Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (55122)	10/30/2004 2:13:07 AM
From: Taikun	Read Replies (2) of 74559

<private equity returns going forward will be low, partially because the broad public equity returns for the next umpteen years will be in the low single digit range.> Yale, one of the first institutional investors to book big returns in private equity (after which many followed as we know) began cutting back on private equity allocations in 2002. Considering it takes 5-7 yrs for the avg deal to create liquidity (either M&A or IPO) they obviously forsee something not very positive. Bankruptcy, the only other exit from a private equity deal, does not generate the returns your acquaintance achieved ;) David Swensen, Yale's original CIO, has written an interesting book on private equity for institutions. I watch Yale

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