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

Join us on April 3rd, 2025 at 9.30am BST for our webinar “Measuring the alpha of private fund managers – a global league table” where we will unveil our first global league table of private fund managers based on alpha performance. Using a robust data-driven methodology that isolates fund returns after accounting for risk, we provide a transparent and fair comparison of fund and manager performance.

Key highlights:

• Take a look at the methodology where we will explain how we calculate total alpha using the infra300 index to isolate a fund’s true performance after accounting for risk.
• Discover the largest alpha-generating fund in each vintage year and its manager.
• See which managers with more than three funds in their track record rank highest by median alpha.
• Find out which managers consistently generate alpha across multiple funds and vintages.
• Learn how these rankings help LPs make informed investment decisions and allow GPs to demonstrate their competitive edge.

REGISTER HERE

Join us on April 3rd, 2025 at 2.00pm BST for our webinar “Measuring the alpha of private fund managers – a global league table” where we will unveil our first global league table of private fund managers based on alpha performance. Using a robust data-driven methodology that isolates fund returns after accounting for risk, we provide a transparent and fair comparison of fund and manager performance.

Key highlights:

• Take a look at the methodology where we will explain how we calculate total alpha using the infra300 index to isolate a fund’s true performance after accounting for risk.
• Discover the largest alpha-generating fund in each vintage year and its manager.
• See which managers with more than three funds in their track record rank highest by median alpha.
• Find out which managers consistently generate alpha across multiple funds and vintages.
• Learn how these rankings help LPs make informed investment decisions and allow GPs to demonstrate their competitive edge.

REGISTER HERE

Join us on 10 April, 2025 at 9.30am BST / 4.30pm 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 “Does Size Matter? A Closer Look at Alpha across Fund Size”, which analyses the performance of 586 buyout funds in North America, spanning vintages from 2013 to 2023, and finds that while many champion the upper mid-market and large segments (excluding mega funds) as the higher alpha potential parts of the market, they actually underperformed the small, lower middle market and mega cap space. Topics covered in the report include:

1. Methods and Tools
2. Prior Studies on Size and Performance
3. Alpha by Fund Size
4. Manager Incentives, Fund Size, and Deal Size
5. Do the Best Managers Graduate to Mega Funds?
6. Systematic Risk Factors Explanation

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Teams meeting details:

Link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_NmFiYjFmMzktZTMwZi00YWNhLThjODQtMGEzNjBiOTRhMzhk%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: 436 975 688 91
Passcode: RX6Dj3Fg

Join us on 10 April, 2025 at 2.00pm BST / 9.00am EST 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 “Does Size Matter? A Closer Look at Alpha across Fund Size”, which analyses the performance of 586 buyout funds in North America, spanning vintages from 2013 to 2023, and finds that while many champion the upper mid-market and large segments (excluding mega funds) as the higher alpha potential parts of the market, they actually underperformed the small, lower middle market and mega cap space. Topics covered in the report include:

1. Methods and Tools
2. Prior Studies on Size and Performance
3. Alpha by Fund Size
4. Manager Incentives, Fund Size, and Deal Size
5. Do the Best Managers Graduate to Mega Funds?
6. Systematic Risk Factors Explanation

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

Join us on 17 April, 2025 at 9.30am BST / 4.30pm SGT for our latest “Blitzinar” bringing you key insights in 15 minutes + 15 minutes for direct Q&A, where we will be presenting our “2025 Private Market Alpha Report”, the first ever private market analysis of its kind, which delivers independent alpha-based ratings of 600 funds and over 150 fund managers across global markets.

Using private equities market indices to build Private Market Equivalents (PtME), the report zeroes in on alpha – the pure measure of manager skill – to identify the true outperformers in the private market landscape.

Each fund and manager are given a five star-ranking and a style rating according to the risk and return of funds and the fund managers’ level of skill and outperformance, showing which funds are “Leaders”, “Value Creators” or “Laggards” and which managers are “Sharks” or “Fishes” (or just lucky).

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.

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Teams meeting details:

Link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZjU2YWMxYTktZDBmZC00NGNhLTk1MWQtNzQyZGRiNWIyN2Yx%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: 488 124 540 74
Passcode: NA2Wp7n5

Join us on 17 April, 2025 at 1.00pm BST / 8.00am EST for our latest “Blitzinar” bringing you key insights in 15 minutes + 15 minutes for direct Q&A, where we will be presenting our “2025 Private Market Alpha Report”, the first ever private market analysis of its kind, which delivers independent alpha-based ratings of 600 funds and over 150 fund managers across global markets.

Using private equities market indices to build Private Market Equivalents (PtME), the report zeroes in on alpha – the pure measure of manager skill – to identify the true outperformers in the private market landscape.

Each fund and manager are given a five star-ranking and a style rating according to the risk and return of funds and the fund managers’ level of skill and outperformance, showing which funds are “Leaders”, “Value Creators” or “Laggards” and which managers are “Sharks” or “Fishes” (or just lucky).

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.

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