AltView, maybe?) don’t understand how secondaries work. Hmm. 2. HL’s Private Asset Fund was changed at the request of PAF investors, who wanted a different structure. Really? Can we talk to these investors? What WE don’t understand: how investors would knowingly vote to pay millions and millions in incremental fees. The AltView was able to figure it out. We think the voting investors didn’t know. Because if the PAF investors did know, those investors would have their own (fiduciary) problem. @LeylaKuni @NickNemo17 thealtview.substack.com/p/re…