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Primary Article

How Large Should Your Commitment to Private Equity Really Be?

J. Heath Cardie, Katherine A. Cattanach and Mary Frances Kelly
The Journal of Wealth Management Fall 2000, 3 (2) 39-45; DOI: https://doi.org/10.3905/jwm.2000.320386
J. Heath Cardie
CFA, is a senior investment officer at Sovereign Financial Services
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Katherine A. Cattanach
CPA, is managing principal at Sovereign Financial Services
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Mary Frances Kelly
CFA, is managing principal at Sovereign Financial Services
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Abstract

The authors start by observing that private equity, as an asset class, has a unique pattern of cash flows which makes it difficult to match an investor's asset allocation target with their actual investments in private equity: Commitments are typically drawn down over a number of years and distributions usually begin coming back before all the capital is called. This makes it difficult for investors to achieve their long-term asset allocation goal in this asset class. They then discuss an investment model that provides a more accurate projection of future private equity exposure based on a number of variables and industry standard cash flows. They show how to plan commitments to private equity based on that model, which was constructed using parameters judged conservative, but realistic for the current and anticipated market environment.

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The Journal of Wealth Management
Vol. 3, Issue 2
Fall 2000
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How Large Should Your Commitment to Private Equity Really Be?
J. Heath Cardie, Katherine A. Cattanach, Mary Frances Kelly
The Journal of Wealth Management Jul 2000, 3 (2) 39-45; DOI: 10.3905/jwm.2000.320386

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How Large Should Your Commitment to Private Equity Really Be?
J. Heath Cardie, Katherine A. Cattanach, Mary Frances Kelly
The Journal of Wealth Management Jul 2000, 3 (2) 39-45; DOI: 10.3905/jwm.2000.320386
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