Illiquid Investments

The popularity of illiquid investments has risen strongly over time.
As shown in this interesting chart from a Cambridge Associates report.
It depicts the asset allocation of endowments with greater than $500m assets.
These entities now hold 23% in private investments up from 8% 15 years ago.
In addition the median institution also holds 16% of their portfolio in uncalled capital commitments to private investment.
All this has serious implications in terms of liquidity.