Investment analytics for private funds
The metrics, what each one hides, and why analytics must be computed from the ledger's cash flows.
What is investment analytics software for private funds?
Investment analytics software computes performance and risk measures for private funds — IRR, MOIC, DPI, RVPI, TVPI, public market equivalents, attribution and cash-flow forecasts — from actual contributions, distributions and valuations, and slices them by fund, vehicle, investor, deal, sector and vintage.
The core metrics
IRR measures time-weighted-by-timing return and rewards speed; MOIC measures how much, ignoring time; DPI counts only cash returned; TVPI adds remaining value. Read together, they tell a story; read alone, each can mislead.
Benchmarking
Public market equivalents answer whether the fund beat an index on a like-for-like basis. Peer benchmarks require licensed third-party data.
Attribution and pacing
Attribution breaks returns down by deal, sector, geography and partner. Pacing models project calls and distributions for liquidity planning — essential for allocators and increasingly for GPs using credit facilities.
Why the source matters
Analytics computed from a spreadsheet of cash flows drift from the books. Computed from the ledger, each LP's net IRR matches their capital account and every variance can be traced to transactions.
Questions
Should we report IRR with and without a subscription line?
ILPA guidance recommends it, and FUN/D supports both.
What is Direct Alpha?
A PME method expressing outperformance as an annualised excess return.
Related reading
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