OneTrust Cookie Consent

Navigation

  • Skip to Content
  • Client Log In
  • Investor relations
  • Sustainability Institute
  • Subscribe
  • Contact us
  • Careers
  • Region
  • Go back to Main Menu
  • Client Log In
  • MSCI ONE
  • MSCI Client Support Site
  • Barra PortfolioManager
  • BarraOne
  • MSCI ESG Manager
  • MSCI ESG Direct
  • Global Index Lens
  • MSCI Real Assets Analytics Portal
  • RiskManager 3
  • CreditManager
  • RiskManager 4
  • Index Monitor
  • MSCI Datscha
  • MSCI Real Capital Analytics
  • Private i
  • Total Plan/Caissa
  • MSCI Wealth Manager (Fabric)
  • MSCI Carbon Markets
  • Go back to Main Menu
  • Region
  • China
  • India
  • Japan
Navigation

Navigation Menu

  • Our Clients
    • Go back to Main Menu
    • Our Clients
    • Asset Managers
      • Featured

        Insights on MSCI One
    • Asset Owners
      • Featured

        Institutional Client Designed Indexes (iCDIs)
    • Banks
      • Featured

        Total Portfolio Footprinting
    • Corporates
      • Featured

        ESG Trends to Watch
    • Hedge Funds
      • Featured

        Factor Models
    • Insurance Companies
      • Featured

        Total Portfolio Footprinting
    • Wealth Managers
      • Featured

        Visualizing Investment Data
  • Our Solutions
    • Go back to Main Menu
    • Our Solutions
    • Analytics
      • Go back to Our Solutions
      • Analytics
      • Analytics Overview
      • Risk Management
      • AI Portfolio Insights
      • Multi-asset Class Factor Models
      • Quantitative Investment Solutions
      • Fixed Income Analytics
      • Portfolio Management
      • Crowding Solutions
      • Regulatory Solutions
      • Managed Solutions
    • Climate Investing
      • Go back to Our Solutions
      • Climate Investing
      • Climate Investing Overview
      • Featured

        Implied Temperature Rise
      • Featured

        Trends 2025
      • Biodiversity
      • Carbon Markets
      • GeoSpatial Asset Intelligence
      • Portfolio Sustainability Insights
      • Real Estate Climate Solutions
    • Sustainable Investing
      • Go back to Our Solutions
      • Sustainable Investing
      • Sustainable Investing Overview
      • Featured

        Trends 2025
      • ESG Fund Ratings and Climate Search Tool
        • Featured

          ESG and Climate Funds in Focus
      • ESG Ratings
        • Featured

          What is ESG
      • Impact Solutions
        • Featured

          Role of Capital in the Net-Zero Revolution
      • Sustainability Reporting Services
      • Sustainability and Climate Regulatory Toolkit
        • Featured

          Role of Capital in the Net-Zero Revolution
    • Factor Investing
      • Go back to Our Solutions
      • Factor Investing
      • Factor Investing Overview
      • Featured

        MSCI Japan Equity Factor Model
      • Equity Factor Models
      • FactorLab
      • MSCI FaCS
      • Factor Indexes
    • Fixed Income
      • Go back to Our Solutions
      • Fixed Income
      • Fixed Income Overview
      • Fixed Income Analytics
      • Fixed Income Indexes
    • Private Capital
      • Go back to Our Solutions
      • Private Capital
      • Private Capital Overview
      • Featured

        Private Capital Benchmarks
      • Private i
      • Total Plan Manager (formerly Caissa)
      • Emissions Footprinting
      • Private Capital Indexes
      • Private Company Data Connect
    • Real Assets
      • Go back to Our Solutions
      • Real Assets
      • Real Assets Overview
      • Featured

        Real Estate Market Size
      • INCANS
      • Index Intel
      • Portfolio Services
      • Property Intel
      • Private Real Assets Indexes
      • Real Capital Analytics
    • Wealth Management
  • Indexes
    • Go back to Main Menu
    • Indexes
    • Featured

      Index Education
    • Featured

      Underlying Exchange Traded Products
    • Indexes Overview
    • By Category
      • Go back to Indexes
      • By Category
      • By Category Overview
      • Climate
      • Market Cap
      • Fixed Income
      • Client-Designed
      • Sustainability
      • Factor
      • Thematic
        • Featured

          Thematic Exposure Standard
      • Private Real Assets
      • Private Capital
    • Tools
      • Go back to Indexes
      • Tools
      • Tools Overview
      • Index Monitor
      • MSCI Index API
      • MSCI IndexMetrics®
      • Index Data Modules
      • Equity Index Constituents
      • Fixed Income Index Constituents
      • Index Profile Tool
      • Direct Indexing
    • Resources
      • Go back to Indexes
      • Resources
      • Resources Overview
      • Communications
      • Education
      • Equity Factsheets
      • Derivatives
      • Methodology
      • Performance
      • Regulation
  • Research & Insights
    • Go back to Main Menu
    • Research & Insights
    • Featured

      Navigating Uncertainty: Tariff Implications
    • Featured

      In Focus
    • Research & Insights
      • Go back to Research & Insights
      • Research & Insights
      • Research & Insights Overview
      • Carbon Markets
      • Climate
      • Equities
      • Factor Investing
      • Fixed Income
      • Multi-Asset Class
      • Private Capital
      • Real Estate
      • Sustainability
    • Events
      • Go back to Research & Insights
      • Events
      • Events Overview
      • Featured

        Upcoming climate events
      • On Demand
  • Discover MSCI
    • Go back to Main Menu
    • Discover MSCI
    • About Us
      • Featured

        2022 Annual Report
    • Technology
      • Go back to Discover MSCI
      • Technology
      • Technology Overview
      • Data Explorer
      • Developer Community
      • Technology and Data
    • Corporate Responsibility
      • Go back to Discover MSCI
      • Corporate Responsibility
      • Corporate Responsibility Overview
      • Enabling Sustainable Investing
      • Environmental Sustainability
      • Governance Practices
      • Social Practices
      • Sustainability Reports and Policies
    • Inclusion & Belonging
    • Media Room
    • Our Leadership
      • Featured

        Henry A. Fernandez
    • Recognition
  • Client Log In
  • Investor relations
  • Sustainability Institute
  • Subscribe
  • Contact us
  • Careers
  • Region
  • Go back to Main Menu
  • Client Log In
  • MSCI ONE
  • MSCI Client Support Site
  • Barra PortfolioManager
  • BarraOne
  • MSCI ESG Manager
  • MSCI ESG Direct
  • Global Index Lens
  • MSCI Real Assets Analytics Portal
  • RiskManager 3
  • CreditManager
  • RiskManager 4
  • Index Monitor
  • MSCI Datscha
  • MSCI Real Capital Analytics
  • Private i
  • Total Plan/Caissa
  • MSCI Wealth Manager (Fabric)
  • MSCI Carbon Markets
  • Go back to Main Menu
  • Region
  • China
  • India
  • Japan

Main Search

Popular searches:
ACWI Research ESG Factor Investment Insights Gallery Asset Owners
Might interest you:
How Risky Are Private Assets?

Social Sharing

Extended Viewer

How Risky Are Private Assets?

Jan 1, 2022

Estimating risk in private markets presents a perennial challenge due to factors such as low-frequency operations, irregular cash flows, subjective valuations, and data that is generally opaque. In this paper, we discuss the importance of risk-adjusted returns for asset allocation and present a way to gauge volatility across venture capital, buyout, real estate and debt.

This paper was originally published on Burgiss.com. MSCI acquired The Burgiss Group, LLC in October 2023.


Download report

Research authors

  • Patrick Warren, Vice President, MSCI Research
  • Luis O’Shea, Executive Director, MSCI Research

Related content

Inflating Returns with Subscription Lines of Credit

The increased use of subscription lines of credit by general partners in some private-capital funds has lifted returns by squeezing the timeframe over which returns are calculated. We examine buyout, private-credit and real-estate funds to see where the greatest inflation lay.

Read more

Foul Is Fair, Fair Is Fair: Is Private Equity Rich?

Our analysis using the Burgiss Manager Universe, combined with novel analytics, suggests that venture-capital funds at the end of 2022 were close to fairly valued, and buyout-fund valuations appeared to be in line in with historical norms.

Learn more

In the Name of Climate: Private vs. Public Funds

In recent years, there has been a surge in climate-related names within both public and private funds, but their focus is often on different areas. We analyze the numbers to identify key trends and provide investors with greater clarity.

Explore more
msci logo
  • Terms of Use
  • Legal
  • Modern Slavery Statement
  • Privacy notice
  • Index regulation
  • Locations
  • Cookies
  • Use of ISO standards
  • Site map
Subscribe Contact us
© 2025 MSCI Inc. All rights reserved

UtmAnalytics