Topics
Foreword By the numbers
Meet the panel
The role of interim valuations
Mitigating uncertainty around interim valuations
Factors that impact interim valuations
What of interim performance?
Monitoring historical movement of marks
The impact of prolonged illiquidity
Managing loss ratios
The importance of LP loss ratios
Gaming loss ratios - should you be concerned?
Alternatives for investors gauging risk levels
Lessons from the papers for LPs?
What of interim performance?
Foreword By the numbers
Fit for the future
Time to engage?
Roundtable: Patterns of performance
The role of interim valuations
Mitigating uncertainty around interim valuations
Factors that impact interim valuations
What of interim performance?
Monitoring historical movement of marks
The impact of prolonged illiquidity
Managing loss ratios
The importance of LP loss ratios
Gaming loss ratios - should you be concerned?
Alternatives for investors gauging risk levels
Lessons from the papers for LPs?
Head to head: Portfolio construction
The last word
Roundtable: Patterns of performance
What does your paper add to how LPs should be thinking about interim performance?
“Our research shows that it is possible to predict whether an investment will be among the best, or worst-performing investments at exit, based on the interim multiple, staleness of updates and past markdown frequency. Fundamentally, it shows that GPs are conservative in both directions. They tend to be overly cautious when marking up, but overly optimistic when staying flat or marking down – a pretty simple takeaway for investors.
“So, you can be confident when watching the valuation of SpaceX soar that it will keep going up, while on the flipside, when Pluralsight was marked down, that should have been an indication that it had further to fall, which indeed it did, ultimately being marked down to zero.”
Steve Kaplan
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