{"id":989292,"date":"2020-12-01T22:09:00","date_gmt":"2020-12-01T22:09:00","guid":{"rendered":"https:\/\/explorecem.com\/?p=989292"},"modified":"2026-06-11T17:57:29","modified_gmt":"2026-06-11T17:57:29","slug":"benchmarking-the-performance-of-private-equity-portfolios-of-the-worlds-largest-institutional-investors-a-view-from-cem","status":"publish","type":"post","link":"https:\/\/explorecem.com\/benchmarking-the-performance-of-private-equity-portfolios-of-the-worlds-largest-institutional-investors-a-view-from-cem\/","title":{"rendered":"Benchmarking the performance of private equity portfolios of the world\u2019s largest institutional investors: a view from CEM"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"989292\" class=\"elementor elementor-989292\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7b16f6b6 e-flex e-con-boxed e-con e-parent\" data-id=\"7b16f6b6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"vamtam-has-theme-widget-styles elementor-element elementor-element-42afd074 elementor-widget elementor-widget-text-editor\" data-id=\"42afd074\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: center;\" data-start=\"91\" data-end=\"678\"><strong>Chris Flynn, Head of Research,<\/strong><\/p><p data-start=\"91\" data-end=\"678\">This original CEM research was published in the December 2020 edition of the Journal of Investing. To get a copy of the article\u2019s reprint, please email\u00a0<a href=\"mailto:research@cembenchmarking.com\">research@cembenchmarking.com<\/a><\/p><p><b>ABSTRACT<\/b><\/p><p>The CEM database contains private equity true-time weighted portfolio returns net of investment costs, along with self-reported benchmark returns for some of the largest institutional investors in the world. To quantify performance, the article uses a consistent benchmarking methodology, employing geographic blends of small-cap equity indexes and showing that the method yields a better benchmark. From 1996-2018, private equity slightly underperformed the benchmarks, indicating that the returns for private equity are comparable to those of listed equity.<\/p><p><b>KEY FINDINGS<\/b><\/p><ul><li><ul><li>Of the private equity benchmarks currently used by investors, most are flawed. A benchmarking method using listed small-cap equity, with a lag of between three and five months, is sufficient to benchmark most private equity portfolios.<\/li><li>The average private equity portfolio historically underperformed this simple investible benchmark. The average net value added from 1996-2018 is -0.67%<\/li><li>Cost strongly affects relative performance; low-cost internal direct or co-investment private equity outperforms high-costs fund-of-funds private equity.<\/li><\/ul><\/li><\/ul><p><b>TOPICS<\/b><\/p><p>Private equity, performance measurement, equity portfolio management, style investing, statistical methods, pension funds*<\/p><p><strong>This original CEM research was published in the December 2020 edition of the Journal of Investing. To get a copy of the article\u2019s reprint, please email\u00a0<a href=\"mailto:insights@cembenchmarking.com\">research@explorecem.com.<\/a><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-22dff34 e-flex e-con-boxed e-con e-parent\" data-id=\"22dff34\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Chris Flynn, Head of Research, This original CEM research was published in the December 2020 edition of the Journal of Investing. To get a copy of the article\u2019s reprint, please email\u00a0research@cembenchmarking.com ABSTRACT The CEM database contains private equity true-time weighted portfolio returns net of investment costs, along with self-reported benchmark returns for some of the&#8230;<\/p>\n","protected":false},"author":2,"featured_media":989983,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[49],"tags":[],"class_list":["post-989292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Benchmarking the performance of private equity portfolios of the world\u2019s largest institutional investors: a view from CEM - CEM<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/explorecem.com\/benchmarking-the-performance-of-private-equity-portfolios-of-the-worlds-largest-institutional-investors-a-view-from-cem\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Benchmarking the performance of private equity portfolios of the world\u2019s largest institutional investors: a view from CEM - CEM\" \/>\n<meta property=\"og:description\" content=\"Chris Flynn, Head of Research, This original CEM research was published in the December 2020 edition of the Journal of Investing. To get a copy of the article\u2019s reprint, please email\u00a0research@cembenchmarking.com ABSTRACT The CEM database contains private equity true-time weighted portfolio returns net of investment costs, along with self-reported benchmark returns for some of the...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/explorecem.com\/benchmarking-the-performance-of-private-equity-portfolios-of-the-worlds-largest-institutional-investors-a-view-from-cem\/\" \/>\n<meta property=\"og:site_name\" content=\"CEM\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-01T22:09:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-11T17:57:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/explorecem.com\/wp-content\/uploads\/2026\/03\/hassaan-here-aVjegSvlFHk-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Isha Soni\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Isha Soni\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/explorecem.com\\\/benchmarking-the-performance-of-private-equity-portfolios-of-the-worlds-largest-institutional-investors-a-view-from-cem\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/explorecem.com\\\/benchmarking-the-performance-of-private-equity-portfolios-of-the-worlds-largest-institutional-investors-a-view-from-cem\\\/\"},\"author\":{\"name\":\"Isha Soni\",\"@id\":\"https:\\\/\\\/explorecem.com\\\/#\\\/schema\\\/person\\\/d1fd8c73fd58cfe92eaf36868e65268f\"},\"headline\":\"Benchmarking the performance of private equity portfolios of the world\u2019s largest institutional investors: a view from CEM\",\"datePublished\":\"2020-12-01T22:09:00+00:00\",\"dateModified\":\"2026-06-11T17:57:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/explorecem.com\\\/benchmarking-the-performance-of-private-equity-portfolios-of-the-worlds-largest-institutional-investors-a-view-from-cem\\\/\"},\"wordCount\":248,\"publisher\":{\"@id\":\"https:\\\/\\\/explorecem.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/explorecem.com\\\/benchmarking-the-performance-of-private-equity-portfolios-of-the-worlds-largest-institutional-investors-a-view-from-cem\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/explorecem.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/hassaan-here-aVjegSvlFHk-unsplash-scaled.jpg\",\"articleSection\":[\"Research\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/explorecem.com\\\/benchmarking-the-performance-of-private-equity-portfolios-of-the-worlds-largest-institutional-investors-a-view-from-cem\\\/\",\"url\":\"https:\\\/\\\/explorecem.com\\\/benchmarking-the-performance-of-private-equity-portfolios-of-the-worlds-largest-institutional-investors-a-view-from-cem\\\/\",\"name\":\"Benchmarking the performance of private equity portfolios of the world\u2019s largest institutional investors: a view from CEM - 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