1. Investment management companies often claim that their active funds can beat the market. This is possible, so the story goes, because such companies employ managers who find mispriced assets, who anticipate market movements, and who can generate returns from assets that others could not. There are hundreds of academic and professional studies that try their best to test the claim that actively managed funds can outperform the market.1) Discuss critically the challenges that performance evaluation studies face. What additional challenges exist for the performance evaluation of fund vehicles that investing private market assets?