Thanks for the information! my brother is currently in school learning about how private equity performance works. It's really interesting how an investment's return relies on the return that can be collected by a company from passive benchmark investing and from other nonmarket sources. I thought that the information about different methods for estimating the alpha of PE investments was really interesting. I didn't know that the public market equivalent can be used to compare the alpha with the return of a related public market benchmark in order to indirectly deconstruct the alpha.