Quickly apply original, key PMR-published papers with Snapshots—a short article companion that distills PMR research into compressed, digestible takeaways, so you can put the paper’s core ideas to work in your investment process—fast. This Snapshot article is based on research arguing that private market capital market assumptions (CMAs) are more coherent when risk, gross returns, leverage, and fees are modeled together, rather than treating returns, risk metrics, and fee drag as separate inputs.
Derived from original PMR research written by Melissa Hulme, Michele Mazzoleni, and Balaj Singh using AI and an editor (2026) studied this question.