EDHEC: Listed benchmarks don’t reflect private equity returns

Tue, 25 Nov 2025 08:01:50 +0100

By Evan Clark, Senior Private Market Analyst, EDHEC Infrastructure & Private Assets Research Institute

In a recent Scientific Infra & Private Assets (SIPA) report entitled ‘Rethinking Benchmarks: Listed Equities Benchmarks Continue to Misrepresent Pension Fund Private Equities Performance,’ we evaluated the benchmarking choices for eight large Canadian pension plans (known as the ‘Maple 8’).

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