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Investor Presentaiton

28 CONFIDENTIAL I}} Barriers to Investing in Private Equity Economic Barriers High investment minimums Capital required to build a diversified portfolio J-Curve Lack of liquidity Operational Barriers Limited flexibility in timing and amount of investment Access to opportunities Investment expertise Institutionally oriented marketing, investment structures, and terms Psychological Barriers Unfamiliarity with asset class Less regulated funds and managers J-Curve Lack of liquidity Constant liquidity requirements to meet capital calls Institutions have benefited from Private Equity's potential to generate excess risk-adjusted returns and enhance diversification. Individual investors have largely been excluded from the asset class.
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