Join us on 19th February 2025, 9:30 AM GMT/ 5:30 PM SGT, for a “2024 Year in Review” webinar, where we will provide data-backed insights into questions such as the following:

1. A review of 2024 performance in private markets using monthly data as of 31 Dec 24
2. Private equities, private infrastructure and infrastructure debt markets
3. Performance drivers: comparing private and public equities
4. Risk in private vs public markets: what does the data show?
5. Market index and private funds performance: how much alpha in private fund returns?

Register now to secure your spot, using a Zoom link here.

Join us on 19th February 2025, 2 PM GMT / 9 AM EST, for a “2024 Year in Review” webinar, where we will provide data-backed insights into questions such as the following:

1. A review of 2024 performance in private markets using monthly data as of 31 Dec 24
2. Private equities, private infrastructure and infrastructure debt markets
3. Performance drivers: comparing private and public equities
4. Risk in private vs public markets: what does the data show?
5. Market index and private funds performance: how much alpha in private fund returns?

Register now to secure your spot, using a Zoom link here.

Join us on 27 February, 2025 at 9.30am GMT / 5.30pm SGT for our latest “Blitzinar”, a new event format bringing you key insights in 15 minutes + 15 minutes for direct Q&A, where we will discuss the following key takeaways from our latest report entitled “Who Has The Right Benchmark? Is Canadian Pension Fund Private Equities Benchmarking Misleading?”, which shows that recent private equities returns are well below the long-term return expectations of investors in private equities:

1. Institutional investors’ private equity returns are often benchmarked to public market proxies, which have outperformed, resulting in perceptions of “underperformance” for private equity investors.
2. Current benchmarks do not properly reflect the performance and risks of private equities, leading to misjudgments of alpha generation and skewing assessments of fund and portfolio performance.
3. Despite institutional LPs targeting 15-20% gross IRRs, only high alpha funds are expected to meet these targets due to recent private equity market performance.

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Join us on 6 March, 2025 at 9.30am GMT / 5.30pm SGT for our latest “Blitzinar”, a new event format bringing you key insights in 15 minutes + 15 minutes for direct Q&A, where we will discuss the following key takeaways from our latest report entitled “No Alpha Without Market Risk. What if private equity fund managers were just long-only active managers?”, which analyses 824 private equity funds (non-VC) across vintages from 2013 to 2023 to evaluate the presence of alpha across funds and the relationship between alpha and beta:

1. Alpha can only be achieved by taking on market risk. Unlike in listed markets, alpha cannot be separated from beta in private equities. There is no ‘short selling’ or derivatives market to augment positions or neutralise market exposure. This means that to generate alpha, a fund manager needs to take meaningful private equities’ market risk in pursuit of returns. Our analysis shows that private equity fund managers that generate alpha typically have betas to the private2000® index of at least 1.
2. Fund manager alpha should be evaluated against a private equities index such as the private2000 that reflects the underlying characteristics of the market. From this, one can evaluate how funds are performing against the relevant market, whether the manager has skill, or if most of their returns are determined by exposure to the market.
3. Our analysis shows that there is a small negative relationship between fund size and alpha. Despite disproportionate success in raising capital, the very large funds (on average) do not display any superior ability to deliver alpha..

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Join us on 6 March, 2025 at 1.00pm GMT / 8.00am EST for our latest “Blitzinar”, a new event format bringing you key insights in 15 minutes + 15 minutes for direct Q&A, where we will discuss the following key takeaways from our latest report entitled “No Alpha Without Market Risk. What if private equity fund managers were just long-only active managers?”, which analyses 824 private equity funds (non-VC) across vintages from 2013 to 2023 to evaluate the presence of alpha across funds and the relationship between alpha and beta:

1. Alpha can only be achieved by taking on market risk. Unlike in listed markets, alpha cannot be separated from beta in private equities. There is no ‘short selling’ or derivatives market to augment positions or neutralise market exposure. This means that to generate alpha, a fund manager needs to take meaningful private equities’ market risk in pursuit of returns. Our analysis shows that private equity fund managers that generate alpha typically have betas to the private2000® index of at least 1.
2. Fund manager alpha should be evaluated against a private equities index such as the private2000 that reflects the underlying characteristics of the market. From this, one can evaluate how funds are performing against the relevant market, whether the manager has skill, or if most of their returns are determined by exposure to the market.
3. Our analysis shows that there is a small negative relationship between fund size and alpha. Despite disproportionate success in raising capital, the very large funds (on average) do not display any superior ability to deliver alpha..

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Join us on 13 March, 2025 at 9.30am GMT / 5.30pm SGT for our latest “Blitzinar” bringing you key insights in 15 minutes + 15 minutes for direct Q&A, where we will be presenting our new report entitled “Bridge to Alpha: Why Private Equity’s Value Bridge Falls Short…”, which finds that while the Value Bridge Analysis (“VBA”) may be arithmetically accurate, it offers limited insight into whether the fund manager demonstrated skill and generated alpha.

The VBA is a tool used by private market investors to evaluate investments and fund returns by separating performance between drivers like change in multiple or ebitda growth.

At the blitzinar, we will be discussing how much of these changes can be attributed to the manager, with the help of several recent examples to illustrate how manager performance and market contribution can be distinguished using the right market index data and method.

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Join us for this 30-minute interactive session to discuss our latest report on private equity benchmarking. 

The first 15 minutes will be dedicated to presenting key findings, followed by 15 minutes of Q&A and open discussion with our team and guests. We look forward to an engaging and thought-provoking conversation!

Link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_YzI2ZjE1YWEtOTNkYS00ZTBmLTgwNmUtZGM5YTY4ZTRiZmEz%40thread.v2/0?context=%7b%22Tid%22%3a%22c97c4391-8753-42fb-823a-dd47cb0ac0b6%22%2c%22Oid%22%3a%22ae4c7c2c-fc82-417e-89c9-9ec1bda2a962%22%7d

Meeting ID: 469 071 401 977 
Passcode: Hc2gh23Q 

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Join us on 27 March, 2025 at 9.30am GMT / 5.30pm SGT for our latest “Blitzinar” bringing you key insights in 15 minutes + 15 minutes for direct Q&A, where we will be presenting our new report entitled “Alpha (not TVPI) is the new IRR: What IRR or TVPI quartiles don’t tell you”, which shows that there are numerous funds with positive total and pure alpha in 2nd or 3rd quartiles, based on IRR rankings and that the IRR quartiles can mischaracterise the performance of GPs that have delivered positive alpha.

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Teams meeting details:

Link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZmFhODM2YmEtZjE1MS00N2FkLWE4MWQtYWIyYjljZWI5NGU0%40thread.v2/0?context=%7b%22Tid%22%3a%22c97c4391-8753-42fb-823a-dd47cb0ac0b6%22%2c%22Oid%22%3a%22ae4c7c2c-fc82-417e-89c9-9ec1bda2a962%22%7d
Meeting ID: 441 412 350 97
Passcode: RS9qx3wP

Join us on 27 March, 2025 at 1.00pm GMT / 9.00am EDT for our latest “Blitzinar” bringing you key insights in 15 minutes + 15 minutes for direct Q&A, where we will be presenting our new report entitled “Alpha (not TVPI) is the new IRR: What IRR or TVPI quartiles don’t tell you”, which shows that there are numerous funds with positive total and pure alpha in 2nd or 3rd quartiles, based on IRR rankings and that the IRR quartiles can mischaracterise the performance of GPs that have delivered positive alpha.

Add the event to your calendar.

Teams meeting details:

Link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_YzI2ZjE1YWEtOTNkYS00ZTBmLTgwNmUtZGM5YTY4ZTRiZmEz%40thread.v2/0?context=%7b%22Tid%22%3a%22c97c4391-8753-42fb-823a-dd47cb0ac0b6%22%2c%22Oid%22%3a%22ae4c7c2c-fc82-417e-89c9-9ec1bda2a962%22%7d
Meeting ID: 469 071 401 977
Passcode: Hc2gh23Q