opinion

Low-cost, publicly traded equities have offered excellent long-term returns and endured every industry trend.

The cool kids are all going private. It’s the place to be.

I’m referring to the increasing popularity of and media attention on private debt and equity funds. David Swensen, the chief investment officer of Yale University from 1985 until his death in 2021, kick-started what became known as the endowment, or Yale, model. The difference? The Yale portfolio included a healthy amount of private assets and alternative strategies.

Over the past three decades, other institutional investors have been playing catch-up, to the point where U.S. endowments and many pension funds are now all in on private debt and equity. And now the next phase: Privates and alternatives are becomin

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