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Despite dropping in 2022, mid-market multiples were still higher than their public market peers

Andy Greenberg and Bob Dunn

Hedge fund manager Cliff Asness once noted what he called the illiquidity discount in private markets.

By Asness’ reasoning, one of the benefits of investing in private equity was to be insulated from the day-to-day gyrations of the public markets with their daily reckoning—and investors are willing to pay more for this feature. That value proposition proved true at the conclusion of 2022 …

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