Conducting Peer Benchmarking Analysis

When To Use

• Preparing quarterly or annual LP reports that require relative performance context
• Responding to LP due diligence requests for peer comparison data
• Evaluating fund positioning ahead of fundraising or investor meetings
• Assessing whether a fund's return profile warrants strategy adjustments
• Building track record presentations for new fund marketing materials

Inputs To Gather

• Fund performance data: Net IRR, gross IRR, TVPI, DPI, RVPI, and PME ratios for each fund vehicle
• Vintage year: The year of first capital call (not final close) for accurate cohort matching
• Strategy classification: Buyout, growth equity, venture (early/late), real estate (value-add/opportunistic/core), credit, infrastructure, secondaries, or fund-of-funds
• Geography focus: North America, Europe, Asia-Pacific, global, or emerging markets
• Fund size band: Confirm AUM range to select the correct peer slice (e.g., small-cap buyout vs. mega-cap)
• Benchmark source(s): Cambridge Associates, Preqin, Burgiss, PitchBook, Hamilton Lane, or proprietary LP datasets — note each source's methodology and universe construction [VERIFY]
• Reporting date: As-of date for all metrics; confirm alignment between fund data and benchmark data timestamps
• Currency: Base currency for the fund and whether benchmark data is hedged or unhedged