Compare private-fund cash flows with a public alternative on matching dates.

Family Office Private Wealth Journal · Editorial research desk · 2 November 2026

Companion to Private Equity Performance: What Do We Know? by ROBERT S. HARRIS; TIM JENKINSON; STEVEN N. KAPLAN.

Decision in practice

A sponsor contrasts private-fund IRR with an index’s calendar-year return. Those numbers describe different timing exposures.

Committee assignment

Apply each contribution and distribution to an investable public benchmark on matching dates. Show remaining NAV, fees and alternative benchmark choices.

Record and decision rule

Reconcile cash flows to custody statements. Do not claim a private-market premium from unmatched periods or gross figures.

Illustrative application by the editorial desk. The source authors did not evaluate or endorse this procedure.