Strategic Investment Group

REDEFINING PRIVATE EQUITY

April 2004

Today's private equity sector is so developed that most investors doubt that it can deliver the spectacular returns of yesteryear, let alone a new world. Noting its current $200 billion glut of capital, swarm of industry participants, and efficient transaction distribution network, many investors have even asked whether they should cease investing in private equity. We suggest that instead of abandoning the sector, one should simply expand the definition of private equity. Investors should think beyond venture capital and buyout funds, and view private equity as any potential investment that is not appropriate for inclusion in the other asset classes because of its illiquid nature.

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