-Specific vol = 15% ....... Specific vol = 20% Specific vol = 25%       ^^     ^^ ^^ .............................. ..-   ^^ Mt_.r.--""~"     2% 3% Specific Return, a Fradian of Equily Allacaled la Privale Equily (B = 1.0)           -Specificvol = 15% ..< Specificvol = 20% Specificvol = 25%       ^^     ^^       ..-'-"""""       2% 3% Specific Return, a Fradian af Equily Allacaled la Private Equity (B = 1.5) * (0.2) 2% 3% Specific Return, a FIGURE 28.3 Fraction of Equity Allocated to Private Equity