Private markets have become a cornerstone of institutional portfolios, but how can investors measure their true performance in a world of long horizons and limited transparency? In this episode, Professor Greg Brown of the University of North Carolina joins us to discuss his research on Private Capital Alpha, a new framework for assessing risk-adjusted returns across buyout, venture capital and real estate funds using the extensive MSCI Burgiss dataset developed with the Private Equity Research Consortium.

Together, we explore how buyouts have consistently delivered positive alpha, why venture capital’s high potential comes with greater uncertainty, and what these findings mean for investors seeking to compare public and private markets on equal footing.