Private equity has long delivered superior risk-adjusted alpha compared to public equity benchmarks, yet the asset class remains constrained by its foundational capital structure: the 10-year closed-end fund lifecycle. Institutional limited partners (LPs)—such as sovereign wealth funds, pension systems, and university endowments—commit capital under strict illiquidity agreements. Traditional secondary transactions require bespoke legal documentation, manual … Читать далее Tokenized Private Equity Secondary Markets: Institutional Liquidity and Exit Engineering