No, but everyone is enjoying the charade
Save time by listening to our audio articles as you multitaskA huge gap between the valuations of publicly listed companies and their unlisted peers’ has opened in 2022. Lincoln International, a bank, reckons the enterprise value of firms held by private-equity funds globally rose 1.9% in the third quarter, leaving them up 3.2% for the year to date. TheThat is a relief to many institutional investors, such as pension funds, who cannot afford big losses.
Less appreciated is the array of tricks private funds use to smooth out returns. Many keep their valuation-work in house: a 2015 survey by Grant Thornton, a consultancy, found that only around a quarter of them sought an independent opinion on the growth and discount rates they use in their models. That gives managers the discretion to make assumptions that flatter the prospects of the firms they own.
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