Dear John, thanks for your suggestions on how to improve the analysis. We agree that the analysis can be enhanced, which is largely a data issue. We used CA for PE data and they only provide IRRs on a quarterly basis, DPI and TVPI only annually, which is less attractive. If you have better data sources, please get in touch via [email protected]. We would be interested in exploring this further. It seems overall that you agree that there is not much magic in PE returns, at least on a net basis. Best regards, Nicolas