Can investors still find an edge in private markets?

For a decade now, private markets have been seen as a magic bullet, a solution to a range of ills.

Low interest rates and no decent yield available in public debt? Re-allocate to private markets. Equities toppy and lacking fundamental strength? Private markets will do the trick. Inflation rampant? A swift allocation to private markets will hedge us nicely.

Many investors making such decisions are highly sophisticated institutions with dedicated in-house teams, and they have good reason for their allocation decisions.