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Article

Synthetic Peer Benchmarking for Diversified Private
Equity Programs

Jeroen Cornel
The Journal of Alternative Investments Spring 2017, 19 (4) 53-66; DOI: https://doi.org/10.3905/jai.2017.19.4.053
Jeroen Cornel
is a vice president at BlackRock Private Equity Partners in Princeton, NJ.
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  • For correspondence: jeroen.cornel@blackrock.com
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Abstract

Private equity is … private. This means that it can be challenging to monitor, examine, and benchmark the performance of private equity investments. As pension plans, insurers, and endowments are making private equity a larger part of their portfolios, it is becoming more important to respond to this challenge. Various methods exist to value and benchmark the performance of a single private equity fund. These include the popular public market equivalent method and peer benchmarking that compares the performance of a private equity investment with the broad private equity industry. Most institutional investors, however, have a collection of private equity investments (a diversified program); and techniques that analyze and compare the performance of a diversified program have not been readily available. Hence, investors in diversified programs are in the dark about their performance relative to the broader industry. This study has developed a simulation technique to peer benchmark diversified private equity programs, using a large universe of underlying funds. The method considers a program’s exact composition and number of holdings. It overcomes three key challenges that have prevented peer benchmarking of diversified programs until now: a lack of comparable data, a misleading practice of averaging underlying performances of individual funds, and no visibility on the drivers of out- (or under-) performance.

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The Journal of Alternative Investments: 19 (4)
The Journal of Alternative Investments
Vol. 19, Issue 4
Spring 2017
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Synthetic Peer Benchmarking for Diversified Private
Equity Programs
Jeroen Cornel
The Journal of Alternative Investments Mar 2017, 19 (4) 53-66; DOI: 10.3905/jai.2017.19.4.053

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Synthetic Peer Benchmarking for Diversified Private
Equity Programs
Jeroen Cornel
The Journal of Alternative Investments Mar 2017, 19 (4) 53-66; DOI: 10.3905/jai.2017.19.4.053
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  • Article
    • Abstract
    • ASSET DIVERSIFICATION AND MODELING CAUTIONS
    • PEER BENCHMARKING METHODS FOR DIVERSIFIED PRIVATE EQUITY PROGRAMS
    • RESOURCES
    • RESULTS AND DISCUSSION
    • CONCLUDING REMARKS
    • ENDNOTES
    • REFERENCES
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