he last article that I wrote about private investments was the research done by Dimensional, presented in one of their Advanced Conference. The conclusion from the data piece then is:

1. If you manage to invest in the best private listed funds, the returns can be better than comparable listed returns.
2. If your luck is average, the returns tend to be not too different from the average returns of a diversified portfolio of listed stocks.
3. If you pick a poor fund, you might end up with poorer returns than listed stocks.
4. Measure against the right benchmark, you might realize that there are less outperformance. Part of the returns of the private funds also come from traditional sources of additional risks.

A couple of months ago, I came across this research from Carta on Venture Capital (VC) Funding and this research gives insights into VC returns. This might interest those investors who may have access, considering it, and wonder about the reality of their returns....