I'm trying to understand the advantages and disadvantages of using Direct Alpha versus Excess IRR for computing excess returns over a market index for private assets.
Wikipedia references a highly informative paper that compares the Direct Alpha against PME, PME+, mPME, and KS-PME and discusses the limitations of these as well as analyzes the correlations between them.
I'm looking for a similar resource to that compares the two in my title.
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