Critics say private markets are too expensive, illiquid, and not transparent. How do you respond?

Over 21 of the last 22 years, private markets outperformed public markets net of fees. Yes, fees are higher, but if they don’t produce excess returns after risk, they shouldn’t exist. As for transparency, we now provide daily NAV in many funds. Illiquidity? It’s about knowing what you can bear, not every investor needs money available on Tuesday.