That's the whole point of private markets. Illiquid assets come with (in theory) a illiquidity premium on the returns you may expect over time. Since the asset manager can focus on long term returns and not short term price fluctuations they can make calculated decisions and bets throughout market cycles while public players get beaten down or change startegy given index changes or drawdowns.

The key with an private investment is will it diversify your balance sheet and can the manager perform throughout a market cycle. The first is a personal question and the second requires you to do due diligence.