What question did this study set out to answer?

The aim is to argue for a more integrated approach to modeling private market capital market assumptions.

July 3, 2026

Snapshots of Old Habits, New Assets: Rethinking Private Market CMAs

Key Points

The aim is to argue for a more integrated approach to modeling private market capital market assumptions.
Developed a short article distilling key PMR research findings.
Proposed modeling risk, gross returns, leverage, and fees together rather than separately.
Modeling the components together improves the coherence of capital market assumptions for private markets.

Abstract

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.

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Cite This Study

Derived from original PMR research written by Melissa Hulme, Michele Mazzoleni, and Balaj Singh using AI and an editor (Wed,) studied this question.

synapsesocial.com/papers/6a47540e5c29257aa2579f1a https://doi.org/https://doi.org/10.3905/snp.2026.jpmi.009

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