Each year Citywire releases a report of the Top 50 most influential independent asset managers in Switzerland. The report shares insights into the minds, investing habits, and issues that are most relevant to the Swiss wealth management community today.
Bedrock are thrilled to have been included in this year’s report – which will be our fifth consecutive year of being featured.
Chosen for our focus on alternatives, one of our partners Maurice Ephrati shared his insights on whether the illiquidity premium exists in private markets and how to find it.
Does the illiquidity premium exist and how can you find it? [Citywire]
“In short, yes. The illiquidity premium in private markets is substantiated by empirical evidence, indicating a strong correlation between reduced liquidity and higher returns. Private investments, characterised by extended holding periods and limited marketability, consistently outperform their public counterparts, especially over time horizons longer than five years.
This premium is particularly prominent in venture capital and private equity, where investors are rewarded for the added illiquidity associated with less efficient markets and younger businesses. To access this premium, investors should focus on historically premium-rich asset classes (such as those in the areas mentioned), conduct thorough due diligence on individual private investments, understand the associated risks, and effectively manage them.
Our clients have benefitted from this premium for over a decade. To exploit it, we use rigorous underwriting, a deep and proprietary manager network, and sophisticated cash-flow management capabilities.” [Maurice Ephrati – Managing Partner & Co-Founder]
If you have any questions about the themes discussed in this article, please do not hesitate to get in contact with us, here.
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