Designed for the Long Term: Illiquidity in Private Equity

CAIS and KKR explore how illiquidity shapes private equity investing and its potential role in long-term portfolio construction.

Illiquidity is a defining feature of private equity and a key consideration for many advisors evaluating its role in portfolios. In this coauthored white paper, CAIS and KKR explore how illiquidity has the potential to support long-term value creation and shape investment outcomes over multi-year horizons. From evolving advisor perspectives to practical considerations around fund structures, this paper provides a framework for understanding how illiquidity can be assessed within a broader investment strategy.