Empirical evidence suggests that:

a) The top quartile of US equity mutual funds underperforms the top quartile of US private equity funds

b) The performances of US equity mutual funds are as persistent as the performances of US private equity funds

c) The top quartile of US private equity funds underperforms public equity indexes such as S&P500 once adjusting for risk and illiquidity

d) The bottom quartile of US private equity funds outperforms the bottom quartile of US equity mutual funds