March 20, 2013
Interviewed by: David Snow
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Benchmarking Basics: Peer Groups

It’s a tricky but critical categorization to make – against which peer group should a fund manager be benchmarked? And how should investors think about using peer comparisons in selecting GPs to back? This topic is tackled by Michael Elio of ILPA, Andrea Auerbach of Cambridge Associates, and William Chu, Vice President at Zurich Alternative Asset Management. Discussed: Why some GPs are fooling themselves if they think they have no competitors, how some GPs remove “non-core” deals from their track records, and how emerging-markets managers should be benchmarked. This is an important discussion to watch for any GP about to hit the fundraising trail or any LP seeking to improve the way they vet managers.

It’s a tricky but critical categorization to make – against which peer group should a fund manager be benchmarked? And how should investors think about using peer comparisons in selecting GPs to back? This topic is tackled by Michael Elio of ILPA, Andrea Auerbach of Cambridge Associates, and William Chu, Vice President at Zurich Alternative Asset Management. Discussed: Why some GPs are fooling themselves if they think they have no competitors, how some GPs remove “non-core” deals from their track records, and how emerging-markets managers should be benchmarked. This is an important discussion to watch for any GP about to hit the fundraising trail or any LP seeking to improve the way they vet managers.

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