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Hannah Zhang
Cliff Asness Questions Whether Investors in Private Equity Are Being Rewarded — or Penalized — for Taking Illiquidity Risk
In a recent Morningstar podcast, the AQR co-founder said that private equity managers are hiding illiquidity risks “with open eyes.”
Hannah Zhang June 2, 2022
Photo by II

Photo by II

Cliff Asness has some complaints about private equity managers. In an hour-long Morningstar podcast, the AQR co-founder questioned whether private equity firms could really earn excess returns compared with public securities. Private equity funds, which can’t be easily sold, should reward investors with an illiquidity premium,

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