How to See Portfolio Performance
I see a lot of threads on here referencing specific PE portcos and how they're faring / what they're marked at. But per my knowledge, this info is proprietary. Is there anywhere that people go to look at the performance of specific portfolio companies within a fund that I just don't know about? I'm aware you can get overall fund performance from publicly available resources like CalPERS and Pitchbook, but looking for more individual company-level data. Thanks
No.
The industry would break if that were a thing. These portcos are private companies and usually you have to pick up details from various sources (newsflow, certain country regulatory filings, what that MD said at a catch up breakfast, etc.)
The only peope who have the full picture are the professionals covering specific assets at the fund which owns them, and they're often minded to guard the information closely (you get to know who is more chatty and who won't tell you a thing).
Understood, thank you. I know some of these funds go out to market with smaller investor syndicates etc. so assuming there would be some level of detail in those materials. But sounds like it's all super confidential.
Some of the state pension systems and other public-facing LPs (CalSTRS, etc.) publish reports on specific LP performance, but agree that deal-specific stats are unusual. It's usually aggregate fund detail (which may or may not also be in Pitchbook/Preqin).
Will also note that the bias is going to be toward dogs if we are talking pre-exit. If some leverage gets syndicated and rated and S&P comes out with an F- rating or whatever, then there will be a whole report about what the leverage is, etc. just before a restructuring. Same thing's not gonna happen when a company is doing well just before a dividend recap. That's why so much of the chatter on here is seemingly discordant with people being like "I know so many [likely 2-3] of their portcos that are straight bankrupt, why aren't they marking it down?!" about funds that are accurately going to be 3x. Also it'd be rare to find any firm that doesn't have dogs these days; know of several firms that have the top 5 flagships of anyone out there who credible sources say have not just dogs, but 2-3 straight zeros in their latest pre-fundraise funds. The ability to hit home runs is starting to make a comeback.
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