An alternative strategy is offered by Pengana Private Equity. Because it’s an ASX-listed trust, investors can buy and sell at any time. Russel Pillemer, chief executive, says: “This was the first time every investor could take a stake in a private equity fund and gain access to 500 companies.” The fund is partnered with Grosvenor Capital Management, a specialist US alternative asset management company with about $US76 billion ($117 billion) under management. Asset allocation is dominated by a 70 per cent stake in the US and 20 per cent in Europe. Question mark over performance Over the past 25 years,...