The private equity investment model seems purposely designed to prevent direct comparisons to public investments, yet the managers want access to public investors’ money. If they really want to take on public investor money, why not force the private equity fund managers to behave more like their public fund counterparts? When an investor commits to invest in a private equity fund, the fund managers should be forced to take delivery of the entire commitment amount. By removing the investment cash flow activity from the return equation, private equity funds start to look and behave more like traditional public fund investments. Throw in dividend reinvestment and the performance should be indistinguishable from traditional public fund investments.