Join us on 26 June, 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, to discuss our recent report entitled “Reducing Capital Charges in Risk Based Prudential Frameworks”.

Calculating tail risk exposure presents a challenge for private markets industry participants, including regulators, due to poorly constructed indices (fund manager benchmarks) including slow and stale valuation techniques. Without accurate and frequent pricing, computed risk metrics will not reflect the distribution. As a result, capital charges imposed by regulators may be overly conservative to compensate.

Our report shows that a well-constructed private equities index, such as the private2000, has similar Value at Risk (VaR) and Conditional Value at Risk (CVaR) metrics when compared to broad market indices in listed markets. Further, the flagship infraMetrics index, infra300, has demonstrably lower VaR and CVaR relative to private and listed equities, suggesting that capital charges should differ across the asset classes.

There have been promising developments, with Solvency II in the EU differentiating between infrastructure and private equities, and the adoption of International Capital Standards by the International Association of Insurance Supervisors (IAIS). More room exists to adapt to the different return/risk profile of the two asset classes.

Register for the blitzinar

Join us on 26 June, 2025 at 10.00am BST / 5.00pm SGT for our latest “Blitzinar” bringing you key insights in 15 minutes + 15 minutes for direct Q&A, to discuss our recent report entitled “Reducing Capital Charges in Risk Based Prudential Frameworks”.

Calculating tail risk exposure presents a challenge for private markets industry participants, including regulators, due to poorly constructed indices (fund manager benchmarks) including slow and stale valuation techniques. Without accurate and frequent pricing, computed risk metrics will not reflect the distribution. As a result, capital charges imposed by regulators may be overly conservative to compensate.

Our report shows that a well-constructed private equities index, such as the private2000, has similar Value at Risk (VaR) and Conditional Value at Risk (CVaR) metrics when compared to broad market indices in listed markets. Further, the flagship infraMetrics index, infra300, has demonstrably lower VaR and CVaR relative to private and listed equities, suggesting that capital charges should differ across the asset classes.

There have been promising developments, with Solvency II in the EU differentiating between infrastructure and private equities, and the adoption of International Capital Standards by the International Association of Insurance Supervisors (IAIS). More room exists to adapt to the different return/risk profile of the two asset classes.

Register for the blitzinar

Join us on 12 June, 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, to discuss our recent report, “Building Custom Private Equity Fund Benchmarks”, showing that custom benchmarking allows for almost any combination of index construction across sectors and geographies, which is important as it allows limited partners (LPs) and general partners (GPs) to examine performance against the most relevant benchmark.

Given private equity fund managers take meaningful specific risk, often allocating entirely to one country, or to a few specific sectors, the ability to customise a benchmark allows this exposure to be replicated more accurately than can be done with broader indices. This functionality compliments the existing flagship private equity indices and thematic indices across geographies and sectors.

As we show in fund case studies covering Sweden, Germany and Spain-based funds, the choice of benchmark can determine whether a fund has generated alpha or not. The ability to take multiple cuts at the data helps one judge performance more precisely and can lead to better investment decision making (LPs) and improved portrayal of performance (GPs).

Register for the event

Join us on 12 June, 2025 at 10.00am BST / 5.00pm SGT for our latest “Blitzinar” bringing you key insights in 15 minutes + 15 minutes for direct Q&A, to discuss our recent report, “Building Custom Private Equity Fund Benchmarks”, showing that custom benchmarking allows for almost any combination of index construction across sectors and geographies, which is important as it allows limited partners (LPs) and general partners (GPs) to examine performance against the most relevant benchmark.

Given private equity fund managers take meaningful specific risk, often allocating entirely to one country, or to a few specific sectors, the ability to customise a benchmark allows this exposure to be replicated more accurately than can be done with broader indices. This functionality compliments the existing flagship private equity indices and thematic indices across geographies and sectors.

As we show in fund case studies covering Sweden, Germany and Spain-based funds, the choice of benchmark can determine whether a fund has generated alpha or not. The ability to take multiple cuts at the data helps one judge performance more precisely and can lead to better investment decision making (LPs) and improved portrayal of performance (GPs).

Add the event to your calendar

_______________________________

Teams meeting details:

Link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_YzJkODU5OGUtZmRmOS00ZjM5LThiOWQtNTQ4MTIwNjZkY2Rl%40thread.v2/0?context=%7b%22Tid%22%3a%22c97c4391-8753-42fb-823a-dd47cb0ac0b6%22%2c%22Oid%22%3a%2257edca77-449d-4c88-973b-1b94e4faf98d%22%7d
Meeting ID: 449 363 993 824 0
Passcode: 83gR6Rf6

Join us on 5 June, 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 discussing our recent report entitled “Getting the Price Right in GP-Led Secondaries: A look at the Nord Anglia deal through the privateMetrics® lens” which highlights the fact that the tremendous growth in continuation vehicles and cross-fund transactions has altered the alignment of interest between limited partners (LPs) and general partners (GPs).

With GPs now both a seller and a buyer of the same asset across vehicles, safeguards need to be in place to ensure fairness to all parties. LPs can no longer assume that the GP is perfectly aligned on valuation and pursuit of maximum sale proceeds. LPs need to have an opinion on exit pricing, specifically forming their own view on exit multiples and valuation, and be able to act swiftly, as there is often only a short window to decide if they will roll their holding or exit. This is a fiduciary concern.

LPs have relied on GPs to source, manage, and exit investments on their behalf, protected by a fund structure and limited partnership agreement that aligns interests. The rise of GP-led deals necessitates more involvement from LPs to ensure beneficiary assets are treated fairly.

Add the event to your calendar

_______________________________

Teams meeting details:

Link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_OWRiMTgxZWEtOGM2NS00MTYwLWFkZGEtZjlhOWI3Zjg1MjI0%40thread.v2/0?context=%7b%22Tid%22%3a%22c97c4391-8753-42fb-823a-dd47cb0ac0b6%22%2c%22Oid%22%3a%2257edca77-449d-4c88-973b-1b94e4faf98d%22%7d
Meeting ID: 460 343 111 506 8
Passcode: yV9Md6RV

Join us on 5 June, 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 discussing our recent report entitled “Getting the Price Right in GP-Led Secondaries: A look at the Nord Anglia deal through the privateMetrics® lens” which highlights the fact that the tremendous growth in continuation vehicles and cross-fund transactions has altered the alignment of interest between limited partners (LPs) and general partners (GPs).

With GPs now both a seller and a buyer of the same asset across vehicles, safeguards need to be in place to ensure fairness to all parties. LPs can no longer assume that the GP is perfectly aligned on valuation and pursuit of maximum sale proceeds. LPs need to have an opinion on exit pricing, specifically forming their own view on exit multiples and valuation, and be able to act swiftly, as there is often only a short window to decide if they will roll their holding or exit. This is a fiduciary concern.

LPs have relied on GPs to source, manage, and exit investments on their behalf, protected by a fund structure and limited partnership agreement that aligns interests. The rise of GP-led deals necessitates more involvement from LPs to ensure beneficiary assets are treated fairly.

Add the event to your calendar

_______________________________

Teams meeting details:

Link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_OThkN2IxYTQtYWExNy00NTg2LTg3NWYtYTZjNDAyOTYzMzZm%40thread.v2/0?context=%7b%22Tid%22%3a%22c97c4391-8753-42fb-823a-dd47cb0ac0b6%22%2c%22Oid%22%3a%2257edca77-449d-4c88-973b-1b94e4faf98d%22%7d
Meeting ID: 470 649 201 548 2
Passcode: eU3XY7NC

Join us on 24 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 recent report, “Expected Returns in Private Equities & Infrastructure: 2025 Capital Market Assumptions”, in which we provide updated 2025 Capital Market Assumptions utilising our infraMetrics® and privateMetrics® indices, including the infra300® and private2000® indices.

Key highlights of the report include:

• Private infrastructure expected returns remain higher than past periods due to elevated government bond yields and a relatively stable equity risk premium. Median expected return and volatility for the infra300 index is 11.4% and 10.3%, respectively.
• For private equities, recent returns have been anaemic (mid-single digits). Nonetheless, current expected returns reflect appropriate compensation for risk taken in the private equities market, assuming assets are marked to market. Moreover, by providing discount rates at the sector level, we enable a more granular assessment of return expectations across sectors.
• We compare the infraMetrics and privateMetrics indices expected returns and volatilities assumptions against those provided by other market participants (BlackRock, Invesco, Morgan Stanley, Amundi, BNY, Allianz, PIMCO, Northern Trust, State Street). Longer term private infrastructure expected return assumptions range from 8%-11%. Volatility assumptions were wider, ranging from 14%-21%. For private equities, expected returns from investment houses ranged from 8%-11%, with volatility estimates very wide, from 11%-32%.

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 24 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 recent report, “Expected Returns in Private Equities & Infrastructure: 2025 Capital Market Assumptions”, in which we provide updated 2025 Capital Market Assumptions utilising our infraMetrics® and privateMetrics® indices, including the infra300® and private2000® indices.

Key highlights of the report include:

• Private infrastructure expected returns remain higher than past periods due to elevated government bond yields and a relatively stable equity risk premium. Median expected return and volatility for the infra300 index is 11.4% and 10.3%, respectively.
• For private equities, recent returns have been anaemic (mid-single digits). Nonetheless, current expected returns reflect appropriate compensation for risk taken in the private equities market, assuming assets are marked to market. Moreover, by providing discount rates at the sector level, we enable a more granular assessment of return expectations across sectors.
• We compare the infraMetrics and privateMetrics indices expected returns and volatilities assumptions against those provided by other market participants (BlackRock, Invesco, Morgan Stanley, Amundi, BNY, Allianz, PIMCO, Northern Trust, State Street). Longer term private infrastructure expected return assumptions range from 8%-11%. Volatility assumptions were wider, ranging from 14%-21%. For private equities, expected returns from investment houses ranged from 8%-11%, with volatility estimates very wide, from 11%-32%.

Add the event to your calendar.

Teams meeting details:

Link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZmI4OTg5MTgtMDI4YS00M2Q0LWI3OGMtYzIzMmVkODYwYzBm%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: 477 508 219 215 0
Passcode: 86Wq2We2

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

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.

Add the event to your calendar.

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 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 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

Add the event to your calendar.

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 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 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 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.

Add the event to your calendar.

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 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.