CFA Institute’s new continuation-fund report exposes a bigger pension problem: GP-controlled transactions can potentially manufacture valuations, move performance between funds, crystallize carry and turn smoothed private-market marks into something that looks like independent price discovery. Private equity already has a valuation problem.   https://rpc.cfainstitute.org/sites/default/files/docs/research-reports/continuation-funds-ii_online.pdf Now it may have found a way to make that valuation problem … Continue reading Private Equity Can Sell an Asset to Itself—and Call It a Market Price