Hilary Wiek: Perspective on Private Markets
The Long View
LPs and GPs explained
Hilary defines limited partners and general partners and contrasts drawdown funds with newer structures.
Today’s guest on The Long View is Hilary Wiek. Hilary is a principal analyst at PitchBook, where she leads PitchBook’s coverage of fund strategies and performance, publishing primary research on the alternative space. Hilary also leads PitchBook’s coverage of the ESG and impact investing space. Hilary has over 20 years of experience in asset owner, manager, and advisory roles. Prior to joining PitchBook, she was the director of investments at the Saint Paul & Minnesota Foundations, where she handled portfolio management, impact and ESG investment, investment due diligence and monitoring, and investment operations. Before that, she worked in senior positions at Segal Rogerscasey, the South Carolina Retirement Systems Investment Commission, Buckingham Financial Group, Dayton Power & Light, and KeyCorp. Wiek received a master’s degree in finance and economics from Case Western Reserve University and a bachelor’s degree in business leadership and finance from the University of Puget Sound. She is based in PitchBook’s Seattle office. PitchBook is a Morningstar company.
Episode Highlights
00:00:00 Background in the Private Markets and Joining PitchBook
00:04:49 Drivers of Private Market Slowdown in 2026 and Pockets of Outperformance
00:14:15 Key Lessons for Investing in Private Market Funds
00:18:12 Private Market Fees, Hidden Volatility, and Valuations
00:20:38 Evergreen Investment Growth, Interval Funds, and Questions Investors Should Ask
00:32:26 Is It Worth It to Invest in Private Markets?
00:36:50 ESG, Impacting Investing, and Key Themes for 2026
00:41:05 Private Market Exposure in 401(k)s
PitchBook Reports Discussed
Benchmarking and Returns: Why Are There So Many Numbers?
Evergreen Funds: We Have Questions
The New Face of Private Markets in Your 401(k)
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
The AI-powered Podcast Player
