interesting article , thank you. Two other points relevant for most investors: 1. few non-institutional (large) can replicate the PE returns due to the timing and amounts needed to diversify among managers, and 2. the drag of returns on cash required to be held while awaiting the capital calls can materiallt reduce return.
Furthermore the tax efficiency of PE for taxable investors is essentially not manageable. The suggested small cap alternative is advantaged further in taxable situations.