In evaluating the performance of a private equity fund, analysts often utilize various metrics to assess returns relative to risk and benchmarks. A particular fund reported an internal rate of return (IRR) of 15%, with a public market equivalent (PME) of 1.2, signifying that the fund outperformed the public market on a risk-adjusted basis. However, the fund also noted a significant liquidity risk, as investors must commit capital for a minimum of 10 years.

Which of the following statements best identifies a limitation in the performance evaluation of this private equity fund?