Hilary Wiek: Perspective on Private Markets
The Long View
Private returns: IRR vs time‑weighted returns
Hilary explains IRR calculations for drawdown funds, why they differ from public time‑weighted returns, and PME use.
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.
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