Measuring and benchmarking private investment performance is an ambiguous and complex process. The lack of a single “right” measure leads to inconsistency across the industry and makes it difficult to decompose the various
drivers of performance. Our framework seeks to solve that problem by identifying the key performance questions to address and then measuring success across a series of key metrics using a set of tools that can be applied in a consistent manner.

A Framework for Benchmarking Private Investments
Jill Shaw, Cambridge Associates
Carlos Herrera and
Christine Cheong