MSCI Burgiss
The LP-sourced benchmark for private fund performance
4.3Enterprise / CustomBest for Benchmarking fund performance the way LPs will
Benchmarks Fund Performance Institutional
Overview
Burgiss — fully acquired by MSCI in a deal completed in 2023 for $697M — maintains one of the largest LP-sourced datasets of private fund performance, built from actual capital account data rather than voluntary GP reporting. VCs use its vintage-year benchmarks to know whether a fund's net TVPI and IRR are genuinely top-quartile before saying so in a deck.
Key features
- Private fund performance data sourced from LPs
- Vintage-year benchmarks by strategy and geography
- TVPI, DPI, IRR and PME analytics
- Portfolio analytics for allocators
- Integration with MSCI's broader risk toolkit
Pros
- LP-sourced data avoids self-reporting survivorship bias
- The benchmark set institutional LPs actually reference
- Deep vintage history across market cycles
Cons
- Institutional pricing well beyond emerging-manager budgets
- Venture cuts are less granular than broad buyout coverage