Benchmarks for assessing the performance of private market assets leave much to be desired … ‘Of all of the illiquid markets, the only one with a reasonable benchmark currently is real estate,’ said Allan Emkin … Alternative investments are long-lived and for that reason are infrequently bought and sold, which makes them difficult to measure, industry insiders said. Investors do not really know the value of an investment until there is a transaction, they noted.
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