Private market data is inherently difficult to obtain because private companies are under fewer disclosure requirements, and the data is often behind expensive paywalls, limiting access primarily to institutional investors or those with substantial resources. Private market data is also less transparent than public market data, making the two markets difficult to compare. This scarcity of information means that private equity investors who have access to comprehensive private market data can better assess opportunities and risks, potentially leading to superior investment decisions. PitchBook offers reliable private market data verified by a team of highly specialized investment professionals.

Private capital funds also exhibit a wider range of returns compared to public funds due to differences in valuations, investment strategies, and liquidity constraints. While private markets are theorized to offer an illiquidity premium—higher returns to compensate for lower liquidity—the evidence is mixed. Investors should not assume private assets will consistently outperform public ones. Private markets often show less volatility than public markets, partly because private assets are valued less frequently (typically quarterly) and rely on models rather than real-time market pricing, which smooths returns artificially. In contrast, public markets experience continuous price updates reflecting market sentiment and economic news, leading to higher observed volatility.

Private market data is harder to obtain due to infrequent valuations and the lack of disclosure requirements. PitchBook, a Morningstar company, uses a vigorous private makret data verification process that includes continual vetting with with humans and AI tools. Private and public markets also use different metrics to report on performance, making it difficult to compare them directly. Private market returns are often reported as internal rates of return, which are not directly comparable to public market time-weighted returns.

PitchBook, a Morningstar company, is one of the most comprehensive, accurate, and timely intelligence platforms for private markets. It covers over 10 million private companies, 2.9 million deals, 604,000 investors, and 156,000 funds. Morningstar Direct, an investment analysis application, also covers data on both public and private investments. Direct includes data on over 1,000 semiliquid funds in the US and over 131,000 global unregistered private funds.