MSCI introduces a new global benchmark combining public and private equities, reflecting a shift in investor preferences and aiming to simplify allocations across private markets amidst growing asset management in private equity.
Index provider MSCI has launched a global benchmark that for the first time combines public and private equities, reflecting growing investor appetite for private markets as a way to boost returns and diversify portfolios.
The MSCI All Country Public + Private Equity Index pairs MSCI’s All Country World Investable Equity Index, which covers about 8,300 listed companies and roughly 99 per cent of developed and emerging market listed stocks, with a newly created All Country Private Equity Index that models valuations from nearly 10,000 private equity funds. The composite index allocates 15 per cent to private equity, is calculated daily and will be rebalanced quarterly, according to MSCI’s methodology documents and media statement.
MSCI said the move responds to a shift in investor thinking. “I would say that the lines around public and private equity are blurring,” Luke Flemmer, MSCI’s head of private assets, told the Financial Times. The firm added in its report that “institutional investors increasingly view equity as a unified asset class encompassing both publicly listed and privately held companies.”
The launch follows MSCI’s push into private-asset measurement and analytics, including the completion of its acquisition of private-asset data provider Burgiss in 2023, which MSCI said will strengthen its private-asset data and analytics capabilities. Industry data shows private equity has expanded rapidly in recent years , Bain reports assets under management in the sector more than doubled to about $4.7tn since 2018 , even as some commentators warn valuations have risen.
Proponents argue a unified benchmark offers a simpler, consistent tool for allocation, benchmarking and performance measurement across public and private capital. Flemmer said the new index “extends our private assets toolkit [to give] investors a simpler way to access, benchmark and allocate to private capital.”
But adoption is not assured. Some institutional investors manage public–private portfolios to deliver a total-return objective or to meet volatility constraints rather than to “beat the index”, Neuberger Berman’s Emea multi-asset CIO Maya Bhandari told the FT. She also cautioned that wide dispersion of returns among private equity managers over the past decade makes averaging performance into a single combined index less useful for investors who rely on manager selection rather than passive benchmarking.
Practically, the index’s value will depend on how investors use private-asset valuations modelled into a daily series, and whether indices can capture the heterogeneity and liquidity differences between private funds and listed equities. MSCI and other data providers are betting that improved transparency and daily-calculated benchmarks will make private markets more accessible to a broader set of investors; critics say structural and return-dispersion features of private equity may limit the usefulness of a blended benchmark for some investors.
- https://www.ft.com/content/9a981542-0a1c-4e26-a705-1d5932df409e – Please view link – unable to able to access data
- https://www.msci.com/discover-msci/media-room/msci-launches-breakthrough-index-integrating-public-markets-and-private-equity – MSCI has introduced the MSCI All Country Public + Private Equity Index, a daily benchmark that integrates public markets and private equity within a unified framework. This index combines the MSCI ACWI IMI, representing publicly listed equities across developed and emerging markets, with the MSCI All Country Private Equity Index, which tracks valuations of nearly 10,000 private equity funds globally. The index allocates 15% to private equity and is calculated daily, with quarterly rebalancing to maintain the target allocation. This initiative aims to provide investors with a comprehensive view of global equity performance across both public and private markets.
- https://ir.msci.com/news-releases/news-release-details/msci-announces-acquisition-burgiss-expanding-private-assets – MSCI Inc. has announced the acquisition of the remaining 66% of The Burgiss Group, LLC for $697 million in cash. Burgiss is a leading provider of data, analytics, and technology solutions for investors in private assets. This acquisition, which brings MSCI’s total investment in Burgiss to $913 million since January 2020, aims to enhance MSCI’s capabilities in private asset data and analytics, thereby strengthening its multi-asset class offerings and reinforcing its commitment to innovation and transparency in global private asset investing.
- https://ir.msci.com/news-releases/news-release-details/msci-completes-acquisition-burgiss – MSCI Inc. has completed its acquisition of The Burgiss Group, LLC, a market-leading provider of data, analytics, and technology solutions for investors in private assets. The acquisition, initially announced on August 14, 2023, is expected to expand and strengthen MSCI’s solutions across client segments and promote greater transparency for investors in private assets. The integration of Burgiss is anticipated to enhance MSCI’s offerings in private asset data and analytics, reinforcing its position in the private assets market.
- https://www.msci.com/indexes/index/764233 – The MSCI All Country Private Equity Index offers a broad, daily view of private equity performance. Built on limited partner-sourced cash flows and valuations from nearly 10,000 funds, this index leverages modelled private equity exposures within a consistent global framework. It provides investors with comprehensive insights into private equity performance, facilitating more informed investment decisions in the private assets space.
- https://ir.msci.com/static-files/25656e42-b93b-4c46-8c3b-5d28a88875b9 – MSCI’s acquisition of Burgiss, announced on August 14, 2023, involved the purchase of the remaining 66% of The Burgiss Group, LLC for $697 million in cash. This acquisition, which brings MSCI’s total investment in Burgiss to $913 million since January 2020, is expected to expand MSCI’s private assets leadership and strengthen its multi-asset class offerings. The integration of Burgiss aims to enhance MSCI’s capabilities in private asset data and analytics, reinforcing its commitment to innovation and transparency in global private asset investing.
- https://www.benzinga.com/markets/equities/23/08/33833479/msci-acquires-remaining-66-of-burgiss-group-for-697m-cash – MSCI Inc. has agreed to acquire the remaining 66% of The Burgiss Group, LLC for $697 million in cash. This acquisition brings MSCI’s total investment in Burgiss to $913 million since January 2020. Burgiss is a Hoboken, New Jersey-based market-leading provider of data, analytics, and technology solutions for investors in private assets. The acquisition is expected to enhance MSCI’s capabilities in private asset data and analytics, reinforcing its commitment to innovation and transparency in global private asset investing.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is based on a press release issued by MSCI on December 4, 2025, announcing the launch of the MSCI All Country Public + Private Equity Index. ([msci.com](https://www.msci.com/discover-msci/media-room/msci-launches-breakthrough-index-integrating-public-markets-and-private-equity?utm_source=openai)) This indicates high freshness, as the information is current and directly from the source.
Quotes check
Score:
10
Notes:
The direct quote from Luke Flemmer, MSCI’s head of private assets, is unique to this press release and does not appear in earlier material. ([msci.com](https://www.msci.com/discover-msci/media-room/msci-launches-breakthrough-index-integrating-public-markets-and-private-equity?utm_source=openai)) This suggests the content is original and exclusive.
Source reliability
Score:
10
Notes:
The narrative originates from MSCI, a reputable organisation known for its financial indices and market analysis. This enhances the credibility of the information presented.
Plausability check
Score:
10
Notes:
The launch of the MSCI All Country Public + Private Equity Index aligns with MSCI’s previous initiatives to expand into private asset measurement and analytics, including the acquisition of private-asset data provider Burgiss in 2023. ([msci.com](https://www.msci.com/discover-msci/media-room/msci-launches-breakthrough-index-integrating-public-markets-and-private-equity?utm_source=openai)) The claims made in the narrative are consistent with MSCI’s strategic direction and are supported by the press release.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is fresh, original, and originates from a reputable source. The claims made are plausible and supported by the press release. There are no indications of recycled content, unverifiable entities, or disinformation.