Private Markets for the Second Quarter-Century: The Rise of Liquid PE

Private equity is at a pivotal moment. Washington is pushing to open 401(k) plans to private assets, even as institutional investors grapple with slowed distributions, poorly timed capital calls, NAV loans, continuation vehicles, and a tougher fundraising environment - all exposing the real cost of the asset class's illiquidity. Meanwhile, debate continues over private markets' smoothed valuations (what one prominent manager calls "volatility laundering") and what investors actually get for the industry's high fees. Professor Cohen will make the case for liquid private equity: using public securities to replicate private-equity-like exposures - similar companies, similar leverage, similar discipline - with daily liquidity and potentially lower fees. Drawing on 25 years of research, he'll cover what actually drives buyout returns, which parts of PE's value can (and can't) be replicated in liquid form, and how a liquid sleeve can strengthen a traditional PE program by giving allocators greater flexibility to be more selective about where they commit private-market capital. Learn why liquid private equity may serve as a useful building block for institutions and advisors- and how private assets entering retirement accounts may change the game for everyone in the room.

Join us for dinner on Wednesday, September 30 to hear from Professor Randolph Cohen, Co-Founder of PEO Partners and Senior Lecturer at Harvard Business School.

Professor Cohen is known at Harvard for making rigorous material entertaining. Expect stories, live polls, and straight answers - this session will be interactive.