THIS article is not about trees. But trees do provide an excellent visualisation of a trend that we believe will change the way we invest in private markets forever.
A fair warning that this article will introduce a lot of private market lingo and jargon. We believe it is important to educate investors on the asset class as it becomes more relevant and accessible to a broader audience.
Imagine a tree that you planned to grow for only 10 years. It “calls” on your resources for the first five years, starts bearing fruit in the next five years, and then is cut down and sold for parts after 10 years.
Traditional “closed-end” funds comprise a system of committed capital, capital calls and distributions....
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