About
About Private Market Watch and how the data platform and indices are constructed.
Private Markets FV
$495.0B
BDCs
164
Interval Funds
106
Tender Offer Funds
16
About Private Market Watch
Private Market Watch is a data platform covering all SEC-registered evergreen vehicles: business development companies (BDCs), interval funds, and tender offer funds. It provides fund-level analytics, portfolio data, and transparent position-level indices. These are the registered, wealth-accessible vehicles that have opened private credit and equity markets to a broader investor base.
The index currently tracks 287 reporting entities (164 BDCs, 106 interval funds, 16 tender offer funds) representing $495.0B in private markets fair value.
Why Evergreen Vehicles?
Existing benchmarks rely on voluntary manager surveys or track only a subset of the market. By sourcing all data from mandatory portfolio disclosures of every registered vehicle, Private Market Watch provides complete, unbiased coverage of this rapidly growing market segment -- from fund-level analytics down to individual position-level indices that mirror the granularity of public credit benchmarks like the Morningstar LSTA Leveraged Loan Index.
Index Construction
The indices are constructed through a rigorous, rules-based process that transforms mandatory SEC filings into position-level benchmarks. The methodology is fully systematic with no discretionary overrides.
Universe identification
6 independent SEC data sources
BDC portfolio extraction
10-K/10-Q schedules of investments
Fund portfolio extraction
N-PORT quarterly holdings
Holdings unification
Classification and deduplication
Position matching
Across reporting periods
Return decomposition
Price + income + principal
Index aggregation
FV-weighted, chain-linked from 100
Update Frequency
Indices are updated quarterly following SEC filing deadlines, with a one-quarter observation lag. The current dataset covers 2019 Q4 through Q4 2025. BDC portfolio coverage begins around 2022 when the SEC phased in structured tagging requirements. Fund portfolio data (N-PORT) extends back to late 2019.
Last updated: 5/19/2026
Disclaimer
This data is derived from publicly available SEC filings and is provided for informational and research purposes only. It does not constitute investment advice, a solicitation, or an offer to buy or sell any securities. Past performance is not indicative of future results.
No warranty is made as to the accuracy, completeness, or timeliness of the data. The reported fair values reflect fund-level mark-to-model estimates, not market transaction prices. Users should independently verify any data before making investment decisions.
Learn More
For detailed information on index construction, see the Methodology page.