In this paper, the second in a three-part series on the Total Portfolio Approach (TPA), we discuss Governance under a TPA framework and the role of the reference portfolio in establishing a risk budget and delineating the roles between the Board of Directors and Management. In the next paper, we will utilise privateMetrics and infraMetrics to quantify economic risk exposure...

This is the first in a three-part series on the Total Portfolio Approach (TPA). In this paper, we discuss some of the key components and objectives of TPA and explore using high-frequency private markets data to document risk factor exposures, dynamic correlations, co-tail dependency, and hurdle rates. Future papers will examine several case studies of TPA by large investors and...

A new start for private equities? 2025 was a turning point for private equities markets with the apparent end of a rout in asset prices that had started in 2023, as interest rates peaked to their highest level in fifteen years. privateMetrics is recalibrated monthly using the latest private equities transaction information, and as exit prices and multiples declined in...

The private2000® Index, which tracks 2,000 unlisted private companies globally, posted strong returns to finish the year with a 6.68% return for the quarter ending December 31, 2025, including a 0.92% return in December. For the full year, returns were 4.78%. Returns improved after a weak start to the year during Q1, which reflected in part, uncertainty around tariff policies....

The infra300® Debt index is a representative market index that accurately reflects the monthly performance of recent senior debt from the 300 unlisted infrastructure companies that are also the constituents of the infra300 equity index. Among the highlights of Q4 2025: The Infra300 Debt Index delivered improved performance in Q4 2025 relative to Q3 2025, posting a 0.70% quarter-over-quarter total...

The infra300® index, widely recognised as the industry benchmark for infrastructure performance, tracks the monthly returns of 300 unlisted infrastructure companies worldwide. This index spans a diverse range of sectors, offering a holistic view of global infrastructure market trends and performance. Among the highlights of Q4 2025: The infra300® index delivered a quarter-over-quarter total return of 1.89% in Q4 2025...