¿Merece la pena el PRIVATE EQUITY para los inversores minoristas?

Summary

Pablo Gil interviews Ramiro Iglesias, CEO of Crescenta, who defends private equity for retail investors against common criticisms. They discuss access, fees, liquidity, valuation, and selection of top-tier funds. Ramiro argues that with proper manager selection, private equity can deliver high net returns despite high costs.

• Crescenta aims to democratize private equity for retail investors from €10,000.
• Top-quartile PE managers have historically delivered 24% net annual returns.
• Fees (2% management + 20% performance) are standard and justified by active value creation.
• Liquidity is limited but Crescenta offers a secondary market tablón for emergencies.
• The speaker emphasizes manager selection as critical due to wide dispersion in returns.
• The current interest rate environment (2–4%) is still favorable for PE compared to historical levels.
• Valuations are based on fundamental metrics and comparables, not just mark-to-market.
• The discussion aims to clarify myths and help retail investors understand PE as a complementary asset.