Private equity's edge over large listed stocks seems to have dulled. Yet it still appeals
J OHN MCGAHERN’S novel, “That They May Face the Rising Sun”, is set in a remote corner of Ireland. There is a lake, a church, two bars and not much else. Gossip is prized but in short supply. Much of it is concerns John Quinn, a womaniser who has buried two wives and is looking for a third. His quest takes him to Knock, a shrine to the Virgin Mary, which has become a place to find a partner. Like many pilgrims, John Quinn is outwardly pious. But his mind is fixed on earthly matters.
Private-equity funds once purchased businesses that were much cheaper than S&P AQR . But the gap in valuations has closed. Why are pension funds still so keen to push money into private equity? A tenet of textbook finance is that investors can build a portfolio that fits their preferences by choosing the right mix of equities, the risky asset, and cash, the risk-free asset. Nervous types might keep most of their assets in cash.
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