商业快报

Revisiting private equity valuations

Investors seem more optimistic — but only up to a point
“Why, sometimes I’ve believed as many as six PE NAVs before breakfast.”

A year ago, Harvard endowment’s Narv Narvekar warned that “meaningful” markdowns were coming for private capital funds. So far, they have been remarkably sedate — and investors seem to think that’s about right.

Here’s a chart from Jefferies that shows the reported private equity performance of the biggest US firms, relative to what public markets have done (zoomable version).

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