Which
    fund
    managers
    can
    beat
    the
    market?
    This report uses a decade of private fund performance data in combination with the privateMetrics® market indices and benchmarks to compute the market outperformance of 600 buyout funds and their managers, as well as their ability to keep generating alpha. . . .
    Find out more
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      ALPHA
      IS
      THE
      NEW
      IRR
      In our latest report, we show that there are numerous funds with positive total and pure alpha in 2nd or 3rd quartiles, based on IRR rankings. The IRR quartiles can mischaracterise the performance of GPs that have delivered positive alpha. . . .
      Find out more
      Featured image for “ALPHA IS THE NEW IRR”
        Benchmarking
        Private
        Market
        Performance
        Our latest white paper explores different benchmarking methods to assess private asset fund performance using a large dataset of fund cash flow and NAV data and finds that most fund returns come from market performance not manager skill, that traditional benchmarking methods are flawed, and that Private Market Equivalents (PtME) provide the best benchmarking approach. . . .
        Find out more
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          The
          Bridge
          to
          Alpha
          Our latest report finds that while the Value Bridge Analysis, a tool used by private market investors to evaluate investments and fund returns, may be arithmetically accurate, it offers limited insight into whether the fund manager demonstrated skill and generated alpha. . . .
          Find out more
          Featured image for “The Bridge to Alpha”
          Private Equity EBITDA Multiples (unadjusted) by Segment and Region
          14.69x
          0.06
          Education & public
           Feb 2025
          14.81x
          0.17
          Natural resources
           Feb 2025
          16.31x
          0.23
          Europe
           Feb 2025
          14.96x
          0.16
          Private2000
           Feb 2025
          17.81x
          0.1
          Retail
           Feb 2025
          21.38x
          0.97
          Financials
           Feb 2025
          18.33x
          -0.1
          Information and communication
           Feb 2025
          19.99x
          0.32
          Transportation
           Feb 2025
          13.25x
          0.12
          Manufacturing
           Feb 2025
          13.27x
          -0.03
          Hospitality and entertainment
           Feb 2025
          21.66x
          -0.01
          Health
           Feb 2025
          19x
          -0.16
          Real estate and construction
           Feb 2025
          14.92x
          0.09
          United States
           Feb 2025
          17.09x
          0.04
          Professional and other services
           Feb 2025
          15.5x
          0.4
          Asia
           Feb 2025
          3249.21
           USD
          1.45%
          Infra100® Core+, VW USD
           Feb2025
          4286.66
           USD
          1.17%
          Infra100® Eurozone, VW USD
           Feb2025
          6283.32
           USD
          1.63%
          Infra100® Global, VW USD
           Feb2025
          11102.19
           USD
          1.5%
          Infra100® Project Finance, VW USD
           Feb2025
          2640.61
           USD
          1.18%
          Infra100® Core, VW USD
           Feb2025
          1731.33
           USD
          1.15%
          Infra300® Debt, VW USD
           Feb2025
          1285.37
           USD
          1.06%
          InfraGreen® Debt, VW USD
           Feb2025
          1447.61
           USD
          1.6%
          Infra100® EUR-denominated Debt, VW USD
           Feb2025
          6407.74
           USD
          1.6%
          infra300®, VW USD
           Feb2025
          8022.60
           USD
          1.46%
          Infra100® Energy, VW USD
           Feb2025
          10127.18
           USD
          1.96%
          Infra100® Opportunistic, VW USD
           Feb2025
          4041.08
           USD
          0.95%
          InfraGreen® , VW USD
           Feb2025
          3008.65
           USD
          1.48%
          Infra100® Midmarket, VW USD
           Feb2025
          1389.22
           USD
          1.17%
          Infra100® Eurozone Debt, VW USD
           Feb2025
          1710.90
           USD
          1.22%
          Infra100® Global Debt, VW USD
           Feb2025
          1488.15
           USD
          2.02%
          Infra100® UK Debt, VW USD
           Feb2025
          4505.00
           USD
          2.27%
          Infra100® UK, VW USD
           Feb2025
          1492.66
           USD
          2.02%
          Infra100® GBP-denominated Debt, VW USD
           Feb2025
          4984.34
           USD
          1.75%
          Infra100® Europe, VW USD
           Feb2025
          1609.45
           USD
          1.6%
          Infra100® Europe Debt, VW USD
           Feb2025
          1813.73
           USD
          1.06%
          Infra100® Project Finance Debt, VW USD
           Feb2025
          privateMetrics® Market Indices
          4748.29
           USD
          1.49%
          privateUS, VW USD
           Feb 28, 2025
          4321.70
           USD
          2.32%
          private2000, VW USD
           Feb 28, 2025
          4548.87
           USD
          3.37%
          privateEurope, VW USD
           Feb 28, 2025

          "The only benchmarks to compare funds with private asset markets."

          SIPA market indices and benchmarks measure the risk and performance of private asset markets that are much larger than the holding of private equity and infrastructure funds. they allow for a genuine comparison of fund and manager performance against the a relevant, transparent and up-to-date benchmark.  

          Understand the sources of performance and alpha

          When used in combination with the Direct Alpha method, the privateMetrics® benchmarks clearly discriminate between those private funds that can generate positive alpha and those that do not.  

          Get the paper
          Measure the risk and the performance of private markets

          privateMetrics® market indices and benchmarks are designed to  capture the latest level of market prices using an advanced, AI-driven asset pricing model, providing high frequency, robust risk and performance data.

          Access privateMetrics indices
          Find out who are the best funds and managers.

          Instead of comparing funds and managers with each other in (often) weak peer groups, infraMetrics is the surest way to decide which funds and which GPs are the best at creating private asset value.

          Alpha League Tables

          Learn how to benchmark funds against private asset markets

          Get started quickly and easily

          Install the privateMetrics® Add-in from Microsoft AppSource  (directly from MSExcel) and access all the privateMetrics functionalities including custom benchmarks, customised comparables, fund alpha calculation, index catalogue, TICCS and PECCS taxonomies etc. Some features require a subscription. 

          Our Excel Add-in is a powerful way to access privateMetrics data.

          Are you ready to dive deep into private markets?

          Follow our Podcast on Private Market Benchmarking. New Episodes weekly.

          Our Research

          R&D of the EDHEC Infrastructure & Private Asset Research Institute

          Since 2016, the EDHEC Infrastructure & Private Assets Research Institute has been producing research on private asset pricing, risk management, credit risk and climate risk measurement. While some of this research has now been industrialised and is distributed by our corporate arm, Scientific Infra & Private Assets, we continue to develop new applied research in the field of investment and private markets, with a focus on machine learning and language processing.

          Access our research using these links: