Alternative Investing

Historical Private vs. Public Market Returns

Annualized Returns January 1, 2005 – December 31, 2019


Research shows private markets have historically produced attractive returns relative to their public market equivalents over a 15 year period.

Data Sources: StepStone, Burgiss Private IQ, NCREIF, Cliffwater Note As of January 1 2005 – December 31 2019 Past performance is not indicative of future results and there can be no assurance that the investment will achieve comparable results or avoid substantial losses. For illustrative purposes only. Historic annualized returns from January 1 2005 – December 31 2019.“Private Equity” represents all buyouts, secondary buyouts, and venture capital; “Real Assets” represents infrastructure growth and real estate value add and “Private Debt” represents direct lending and distressed debt. “Public Equities” represents the S&P 500 Index; “Corporate Bonds” represents the Bloomberg Barclays US Corporate Bond Index.   |   06/2021

Private Companies Comprise the Majority of the U.S. Market

Number of US Public & Private Companies by Annual Revenue

(as of June 2020)


Investing exclusively in the public markets leave investors under allocated to the domestic equity market where there are significantly more private than public companies.

Data Sources: Gartner Consulting, Pitchbook, S&P LCD, L P Morgan Asset Management (June 2020) Morningstar Direct | 06/2021

Reduced Number of Public Listed Stocks

2010 – 2020


North American and European private vs. public companies.

Data Sources: Pitchbook March 2021 Source: Agency for Healthcare Research and Quality, Center for Financing, Access and Cost Trends. Medical Expenditure Panel Survey Insurance Component, 2020. Medical Expenditure Panel Survey. Private Sector Insurance Component, State and Metro Area Tables, Table II.A.1. There is no guarantee that these trends will continue.   |   06/2021

Private Real Estate Characteristics

Historically High Risk Adjusted Returns vs. Broad Market Indexes Data


Institutional Private Equity Real Estate (iPERE ) vs. Public Indexes

Data Sources: NCREIF, Bureau of Labor Statistics, Bluerock. Morningstar Direct from 1.01.2002 12.31.2021 periods ending December 31, 2021 | Stocks: S&P 500 | Bonds: Bloomberg U.S. Aggregate Bond Index | REITs: MSCI U.S. REIT Index | iPERE (Institutional Private Equity Real Estate) total return from the National Council of Real Estate Investment Fiduciaries Property Index (NPI). Asset returns are shown for informational purposes only. Comparison excludes one year period as there are insufficient data points to calculate quarterly standard deviation. You cannot invest in an index. Past performance is not a guarantee of future returns.

Alternative investments involve risks that may not be suitable for all investors. These risks include (but are not limited to), the possibility that the investment may not be liquid, principal return and/or interest rate risk. Higher fees associated with alternative investments may offset any potential gains. Investors should consider the tax consequences, costs and fees associated with these products before investing.