I hold Partners Group Global Value Fund and am also familiar with the Multi-Asset Fund. Private vs public equity (i.e. shares) is like unlisted vs listed property. There is a valuation lag which lowers the correlation.
Look at the following, PG Global Value Fund vs MSCI World Index (as measured by the Vanguard fund that tracks it). PE may lag in boom times but tends to be less prone to sharp downturns. Look at early 2015-2016. During that time, Vanguard fell ~10% but PG only fell about 1%. Returns for both funds over the past 5 years have been very similar, about 13% p.a. But PG has only about 1/3 of the volatility (standard deviation) of Vanguard. So a much better risk adjusted return.
PG are in my view a very impressive outfit.
