Abstract
Modeling the cash flows of private investments is an important challenge for institutional investors. While the Takahashi and Alexander (TA) model for private investment cash flows has stood the test of time, we suggest a small change in the model that makes it more amenable to be deployed in market simulation and scenario analysis. We provide a comparison between the original and modified TA model using cash flow data from Burgiss and show that our change does not detract from the spirit of the TA model but ties it with the public market in an intuitive way. We also provide a regression-based analysis to correlate the growth of public and private markets.
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