Abstract
Return smoothing in private assets is attractive for many investors. This feature is not costless, however. A smoothness preference might offset any fair illiquidity premium in private assets. <b>TOPICS:</b>Private equity, fundamental equity analysis, statistical methods, equity portfolio management <b>Key Findings</b> • Return smoothing in private assets is attractive for many investors. • This feature is not costless, however. • A smoothness preference might offset any fair illiquidity premium in private assets.
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