Super LP (www.superLP.com): Speak Like the Locals
Bon article sur la dissonnance entre le vocabulaire des fonds de Private Equity et celui des gestionnaires d’actifs qui y investissent. Vaut la lecture ne serait-ce que pour cette phrase :
Asset allocators live in worlds of probability distributions, observed risks, and well-established performance calculation; they measure and predict performance. By failing to give thought to their metrics, we are perceived as soft and non-rigorous. (…)
Remember, PE is a return enhancing asset, one that must be considered in the context of the opportunity cost of equity capital; for asset allocators that cost includes the drag from the cash they have to keep at the ready for PE capital calls.