Red flag 1: Failure to cite relevant literature. Red flag 2: Data vendor co-author. 1) There are equally credible claims that buyout funds are statistically i

Red flag 1: Failure to cite relevant literature. Red flag 2: Data vendor co-author. 1) There are equally credible claims that buyout funds are statistically indistinguishable from portfolios of highly leveraged small-caps + hold to maturity accounting [1]. 2) PE studies based on the kind of data they used have major quality issues to overcome: a) NAV is mark to whatever your accountant that you pay says; b) GP's openly admit to using credit lines to time cashflows (and thereby manipulate IRR) [2]. A serious study based on LP nav/cashflow data needs to grapple with these issues. That means a well considered error-in-variables model. If memory serves me right, these authors basically just "back tested" a couple heuristic commitment strategies. As a referee, I would raise these as serious questions about the work. [1] https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2639647 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2639647 [2] https://www.institutionalinvestor.com/article/b1ft12gp9lsv00/Private-Equity-Managers-Are-Increasingly-Turning-to-Loans-Instead-of-Investors https://www.institutionalinvestor.com/article/b1ft12gp9lsv00...