Illiquid investments: A holistic approach

In deciding how to invest in private markets, many institutional investors follow a traditional asset class model, whereby illiquidity is spread across different asset classes, such as private equity, real estate, infrastructure, real assets and hedge funds. The main reason for creating asset classes stems from a desire to group together assets expected to perform a similar role in the portfolio. Our preference is to consider all illiquid investments holistically, in which case in…