<p>Gaining perspective on public and private equity</p>

Both public and private equity should be integral components of a well-diversified strategic asset allocation.

Investments in private equity should thoughtfully balance portfolio liquidity and illiquidity to help enhance capital efficiency.

Investors should focus their private equity allocations on sectors that overlap the least with listed equities.

Careful management of sector exposures within private equity can help enhance its effectiveness as a fundamental portfolio diversifier.