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It is the same, whether equity, property or art.
By 2006, Yale was aiming to invest a staggering 69% of its endowment in illiquid alternative asset classes such as hedge funds, private equity, property and forests.
This strategy is sometimes referred to as "portable alpha .Their early moves into hedge funds, venture capital, private equity, property, distressed debt and the like brought outsized profits.
The sector is planning to increase its holdings of such asset classes as private equity, property and emerging market debt, a study by Goldman Sachs Asset Management found this year.
Trading and principal investments (in private equity, property and the like) have become the firm's lifeblood, accounting for 80% of its net revenues in the first quarter of 2010.
Instead of the faster wealth creation promised, money poured into activity – takeovers, private equity, property and financial engineering – that delivered fortunes through the transfer of existing, rather than the creation of new, wealth and businesses and jobs.
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There was also concern that shared equity properties had previously been sold to residents whose income is unlikely to increase to levels where they will be able to buy the remainder of the property.
LICENSE TO SELL: Some top Equity properties.
The results do not mean that global trading in emissions permits should be shelved because the equity properties are so poor.
ICLs have been shown to be theoretically optimal in terms of efficiency in the presence of risk aversion, adverse selection and moral hazard, and have attractive equity properties.
And by next July, the private-equity property funds will come under the aegis of the SESC, lightening the FSA's load.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com