Introduction To Benchmarks

Introduction to Private Investment Benchmarks

We publish benchmarks so that you can accurately assess the performance of your private investments. Our performance indices and statistics are widely considered to be among the standard benchmarks for private investments. We derive them from the data housed in a proprietary database that tracks the quarterly performance of more than 6,100 private funds and their nearly 70,000 underlying private equity and venture capital investment positions.

The Asset Classes We Benchmark

We cover a full array of asset classes, including:

  • Venture Capital
  • Growth Equity
  • Buyouts
  • Real Estate
  • Mezzanine
  • Distressed Securities
  • Natural Resources
  • Infrastructure
  • Fund of Funds
  • Secondary Funds

In addition to this broad asset class coverage, our benchmarks cover geographies across the globe. As a result, we are able to publish official quarterly indices for approximately 70 asset class/geographic groupings and vintage year performance benchmarks for close to 40 groupings.

High Integrity Information and Insights

Our benchmarks are different. We pride ourselves on the quality and integrity of our data. All of the funds in our database are of institutional quality, so our benchmarks represent the appropriate opportunity set for institutional investors.

We also source our benchmark data directly from the quarterly financial statements and annual audited statements provided to us by fund General Partners (GPs), and not through Freedom of Information Act (FOIA) requests, public data, or manager surveys.  We capture all the underlying cash flows and NAVs for each of the funds and portfolio companies in our database quarterly, giving you access to the full suite of performance metrics. We then reconstruct and verify the managers’ reported performance, adding another layer of quality control.

We also share unique insights from behind the data, drawn from the expertise of our deep bench of investment professionals researching investment managers and advising on private investment portfolios.

Expanding Our Coverage

As robust as our benchmarks are, the industry is growing and evolving every day with new strategies, new geographies, and new managers coming to market. In order to continually expand our coverage, we invite all fund managers to contribute their funds’ performance data to our database. We treat fund managers’ confidential data with care and benchmark statistics are reported in disguised and aggregate form only. In exchange for sharing their data, managers receive detailed quarterly benchmark reports for their asset classes, as well as information on how their funds’ performance rank against the competition.

As part of our continuous quest to expand our benchmarks’ coverage, we have developed exclusive benchmarking and distribution relationships with several prominent institutions including the Institutional Limited Partners Association (ILPA), Thomson Reuters, and the National Venture Capital Association (NVCA). In addition, we are proud to have worked with numerous industry associations, including:

  • African Private Equity and Venture Capital Association (AVCA)
  • Asia Pacific Real Estate Association (APREA)
  • Australian Private Equity and Venture Capital Association Limited (AVCAL)
  • Canada’s Venture Capital and Private Equity Association (CVCA)
  • China Venture Capital and Private Equity Association (CVCA)
  • Emerging Markets Private Equity Association (EMPEA)
  • Hong Kong Venture Capital and Private Equity Association (HKVCA)
  • Indian Private Equity and Venture Capital Association (IVCA)
  • Latin American Private Equity and Venture Capital Association (LAVCA)
  • New Zealand Private Equity and Venture Capital Association Inc. (NZVCA)

How to Get Our Benchmarks

Need More Information…

Take a look at the answers to some frequently asked questions and a glossary of terms related to our benchmarks.