This dissertation explores key challenges and developments in private equity (PE) investment, focusing on performance measurement, ESG risk exposure, and the implications of expanding PE access to retail investors. Chapter two examines whether PE funds are exposed to ESG factors and finds significant variation across fund types, with high ESG transparency linked to better performance. Chapter three critiques a widely used methodology for estimating PE returns, revealing sensitivity to prior assumptions and casting doubt on its robustness. The final chapter assesses retail investor behavior using Robinhood data and shows sentiment-driven trading patterns that raise concerns as PE markets become increasingly accessible to non-institutional investors. In summary, the findings highlight the need for improved transparency, reliable performance metrics, and safeguards as the PE landscape evolves.