Data Methodology
Transparency is core to our mission. This page explains how we collect, process, and present private equity data. All our data comes from publicly available sources.
Public Sources Only
All data comes from publicly available documents - no proprietary or leaked data.
Full Attribution
Every data point traces back to a source document with timestamp.
Regular Updates
Data is refreshed as new disclosures become available, typically quarterly.
Public Pension Funds
Quarterly and annual disclosures from state and local pension funds
Example Sources
Data Types Extracted
- • LP-Fund relationships
- • Performance metrics (IRR, TVPI, DPI)
- • Commitment amounts
- • NAV/Fair Value
SEC EDGAR Filings
Business Development Company (BDC) portfolio holdings and financial reports
Example Sources
Data Types Extracted
- • Portfolio company holdings
- • Investment valuations
- • Industry classifications
- • Interest rates
Public Records Requests
FOIA and state public records requests for pension fund data
Example Sources
Data Types Extracted
- • Supplementary performance data
- • Investment committee decisions
- • Allocation targets
Document Collection
Automated monitoring of pension fund websites and SEC EDGAR for new filings. Documents are downloaded and archived with timestamps.
Data Extraction
Structured data is extracted from PDFs, Excel files, and HTML tables using a combination of OCR, table parsing, and manual review for complex documents.
Entity Resolution
Fund and manager names are normalized and matched across sources using fuzzy matching algorithms. "Blackstone Capital Partners VII" and "BCP VII" are linked to the same fund entity.
Validation & Quality Checks
Automated checks flag outliers and inconsistencies. Performance metrics are validated against expected ranges (e.g., IRR between -100% and +200%). Cross-source validation confirms data accuracy.
Database Integration
Validated data is merged into our database, preserving historical values and creating time series where multiple observations exist.
Time Lag
Pension fund disclosures typically have a 3-6 month lag. Data as of Q2 2025 may not be published until September 2025.
Partial Coverage
Not all LPs publicly disclose their PE investments. Our database represents a subset of the total market, biased toward US public pensions.
Single LP Perspective
Performance data reflects what a specific LP experienced. Different LPs in the same fund may have slightly different returns due to timing, fees, or side letter provisions.
Naming Inconsistencies
Despite our entity resolution efforts, some funds may appear as separate entities due to significant naming variations across sources.
Valuation Methodology
NAV-based metrics (TVPI, IRR) rely on GP valuations, which may differ from realizable values and can lag market movements.
Quarterly Updates
Major data refresh following pension fund disclosure cycles:
- • February-March: Q4 data from previous year
- • May-June: Q1 data
- • August-September: Q2 data
- • November-December: Q3 data
Continuous Updates
Ongoing additions and corrections:
- • SEC filings processed within 48 hours
- • New pension sources added monthly
- • Entity resolution improvements weekly
- • User-reported corrections as received
If you notice data discrepancies or have questions about our methodology, we'd love to hear from you.