StepStone and FTSE Russell launch daily private market indices
Investment firm StepStone and index provider FTSE Russell have launched the world’s first global fund-level daily private market indices.
The FTSE StepStone Global Private Market Indices aim to provide investors with greater access to monitor alternative trends compared to traditional benchmarks based on quarterly valuations, according to FTSE Russell, an LSEG business.
The indices are available across multiple private market strategies and regions, using two methodologies: Daily Cash-Adjusted Indices and Daily Market Indices.
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“The new indices transform how private assets are benchmarked, giving asset owners faster insights into their portfolios and creating the ideal set of benchmarks for evergreen fund managers and investors,” said Gerald Toledano, global head of equity and multi-assets at FTSE Russell.
The launch addresses long-standing challenges around transparency and data timeliness in private markets, where reporting lags and fragmented datasets have limited investor visibility.
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The Daily Cash-Adjusted Indices establish a daily benchmark by rolling forward reported net asset values using real-time contribution, distribution, and currency movements, consistent with private market standards, FTSE Russell said.
Meanwhile, the Daily Market Indices provide a market-calibrated benchmark, extending the cash-adjusted methodology by incorporating estimated mark-to-market valuations derived from relevant public market indices and their historical relationships with private market strategies.
“The convergence of public and private markets is accelerating the demand for timelier insights into private markets,” said Tyler Johnson, partner and chief technology officer at StepStone. “These new indices deliver daily mark-to-market estimates for private market funds, an innovation we pioneered in our semiliquid solutions.”
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