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Private Investment Benchmarks in Collaboration with Cambridge Associates

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Receive accurate, institutional quality benchmark data to make better informed investment decisions.


Latest News

  • Podcast: Private Markets 360 | Episode 6: Benchmarking private investment performance.
  • 2024 Q1 Private Credit, Venture Capital, Private Equity, and Real Estate reports are available now.
  • Cash Flows for headline indices are available via digital feed – inquire here.

For even the most sophisticated investors, measuring private investment performance can be challenging. Accurate performance metrics are therefore crucial to making your investment decisions. You need institutional quality benchmarks that you can trust.

In collaboration with Cambridge Associates, we provide high-quality aggregate fund-level performance information to help you select fund managers, monitor performance, manage risk and identify investment opportunities.

Sourced directly from fund managers quarterly financial statements – Cambridge Associates Benchmarks are considered the industry standard for private equity, venture capital, real estate and private credit, offering:

  • Coverage across various fund sizes, stages, sectors, and regions
  • A complete suite of IRRs and by vintage returns
  • Performance history on 2,400+ fund managers and 9,500+ funds
  • Available via digital feed and our online store


Download our brochure for an overview of our index families and new digital offering.

Brochure Watch Our Video

Direct access to quarterly Private Investment Benchmarks available now via digital feed

Licensees gain more coverage, regions, vintages, data and insights across index families

Learn More

Key benefits


Investment Experience

Benchmarks are built for investors by investors incorporating four decades of experience investing in private capital markets.

Technologies

Data source

Benchmarks based on financial statements sourced directly from investment fund managers.

Expertise

Breadth of data

Complete performance history from 2,400+ fund managers and 9,500+ funds.

Expertise

Depth of Data

All major fund asset classes, strategies and geographies dating back as early as the 1980s.

Expertise

Accuracy

Manager-reported performance numbers independently verified.

Expertise

Benchmark calculations

Benchmark performance calculated on since inception history of quarterly cash flows and NAVs for each fund.

Expertise

Industry Standard

For over two decades, the most trusted and widely adopted benchmarks for investors in private markets.

Expertise

Representativeness

Indices calculated using institutional quality funds, defined as closed-ended, commingled funds that invest third party capital.


Understand the difference between the Online Store and Digital Feed

Online Store

Digital Feed

Internal and individual
Use case
Benchmarking, performance reporting, fundraising and marketing
Six legacy benchmark reports formerly available on Cambridge Associates website
Product Offering
Five new index families that include all standard Cambridge Associates benchmarks, legacy benchmark reports and additional data fields
No1
Preliminary Data
Yes2
View Only
File Type
CSV (Excel)
Quarterly
Frequency
Quarterly + preliminary2
USD
Calculated Currencies
24 currencies
WebViewer
Delivery
SFTP
Per User (up to 5 devices)
License Type
Enterprise
Credit card (per report)
Billing
Invoice (annual)
No
Custom Indices
Yes

1Single 1-quarter IRR update available once per quarter after 50% of the prior quarter's number of funds and ending NAV report.

2Daily updates of full suite of data after 50% of the prior quarter's number of funds and ending NAV report.

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Explore the most recent Private Investment Benchmark Reports available

Global Private Equity

The index is calculated based on data compiled from 2,829 private equity funds, including fully liquidated partnerships, formed between 1986 and 2023.
Learn More >

BUY REPORT LID BUY REPORT FCF

U.S. Private Equity (Legacy Definition)

The index is calculated based on data compiled from 1,995 funds, including fully liquidated partnerships, formed between 1986 and 2023.
Learn More >

BUY REPORT LID BUY REPORT FCF

U.S. Venture Capital

The index is calculated based on data compiled from 2,503 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2023.
Learn More >

BUY REPORT LID BUY REPORT FCF

Ex U.S. Private Equity and Venture Capital

The indices are calculated based on data compiled from 1,122  ex U.S. private equity & venture capital funds, including fully liquidated partnerships, formed between 1986 and 2023.
Learn More >

BUY REPORT LID BUY REPORT FCF

Real Estate

The index is calculated based on data compiled from 1,374 funds, including fully liquidated partnerships, formed between 1986 and 2022.
Learn More >

BUY REPORT LID BUY REPORT FCF

Australia Private Equity and Venture Capital

The index is calculated based on data compiled from 122 Australia private equity & venture capital funds, including fully liquidated partnerships, formed between 1997 and 2022.
Learn More >

BUY REPORT LID BUY REPORT FCF

Private Credit Report

The index is calculated based on data compiled from 696 Private Credit report funds, formed between 1986 and 2023.
Learn More >

BUY REPORT FCF

Explore the range of historical Private Investment Benchmark Reports

Global Private Equity

2023 Q4 Benchmark Report - LID

2023 Q4 Benchmark Report - FCF

2023 Q3 Benchmark Report - LID

2023 Q3 Benchmark Report - FCF

2023 Q2 Benchmark Report - LID

2023 Q2 Benchmark Report - FCF

2023 Q1 Benchmark Report - LID

2023 Q1 Benchmark Report - FCF

2022 Q4 Benchmark Report - LID

2022 Q4 Benchmark Report - FCF

2022 Q3 Benchmark Report - LID

2022 Q3 Benchmark Report – FCF

2022 Q2 Benchmark Report - LID

2022 Q2 Benchmark Report – FCF

2022 Q1 Benchmark Report - LID

2022 Q1 Benchmark Report – FCF

2021 Q4 Benchmark Report - LID

2021 Q3 Benchmark Report – LID

2021 Q2 Benchmark Report – LID

2021 Q1 Benchmark Report – LID

2020 Q4 Benchmark Report – LID 

2020 Q3 Benchmark Report – LID

U.S. Private Equity (Legacy Definition)

2023 Q4 Benchmark Report - LID

2023 Q4 Benchmark Report - FCF

2023 Q3 Benchmark Report - LID

2023 Q3 Benchmark Report - FCF

2023 Q2 Benchmark Report - LID

2023 Q2 Benchmark Report - FCF

2023 Q1 Benchmark Report - LID

2023 Q1 Benchmark Report - FCF

2022 Q4 Benchmark Report - LID

2022 Q4 Benchmark Report - FCF

2022 Q3 Benchmark Report – LID

2022 Q3 Benchmark Report – FCF

2022 Q2 Benchmark Report – LID

2022 Q2 Benchmark Report – FCF

2022 Q1 Benchmark Report – LID

2022 Q1 Benchmark Report – FCF

2021 Q4 Benchmark Report – LID

2021 Q3 Benchmark Report – LID

2021 Q2 Benchmark Report – LID

2021 Q1 Benchmark Report – LID

2020 Q4 Benchmark Report – LID 

2020 Q3 Benchmark Report – LID

U.S. Venture Capital

2023 Q4 Benchmark Report - LID

2023 Q4 Benchmark Report - FCF

2023 Q3 Benchmark Report - LID

2023 Q3 Benchmark Report - FCF

2023 Q2 Benchmark Report - LID

2023 Q2 Benchmark Report - FCF

2023 Q1 Benchmark Report - LID

2023 Q1 Benchmark Report - FCF

2022 Q4 Benchmark Report - LID

2022 Q4 Benchmark Report - FCF

2022 Q3 Benchmark Report – LID

2022 Q3 Benchmark Report – FCF

2022 Q2 Benchmark Report – LID

2022 Q2 Benchmark Report – FCF

2022 Q1 Benchmark Report – LID

2022 Q1 Benchmark Report – FCF

2021 Q4 Benchmark Report – LID

2021 Q3 Benchmark Report – LID

2021 Q2 Benchmark Report – LID

2021 Q1 Benchmark Report – LID

2020 Q4 Benchmark Report – LID 

2020 Q3 Benchmark Report – LID

Ex U.S. Private Equity and Venture Capital

2023 Q4 Benchmark Report - LID

2023 Q4 Benchmark Report - FCF

2023 Q3 Benchmark Report - LID

2023 Q3 Benchmark Report - FCF

2023 Q2 Benchmark Report - LID

2023 Q2 Benchmark Report - FCF

2023 Q1 Benchmark Report - LID

2023 Q1 Benchmark Report - FCF

2022 Q4 Benchmark Report - LID

2022 Q4 Benchmark Report - FCF

2022 Q3 Benchmark Report – LID

2022 Q3 Benchmark Report – FCF

2022 Q2 Benchmark Report – LID

2022 Q2 Benchmark Report – FCF

2022 Q1 Benchmark Report – LID

2022 Q1 Benchmark Report – FCF

2021 Q4 Benchmark Report – LID

2021 Q3 Benchmark Report – LID

2021 Q2 Benchmark Report – LID

2021 Q1 Benchmark Report – LID

2020 Q4 Benchmark Report – LID 

2020 Q3 Benchmark Report – LID

Real Estate

2023 Q4 Benchmark Report - LID

2023 Q4 Benchmark Report - FCF

2023 Q3 Benchmark Report - LID

2023 Q2 Benchmark Report - FCF

2023 Q2 Benchmark Report - LID

2023 Q2 Benchmark Report - FCF

2023 Q1 Benchmark Report - LID

2023 Q1 Benchmark Report - FCF

2022 Q4 Benchmark Report - LID

2022 Q4 Benchmark Report - FCF

2022 Q3 Benchmark Report – LID

2022 Q3 Benchmark Report – FCF

2022 Q2 Benchmark Report – LID

2022 Q2 Benchmark Report – FCF

2022 Q1 Benchmark Report – LID

2022 Q1 Benchmark Report – FCF

2021 Q4 Benchmark Report – LID

2021 Q3 Benchmark Report – LID

2021 Q2 Benchmark Report – LID

2021 Q1 Benchmark Report – LID

2020 Q4 Benchmark Report – LID 

2020 Q3 Benchmark Report – LID

Australia Private Equity and Venture Capital

2023 Q4 Benchmark Report - LID

2023 Q4 Benchmark Report - FCF

2023 Q3 Benchmark Report - LID

2023 Q3 Benchmark Report - FCF

2023 Q2 Benchmark Report - LID

2023 Q2 Benchmark Report - FCF

2023 Q1 Benchmark Report - LID

2023 Q1 Benchmark Report - FCF

2022 Q4 Benchmark Report - LID

2022 Q4 Benchmark Report - FCF

2022 Q3 Benchmark Report – LID

2022 Q3 Benchmark Report – FCF

2022 Q2 Benchmark Report – LID

2022 Q2 Benchmark Report – FCF

2022 Q1 Benchmark Report – LID

2022 Q1 Benchmark Report – FCF

2021 Q4 Benchmark Report – LID

2021 Q3 Benchmark Report – LID

2021 Q2 Benchmark Report – LID

2021 Q1 Benchmark Report – LID

2020 Q4 Benchmark Report – LID 

2020 Q3 Benchmark Report – LID

Private Credit

2023 Q4 Benchmark Report - FCF

2023 Q3 Benchmark Report - FCF

2023 Q2 Benchmark Report - FCF

2023 Q1 Benchmark Report - FCF

2022 Q4 Benchmark Report - FCF

Be the first to access quarterly Private Investment Benchmarks

Sign up to receive updates via email

Sign Up

FAQs – Vintage Year Definition Update as of 2022 Q1 Reporting

Beginning with the 2022 Q1 performance quarter (released in July), CA’s definition of fund vintage year shifted from the legal inception date to the date of fund first cash flow, defined as the year of a fund’s first drawdown or capital call from its investors. The use of the date of a fund’s first cash flow to determine its vintage year reflects the evolution of best practices and will allow for more consistent comparisons to industry data. Via the Online Store, customers have the option to purchase CA benchmark reports by either FCF or LID vintage year definitions.

What is the difference between LID and FCF vintage year definitions?

Legal Inception Date (“LID”): Fund’s vintage year is assigned by the legal inception date, as noted in the financial statements. Historically, available CA reporting only followed the LID definition up until and including 2021 Q4 performance reporting.

First Cash Flow (“FCF”): Fund’s vintage year is assigned by the date of the fund’s first drawdown or capital call from its investors. As of 2022 Q1 performance reporting, CA’s official definition of fund vintage year will be FCF.

Why is CA adding the FCF vintage year definition?

It is important that CA provides their clients (and the industry) with a standardized data set that can be appropriately compared against data sets and returns produced by other industry participants (limited partners, peer groups, etc.). While GIPS Standards recognize both the date of first cash flow (FCF) and legal inception date as acceptable vintage year definitions, the vast majority of industry participants today prefer the FCF definition.

What are the impacts of changing from LID to FCF?

Some funds will move from one vintage year to another and, as funds move, the composition of vintage year groups of funds change. An individual fund’s return is not impacted by this change, but changes to the funds included in each vintage year grouping will lead to some differences in benchmark sample sizes, available metrics, and “by vintage year” returns.

FAQs - Our strategic collaboration

We have entered into a strategic collaboration with Cambridge Associates, a global investment firm with a strong presence in private capital markets and a leading provider of Private Investment Benchmarks.

What are the firms’ respective roles?

As part of the collaboration, we have exclusive rights to distribute the Cambridge Associates benchmarks in aggregated and anonymous form via digital formats to end users, data redistributors and reporting and analytics platforms. 

Cambridge Associates will remain responsible for fund manager relations, data collection, benchmark development and production, as well as managing the security and confidentiality of its datasets.

What if the e-commerce store Terms and Conditions do not cover my use case?

Institutions may license the Private Investment Benchmarks for multi-user access, official benchmarking and client reporting. This expanded data offering includes all indices available in the reports plus additional benchmarks and metrics, packaged into the following five families:

  • Private Equity
  • Venture Capital
  • Private Equity and Venture Capital Aggregated
  • Private Credit
  • Real Assets

To discuss licensing options and this expanded offering, please contact an expert here.

What does the Cambridge Associates benchmark database include?

The historical performance records of over 2,400+ fund managers and 8,600+ funds representing nearly USD $6.3 trillion raised. Coverage includes all major fund asset classes, strategies and geographies dating back as early as the 1980s for most asset classes.

What if I have questions about the benchmark construction or methodology?

Please contact an expert here, and a representative will reach out to assist you.

What utility do the Cambridge Associates Private Investment Benchmarks offer?

They serve as a valuable tool in numerous use cases, including: performance measurement and monitoring, risk management, valuation, asset allocation, investment due diligence and capital raising. For General Partners (GPs) and Limited Partners (LPs) specifically, the benchmarks can help identify investment opportunities, support the fund manager selection process and provide data-driven intelligence to improve portfolio returns and better manage risks.

How do I access the benchmarks on a 3rd party platform?

The Cambridge Associates Private Investment Benchmarks will be available via several 3rd party platforms and redistributors.

Please contact an expert here, and a representative will reach out to assist you.

Now Available: 2023 Q3 Preliminary Returns

Preliminary 1-quarter IRR calculations are available for all ecommerce benchmarks when at least 50% of active funds and prior period's NAVs have updated. All returns are calculated in U.S. dollars unless otherwise noted.

Download Now

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Learn more about Private Investment Benchmarks

Contact an Expert
Cambridge Associates Legal Disclaimer
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