In the low yield, low interest rate, low expected return, and low liquidity premium world, cash has flooded into alternative investments such as hedge funds, infrastructure, property, and of course private equity. Asset allocators see these increasingly mainstream “alternative assets” as saviors of sorts, providing lofty return expectations with apparently low volatility. And it has been a long time since these sometimes little understood asset classes have faced a real test. An obscure index – in truth, a subset of private equity (and some may even call it a misnomer) – the S&P Listed Private Equity Index has undergone a major breakdown.