Gregg Gethard

Alaska CIO Marcus Frampton has been an outspoken skeptic on the asset class in recent months, expressing concerns about manager valuations and governance.

Marcus Frampton said private equity hasn't yet had a correction and that he was stunned to see the multiples being paid for small, private companies.

'There are enough yellow and orange flags, if not red flags, that show valuations may not reflect what an orderly market transaction should reflect,' says Equable Institute.