%0 Journal Article %A Austin M. Long III %T Inferring Periodic Variability of Private Market Returns as Measured by σ from the Range of Value (Wealth) Outcomes over Time %D 1999 %R 10.3905/jpe.1999.319964 %J The Journal of Private Equity %P 63-69 %V 2 %N 4 %X This article offers an objective mechanism for computing the periodic risk of a private investment portfolio. Such determination was derived by examining the dispersion of the portfolio investments’ terminal wealth. A portfolio manager can use the tools offered to compare the risks and returns of private and public market investments and to determine optimal asset allocation. Additionally, in evaluating private investment managers, a portfolio manager can use the equations derived in this article to determine the implied periodic risks being taken. %U https://jpe.pm-research.com/content/iijpriveq/2/4/63.full.pdf