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. The findings serve as a guide for manager selection today, highlighting which firms have consistently generated alpha.
Register your interest and receive the summary of the 2025 league table report.
Release Date: 10 April 2025
Who has access to this report?
The 2025 Private Markets Alpha Report is available free of charge for institutional investors (Pension plans, Insurers, Sovereign Wealth Funds, Family Offices). Fund managers, consultants and other service providers can purchase the report.
Asset Owners
Qualifying asset owners can express their interest in the report by email and will be sent a download link.
Asset Managers
Asset managers, consultants and other service providers can purchase the report on this website.
Frequently Asked Questions
What is Alpha in a private equity fund?
Alpha measures the excess return of an investment relative to a benchmark, after adjusting for risk. It answers the question: “Did the manager outperform what we would expect, given the level of risk taken and the market environment?”
How are Fund and GP Alpha calculated?
Fund Alpha is calculated as a private market equivalent (PtME) using the Direct Alpha method and a private equities market index. Using a customised private market benchmark also allows computing Pure Alpha. GP Alpha is averaged across funds.
Where does the league table data come from?
Fund data is curated from a range of sources including data vendors, regulatory filings, annual reports and information requests. Index data comes from privateMetrics. All Calculations are reviewed by the EDHEC Infra and Private Assets Research Institute.
What is a GP Skill Rating Box?
- Sharks: persistent and positive alpha
- Fishes: no persistence of positive alpha and negative average alpha
- Lucky: 50% chance of positive alpha and positive average alpha
- Unlucky: 50% chance of positive alpha and negative average alpha
What is a Fund Style Rating Box?
- Leaders: High Beta and positive Alpha
- Followers: High Beta and negative Alpha
- Creators: Low Beta and positive Alpha
- Laggards: Low Beta and negative Alpha
Unlock Outperformance with the 2025 Private Market Alpha Report
The 2025 Private Market Alpha Report is the definitive guide for discerning investors seeking to outperform in private equity. Spanning over 800 pages, this comprehensive resource delivers unparalleled data and analysis, including independent alpha-based ratings of 600 funds and over 150 fund managers across global markets.
Unlike generic benchmarks, this report zeroes in on alpha — the pure measure of manager skill — to identify the true outperformers in the private market landscape. Whether you’re building a short list of top-tier funds or refining your due diligence, this report equips you with the insights you need to make confident allocation decisions.
Every rating is grounded in rigorous methodology, drawing on deep historical performance data, strategy-specific metrics, and proprietary analytical models. Fund-by-fund and manager-by-manager breakdowns reveal who is truly adding value — and who is riding beta. Made for institutional investors, consultants, and family offices, the 2025 Private Market Alpha Report is an essential tool to help select the next private equity fund with precision and clarity.
If alpha matters to you, this is the report you can’t afford to miss.
