Much of the content in this essay appears to be wrong or misleading. Canderle seems to have an ax to grind and is not really interested in an objective assessment of the latest empirical research related to private equity. For example, data from Burgiss we use for research is effectively comprehensive, pristine (LP cash flows to the penny to the day) and provides for easy benchmarking against any index. There are a lot of important and interesting open questions related to PE risk-adjusted returns, yet this analysis does not address any of them as far as I can tell. Feels like a perspective based on the state of the industry and analysis about 10 years ago. I don't think readers should consider this information up to date or accurate.