The supposedly superior performance of private capital assets is a double-edged sword. The S&P 500 is down a fifth this year. US alternatives managers have, at least on current valuations, avoided such devastation. But that bounty is a complication for their limited partners like pension funds and endowments.
私人资本资产所谓的优越表现是一把双刃剑。标准普尔500指数(S&P 500)今年下跌了五分之一。至少以目前的估值来看，美国另类投资管理公司避免了这种灾难。但对养老基金和捐赠基金等有限合伙人来说，这种丰厚的回报是一个难题。
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