Listed private equity

Publicly traded private-equity managers or investment vehicles. A listed manager’s business earnings differ from a listed vehicle’s exposure to its investment portfolio; the entity being purchased matters.

Listed private equity in round numbers

Hypothetical: shares trade at US$45 per share. That price alone establishes neither enterprise value nor an entitlement to particular fees or carry. A manager shareholder’s exposure depends on the business held within the listed entity; an investment-vehicle shareholder has a different portfolio-based exposure.

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