我最近一直在阐述私人市场投资景观的必要性。如果你记得我的post from last week我认为，许多长期投资者对其替代资产（如私募股权或基础设施）的挫败感与潜在资产毫无关系。相反，它涉及次优接入点。
作为此证明，让我指导你到一些有趣的研究unpacks the performance of various points of private equity access：2015年维多利亚·伊尚纳和乔希·拉尼尔的百合方查看了七个大型机构投资者的体育计划，其中包括1991年至2011年间的390次直接投资。作者区分了三种类亚博赞助欧冠型的PE访问：1）资金;2）与资金的共同投资和3）来自资金没有帮助的独奏交易。
我希望大多数读者都认为表现在与经理，那么资金的共同投资中最高，以及持续的独奏交易。我对吗？毫无疑问，这是传统智慧。但有趣的是，他们发现的是完全相反的。与GPS的共同投资是最糟糕的表现者，表现不佳，他们来自的相应资金（由于不利的选择问题）。结果还表明，独奏事务表现出基金投资。
我认为这是一个显着且相当乐观的发现。为什么？因为这表明我的巨头真的可以利用他们独特的特征和网络来做，以满足市场的交易。授予，有合法的原因，共同投资可能是最糟糕的表演者。例如，较大的交易（比小优惠更少的潜力）通常最终成为共同投资，因为GPS没有单独拥有资金的能力。尽管如此，GPS应该承保所有交易到特定的内部回报率，所以这真的不应该重要。它也没有帮助解释为什么独唱优惠的资金。
其中一些人可能会将这项研究视为巨人队应该开发内部团队进行私募股权独奏的证据。我并不完全反对那种解释，但我会提醒人们私人投资在内部有多努力（read this)。因此,我想建议这个发现是美国ed to encourage Giants to take a more creative approach to sourcing deals rather than to in-source everything. I think they would be well advised to consider new access points that both minimize the internal burden and also secure higher-quality deals.
今天的一种流行方法是使用平台公司。Another, which I’ll focus on on in the remainder of this post, is to set up peer platforms that allow Giants to invest together.
Rather than viewing solo transactions as truly solo, we should see them as investments alongside partners with which there are no formal asset management agreements in place. In other words, a “solo transaction” (in the parlance of Fang et al.) can, in fact, be understood as a co-investment — it’s just a co-investment within a syndicate of other like-minded investors. The World Economic Forum has taken to calling thispartnership investing。它指的是同样的事情。简而言之，这种类型的共同投资是通过协作平台访问高性能的“独奏交易”，从而减少巨头对所需交易流量未对准GPS的依赖。这些平台背后的想法是建立巨人的社会资本，以促进合作，合作和共同投资，特别是同行。这是核心的重复化concept that we’ve been developing at Stanford.
这提出了巨人如何追求这种伙伴关系或同伴共投资策略的问题。事实是，在这些平台上的公共领域并不多大。
Until now, that is: In a新文章那Rajiv Sharma and I attempt to elucidate the collaborative investment platforms that foster co-investing among peers and aligned parties. I’m not going to rehash the paper here. I’ll simply say that it’s important we get this private market access point right, as most pension funds continue to see privates as a critical part of meeting their lofty return expectations. (Note: Whether this strategy is better than a public market investment with a few turns of leverage is for another post.) In my view, for private investments to deliver, the Giants are going to have to unpack the access points and really figure out how to maximize investment returns.
Until recently, most Giants hadn’t realized the clear and pressing need to重写私人市场的参与规则。但这透视是迅速的变化。（看PGGM的大公告本周。）这部分是由于上面引用的研究。但它非常感谢最近对费用和成本不对的审查;这SEC investigationhas been particularly shocking . . . and I understand from insiders that what we’re hearing in the press is the tip of the iceberg. It’s for this reason that I’ve been so focused on helping Giants find new ways to access private markets.
总而言之，我们的新文章涉及机构投资者如何利用其网络资本化，通过提供亚博赞助欧冠更加对齐，成本效益和高性能访问的车辆部署资本。它对私人股权经理人更少的私募股权经理，更多关于重新确定......不要唯一的优惠很容易吗？