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We constantly enhance the benchmarking experience on Preqin Pro with new tools and data:

Risk & Return Analysis: Leverage Preqin’s industry-leading performance data and save time by visualizing the risk-return profiles of private capital benchmarks directly within Preqin Pro.
J-Curve & Cash Flow Pacing Benchmarks: A new tool allowing you to analyze the J-curve trajectory and the cash flow momentum of a benchmark group
Direct Alpha: A new Public Market Equivalent methodology added to Preqin Pro to help evaluate an investment’s performance

Risk & Return Analysis

Examining the risk-return profiles of potential strategies is a key factor in LPs’ allocation decision-making, and in GPs’ approach to fund marketing.

Now you can leverage Preqin’s industry-leading performance data and save time by visualizing the risk-return profiles of private capital benchmarks directly within Preqin Pro.

Our latest release – Risk & Return Analysis – ensures risk and investment teams at LPs, fund of funds and investment consultants can compare and analyze the risk-return profile of different strategies, quickly and easily.

This new tool will also empower GPs by enabling them to include customized visualizations in presentations when promoting their fund type.

How our new tool gives you an edge

Investors	Service Providers	Fund Managers
Compare the risk-return profile of different strategies for best allocation decisions	Advise your clients on the risk-return relationship of private capital investments and determine suitable investment decisions	Support fund marketing by illustrating how a fund type’s risk-return profile compares to others

Using Risk & Return Analysis in Preqin Pro

To find the Risk & Return Analysis in Preqin Pro, simply navigate to:

Benchmarks > Private Capital Benchmarks > Risk Return Analysis

To build your risk/return analysis, use the Private Market Benchmarks filter above the chart to select benchmarks by strategy, primary region focus and vintage year.

Visualize up to 10 benchmarks at once to your custom chart. Once your chart is populated, you can hover over the bubbles for further information and export the chart to include it into your presentations.

Risk & Return Analysis is available in Pro to all users with both performance and cash flow subscriptions.

If you’re looking to enhance your risk and return measurement capabilities, why not consider subscribing? Get in contact with us to learn more.

J-Curve & Cash Flow Pacing Benchmarks

What Is it?

This new tool in Preqin Pro allows you to analyze the J-curve trajectory and the cash flow momentum of each benchmark group, and then compare it to that of a specific fund. It supports allocators and secondary buyers with their due diligence as it helps them to:

Contextualize the manager’s cash flow behavior earlier in the due diligence process
Understand the evolution of historical returns for each benchmark in detail
Evaluate whether the typical cadence and sizes of a fund manager’s calls and distributions are suitable in the context of your portfolio's expected cash flow schedule
It also supports fund managers in comparing their capital pacing trends against their peers and in seeing where they stand against other managers' returns throughout their funds' lifecycles.

Why Does it Matter?

Understanding how much and how quickly capital is typically called and returned for a strategy or a specific fund manager, is an important part of the screening and selection process for each fund commitment, as well as strategic allocation decisions.

It is an ongoing challenge for allocators to make sure they benefit from the illiquidity premiums of private market investments while also keeping the uncertainty around cash flow pacing to a minimum. It is therefore beneficial to be armed with reliable track records of cash flow pacing behavior and return trajectories to enhance the ease and confidence around allocation decisions.

How Does it Work?

You can find this new release in our market benchmark tools in Pro. Go from the top nav to Benchmarks > Private Capital Benchmarks. Select any benchmark group you wish to see in detail and click into J-curve Analysis:

View each year’s Net IRR and called and distributed statistics by hovering over the chart. Alternatively, you can customize the information displayed in the chart by hiding and adding these metrics in the legend on the right hand.

The table underneath the charts shows fund-level cash flow data. You can plot fund-specific data to the charts by selecting a fund in the table and clicking on Add to Chart.

Who Gets it?

The J-Curve and Cash Flow Pacing benchmarks are available in Preqin Pro for subscribers with access to both fund manager performance and cash flow data.

For a limited time only, the aggregated J-curve charts are also available for users with a performance data only subscription.

Adding cash flow data to your subscription enables to you to gain access to the industry’s largest source of granular, fund-level cash flow data.

Direct Alpha

What Is it?

Alternatives investment professionals tend to use Public Market Equivalent (PME) methodologies to evaluate an investment’s performance. These methods assess the value of a private capital investment by comparing it with the return of a related public market benchmark. Kaplan Scholar, Long Nickels and PME+ are methods already available on Preqin Pro – and now we’ve added Direct Alpha.

Direct Alpha formalizes the calculation of the exact alpha to a chosen reference benchmark, so is seen as a reliable method for asset allocation and investment decisions. This allows for a more robust use of the cashflow data in Preqin Pro, supporting:

Investors with strategic portfolio allocation decisions
Fund managers and consultants by allowing for direct comparisons between private markets funds and public benchmarks

Why Does it Matter?

Comparing private capital returns against public market equivalents is nothing new. GPs, LPs, and consultants have come up with many calculations over the years. Each approach aims to avoid a perceived shortcoming of other methodologies and tries to give a better estimation of the generated return relative to a benchmark.

Preqin’s PME tool enables the comparison of private capital returns against seven public market indices using a choice of four PME methodologies: Kaplan- Scholar PME, Long-Nickels PME, PME+, and Direct Alpha. All methodologies utilize the ‘since-inception cash flow data’ that Preqin holds for over 5,000 funds.

Direct Alpha, compared to alternatives, gives the exact solution instead of a heuristic approximation and is one of the simpler methodologies to calculate. It differs from other approaches by using the calculation of the IRR for a single point in time and not a hypothetical public portfolio. The cash flow returns are therefore not affected by any changes in the reference index and allows for an exact rate of return of outperformance, rather than an indirect estimate.

With this new data and other solutions to come, Preqin aims to offer the alternatives industry a one-stop benchmarking solution.

To find out more about our cash flow data and PME methodologies, see our Data Performance Guide or How Direct Alpha Methodology Overcomes Performance Calculation Limitations.

How Does it Work?

You can find the new Direct Alpha data in our Benchmark section in Preqin Pro.

Navigate from the top nav to Benchmarks > Private Capital Benchmarks.

On this page you can choose to add Public Market Equivalents (including the new Direct Alpha) to your search results by filtering for the method and index of choice for comparison against your selected benchmark group:

Adjust As-at-Date to a quarter-end date at least six months prior:

To ensure we use as complete a dataset as possible when calculating the latest PME values, there is a lag of six-months for the latest quarter-end date.

There are seven indices (S&P 500, Russell 2000, Russell 3000, MSCI Emerging Markets, MSCI Europe Standard, MSCI US REIT, and MSCI World) and four PME methodologies (Direct Alpha, KaplanScholar-PME, LongNickels-PME and PME+) available.

Alternatively, you can add the data filter(s) to your search by adding the preferred column(s) in Manage Columns:

From here you can easily export the data into Excel or save your search by Creating a Custom Benchmark

You can also access fund-level Direct Alpha analysis when you delve into the list of constituent funds of the benchmark group:

Who Gets it?

The new Direct Alpha methodology is available on Preqin Pro to all subscribers with access to our Private Capital Benchmark data.

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We constantly enhance the benchmarking experience on Preqin Pro with new tools and data:

Risk & Return Analysis: Leverage Preqin’s industry-leading performance data and save time by visualizing the risk-return profiles of private capital benchmarks directly within Preqin Pro.
J-Curve & Cash Flow Pacing Benchmarks: A new tool allowing you to analyze the J-curve trajectory and the cash flow momentum of a benchmark group
Direct Alpha: A new Public Market Equivalent methodology added to Preqin Pro to help evaluate an investment’s performance

Risk & Return Analysis

Examining the risk-return profiles of potential strategies is a key factor in LPs’ allocation decision-making, and in GPs’ approach to fund marketing.

Now you can leverage Preqin’s industry-leading performance data and save time by visualizing the risk-return profiles of private capital benchmarks directly within Preqin Pro.

This new tool will also empower GPs by enabling them to include customized visualizations in presentations when promoting their fund type.

How our new tool gives you an edge

Investors	Service Providers	Fund Managers
Compare the risk-return profile of different strategies for best allocation decisions	Advise your clients on the risk-return relationship of private capital investments and determine suitable investment decisions	Support fund marketing by illustrating how a fund type’s risk-return profile compares to others

Using Risk & Return Analysis in Preqin Pro

To find the Risk & Return Analysis in Preqin Pro, simply navigate to:

Benchmarks > Private Capital Benchmarks > Risk Return Analysis

To build your risk/return analysis, use the Private Market Benchmarks filter above the chart to select benchmarks by strategy, primary region focus and vintage year.

Risk & Return Analysis is available in Pro to all users with both performance and cash flow subscriptions.

If you’re looking to enhance your risk and return measurement capabilities, why not consider subscribing? Get in contact with us to learn more.

J-Curve & Cash Flow Pacing Benchmarks

What Is it?

Contextualize the manager’s cash flow behavior earlier in the due diligence process
Understand the evolution of historical returns for each benchmark in detail
Evaluate whether the typical cadence and sizes of a fund manager’s calls and distributions are suitable in the context of your portfolio's expected cash flow schedule
It also supports fund managers in comparing their capital pacing trends against their peers and in seeing where they stand against other managers' returns throughout their funds' lifecycles.

Why Does it Matter?

How Does it Work?

The table underneath the charts shows fund-level cash flow data. You can plot fund-specific data to the charts by selecting a fund in the table and clicking on Add to Chart.

Who Gets it?

The J-Curve and Cash Flow Pacing benchmarks are available in Preqin Pro for subscribers with access to both fund manager performance and cash flow data.

For a limited time only, the aggregated J-curve charts are also available for users with a performance data only subscription.

Adding cash flow data to your subscription enables to you to gain access to the industry’s largest source of granular, fund-level cash flow data.

Direct Alpha

What Is it?

Investors with strategic portfolio allocation decisions
Fund managers and consultants by allowing for direct comparisons between private markets funds and public benchmarks

Why Does it Matter?

With this new data and other solutions to come, Preqin aims to offer the alternatives industry a one-stop benchmarking solution.

To find out more about our cash flow data and PME methodologies, see our Data Performance Guide or How Direct Alpha Methodology Overcomes Performance Calculation Limitations.

How Does it Work?

You can find the new Direct Alpha data in our Benchmark section in Preqin Pro.

Navigate from the top nav to Benchmarks > Private Capital Benchmarks.

Adjust As-at-Date to a quarter-end date at least six months prior:

To ensure we use as complete a dataset as possible when calculating the latest PME values, there is a lag of six-months for the latest quarter-end date.

Alternatively, you can add the data filter(s) to your search by adding the preferred column(s) in Manage Columns:

From here you can easily export the data into Excel or save your search by Creating a Custom Benchmark

You can also access fund-level Direct Alpha analysis when you delve into the list of constituent funds of the benchmark group:

Who Gets it?

The new Direct Alpha methodology is available on Preqin Pro to all subscribers with access to our Private Capital Benchmark data.

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