Q.2426 Jude Wang, a portfolio manager, works at an investment management firm. She has been recently asked to manage the endowment fund of a large university. She meets the head of the university to discuss finer details about the fund, including the composition of the endowment fund. The university head informs her that the university plans to withdraw a substantial amount of the fund in next two years and use the money to establish a state-of-the-art financial laboratory. He also adds that the university board desires to keep the transaction cost as low as possible. After the discussion, Wang meets her colleague, Jane Jones, with whom she explores the asset classes that can possibly be included in the endowment fund. According to Jones, Wang should consider including private equity and real estate in the endowment fund as these asset classes have low correlation with stocks and bonds and can provide a better diversification effect to the overall portfolio. Jones goes further to opine that private equity and real estate would make it easier for Wang to generate an excess return compared to stocks and bonds. Which of the following does not support the idea of including private equity and real estate in the portfolio?