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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. . . .
We analyse the performance of 586 buyout funds in North America (2013 to 2023 vintages) and find that the performance of the upper mid-market and large segment was the most surprising. While many champion these segments as the higher alpha potential parts of the market, our analysis finds that they underperformed the small, lower middle market and mega cap space. . . .
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. . . .
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. . . .
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. . . .
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.
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.
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.
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.
