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The Pragmatics of Private Markets Investing

Karl Polen
The Journal of Portfolio Management Manager Fund Selection 2020, jpm.2020.1.135; DOI: https://doi.org/10.3905/jpm.2020.1.135
Karl Polen
is chief investment officer at Arizona State Retirement System in Phoenix, Arizona
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Abstract

The author shares perspectives and lessons learned from four decades of experience in private markets investing.

TOPIC: Manager selection

Key Findings

  • • Private markets investing is business investing, and you need to focus on the quality of the business approach in creating a strategic advantage in the markets served.

  • • Private markets investing is a hiring decision, and you need to assess the quality of the organization under consideration for a strategy. Management should be expected to demonstrate an ability not just to remain healthy but to grow and improve through the tenure of your relationship with them.

  • • Managing cost of fees is important, but not sufficient to ensure success. Alignment of interest across a range of outcomes, not just the upside, should be given paramount importance in partnership structuring.

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The Journal of Portfolio Management: 47 (4)
The Journal of Portfolio Management
Vol. 47, Issue 4
Multi-Asset Special Issue 2021
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The Pragmatics of Private Markets Investing
Karl Polen
The Journal of Portfolio Management Feb 2020, jpm.2020.1.135; DOI: 10.3905/jpm.2020.1.135

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The Pragmatics of Private Markets Investing
Karl Polen
The Journal of Portfolio Management Feb 2020, jpm.2020.1.135; DOI: 10.3905/jpm.2020.1.135
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