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Given the nature of private markets, access to transaction-level data is less straightforward. Close interaction with GPs and other market participants can provide data for investors to identify market trends and assess a GP’s strategy successfully. Gaining information on deals previously originated by a GP can help identify the market segment in which the manager operates. Knowing a GP’s “sweet spot” allows investors to avoid undesirable risk- factor concentration or select a GP based on how well it fits the portfolio’s broader objectives.

Data on individual loans are harder to obtain and require a closer relationship with the originating GP. Still, this level of granularity is essential if we are to effectively compare managers. Exhibit 11 illustrates this point by providing a clearer picture of the segments in which different GPs source most of their transactions. This is an important tool for manager selection and monitoring as well as for portfolio construction.