Well done. Thank you for sharing your research. Timing and luck are critical performance variables for PE funds. The fund's vintage, relative to the economic cycle, determines much of a fund's performance. As one PE fund managing director shared, "People think I am a rockstar for the returns the fund is generating today. The reality is the returns are on investments we made at the time of the crisis several years ago. Yeah, it took guts to buy then, but we got the tailwind of growth plus multiple expansion when we exited." What I heard was the following: market-timing (which can be difficult), concentrated bets, illiquid and long-term positions. For these reasons, I appreciate the proxy, alternative strategy of small cap stocks presented in article.