Private equity and hedge funds underperform for non-top-decile endowments
Fran Kinniry · Fran Kinniry – The Comfort of Paradox at Vanguard Group (Capital Allocators, EP.173) · Jan 18, 2021 · at 25:04
Fran Kinniry, head of portfolio construction at Vanguard, explains why access constraints make alternative investments underperform for mid-sized and smaller institutional allocators.
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“We all know the Nkubo databases and looking at the largest endowments and foundations versus the mids and the smalls, private equity and hedge funds in general have not worked out really well For those below the top 10% AUM mandates.”
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