Nasdaq unveils a new suite of private capital benchmarks designed to improve transparency, standardisation, and performance measurement across a fragmented and rapidly growing segment of global finance, amid industry efforts to create more investable private market indices.
Nasdaq has introduced a suite of benchmarks aimed at bringing greater clarity to private capital markets, a segment long criticised for limited transparency and fragmented data. According to Nasdaq, the Nasdaq Private Capital™ Indexes are constructed from more than 14,000 institutional private market funds representing roughly $11.4 trillion in global assets, using fund-level data drawn from its Nasdaq eVestment LP dataset.
The indexes apply a documented, rules-based framework, the company says, incorporating Modified Dietz quarterly performance measurement, NAV-weighted aggregation and a standardized two-quarter restatement process. Nasdaq noted the series spans multiple strategies, including private equity, buyouts, venture capital, private debt, fund-of-funds and real estate, and can be accessed through Nasdaq eVestment TopQ+, Nasdaq Global Index Watch and Nasdaq’s data-licensing channels. Nasdaq framed the launch as an attempt to create consistent, institution-grade benchmarks built on limited partner‑reported fund performance; “Private markets are at a pivotal moment, growing rapidly in both importance and complexity. Yet the ecosystem remains highly fragmented, with data trapped in silos, inconsistent benchmarks and limited interoperability,” Oliver Albers, executive vice president and chief product officer, capital access platforms, at Nasdaq, said in a statement.
The indexes arrive amid growing industry efforts to produce standardised reference points for private assets that could be used for benchmarking, reporting and potentially as the basis for investable products. Earlier this week, investment research platform YCharts added benchmark data supplied by Hamilton Lane, with those measures derived from proprietary fund‑ and deal‑level information built on LP cash flows and covering private equity, private credit and private real assets across vintages and geographies. According to Morningstar, its collaboration with PitchBook has also yielded innovations in hybrid indexing , the Morningstar PitchBook US Modern Market 100 combines public and late‑stage private companies to capture what those firms describe as the contemporary equity landscape, while a separate Morningstar PitchBook suite aims to track semiliquid evergreen private funds and is expected to expand coverage into 2026.
The flurry of launches follows moves by established index and data players to shore up private‑markets capabilities. Industry announcements last year highlighted plans from FTSE Russell, in partnership with StepStone Group, to develop alternative benchmarks, and BlackRock’s acquisition of Preqin in 2024 was widely framed as a strategic push to own comprehensive private‑markets intelligence. These developments, market participants say, reflect both rising allocations to private strategies in institutional and wealth portfolios and a demand for clearer performance comparators and risk reporting.
Nasdaq positioned the new indexes as tools to support portfolio construction, performance comparison and operational integration, emphasising delivery via APIs and existing analytics platforms to shorten time‑to‑insight for allocators. The firm also suggested the series could serve as objective references should issuers seek to create exchange‑traded or benchmark‑linked products tied to private markets.
Sceptics caution that any benchmark built from LP‑reported NAVs must contend with well‑known data limitations, including reporting lags, valuation subjectivity and differing liquidity profiles across fund types. Proponents respond that transparent, rules‑based aggregation and restatement protocols can mitigate some of those issues and that broader coverage of fund‑level data improves representativeness. According to Nasdaq, its approach is intended to address such concerns by applying consistent measurement rules across a large and diverse fund universe.
As private‑market indexing proliferates, investors and service providers will be watching how methodologies perform through market cycles and whether these benchmarks gain acceptance as meaningful yardsticks or as foundations for financial products. Nasdaq’s offering adds another, formally documented option to a rapidly evolving toolkit for measuring performance in an increasingly important but still opaque corner of global finance.
- https://www.wealthmanagement.com/alternative-investments/nasdaq-launches-private-market-indexes – Please view link – unable to able to access data
- https://www.nasdaq.com/press-release/nasdaq-launches-new-private-capital-indexes-expanding-its-private-capital-solutions – Nasdaq has introduced the Nasdaq Private Capital™ Indexes, a suite of benchmarks designed to provide transparency and robustness to private markets. These indexes are constructed from over 14,000 institutional private market funds, representing more than $11.4 trillion in global assets under management. The methodology includes Modified Dietz quarterly performance measurement, NAV-weighted aggregation, and a standardized two-quarter restatement process. The indexes cover various private capital strategies, including private equity, buyout, venture capital, private debt, fund of funds, and real estate. They are accessible through Nasdaq eVestment TopQ+, Nasdaq Global Index Watch, and Nasdaq’s data licensing channels.
- https://www.nasdaq.com/solutions/global-indexes/beta/private-capital-indexes – Nasdaq Private Capital™ Indexes aim to offer transparent, representative, and robust private capital benchmarks built on Nasdaq eVestment’s institutional-quality private markets data. These indexes allow investors to measure performance appropriately, compare strategies consistently, and allocate with confidence. The objective rules-based benchmarks can better inform asset allocation and comparative performance, enhance risk and return reporting capabilities, and ease data management and system integration. The indexes are delivered via TopQ+, Global Index Watch, or an API, designed to integrate directly into existing investment and reporting workflows, reducing operational burden and accelerating time-to-insight.
- https://www.nasdaq.com/articles/intro-nasdaq-private-capital-indexes – Nasdaq has developed the Nasdaq Private Capital™ Indexes to provide transparent, rules-based benchmarks for private capital markets, which have historically lacked such standards. These indexes are constructed from over 14,000 institutional private market funds, representing more than $11.4 trillion in global assets under management. The methodology includes Modified Dietz quarterly performance measurement, NAV-weighted aggregation, and a standardized two-quarter restatement process. The indexes cover various private capital strategies, including private equity, buyout, venture capital, private debt, fund of funds, and real estate. They are accessible through Nasdaq eVestment TopQ+, Nasdaq Global Index Watch, and Nasdaq’s data licensing channels.
- https://newsroom.morningstar.com/news/news-details/2025/Introducing-the-Morningstar-PitchBook-US-Modern-Market-100-The-First-Benchmark-to-Track-Public–Private-Market-Companies-in-a-Single-Index/default.aspx – Morningstar and PitchBook have introduced the Morningstar PitchBook US Modern Market 100 Index, the first benchmark to combine public and private equity exposure in a single index. The index includes 90 publicly listed companies and 10 late-stage venture-backed private companies, such as SpaceX, OpenAI, and Stripe. It allocates 90% to public companies and 10% to private firms, reflecting the modern equity landscape. The index applies transparent pricing, liquidity screens, and quarterly rebalances, with prices for VC-backed companies based on verified secondary market transactions and public company prices sourced from official exchange closes.
- https://www.marketsmedia.com/nasdaq-launches-private-capital-indexes/ – Nasdaq has launched the Nasdaq Private Capital™ Indexes to benchmark the performance of private market funds. The indexes track over 14,000 institutional private market funds totaling roughly $11.4 trillion globally, including private capital, private equity, private debt, real estate, venture capital, and fund-of-funds. The methodology employs a documented, rules-based approach featuring Modified Dietz quarterly performance measurement, NAV-weighted aggregation, and a standardized two-quarter restatement process. The indexes are delivered through Nasdaq eVestment TopQ+, Nasdaq Global Index Watch, and Nasdaq’s data licensing channels, aiming to provide objective rules-based benchmarks that can better inform asset allocation and comparative performance.
- https://newsroom.morningstar.com/news/news-details/2025/Morningstar-and-PitchBook-to-Launch-Comprehensive-Index-Suite-for-Evergreen-Private-Market-Funds/ – Morningstar and PitchBook have announced the upcoming launch of the Morningstar PitchBook US Evergreen Fund Indexes, a comprehensive suite of benchmarks designed to measure the performance of non-traded ‘semiliquid’ or ‘evergreen’ funds. Spanning multiple asset classes through subindexes across private equity, private debt, real estate, infrastructure, and multi-asset strategies, the indexes aim to provide investors with a data-driven view of how evergreen funds perform relative to public market alternatives and one another. The full suite is expected to become available in Q1 2026.
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:
8
Notes:
The article reports on Nasdaq’s launch of the Private Capital™ Indexes on February 10, 2026. ([nasdaq.com](https://www.nasdaq.com/press-release/nasdaq-launches-new-private-capital-indexes-expanding-its-private-capital-solutions?utm_source=openai)) A search reveals that this announcement has been covered by multiple reputable sources, including WealthManagement.com and MarketsMedia, all dated February 11, 2026. ([marketsmedia.com](https://www.marketsmedia.com/nasdaq-launches-private-capital-indexes/?utm_source=openai)) This suggests the content is fresh and original. However, the presence of multiple sources reporting the same event raises questions about the originality of the content. The WealthManagement.com article is a direct republishing of Nasdaq’s press release, indicating a lack of independent reporting. The MarketsMedia article, while dated February 11, 2026, does not provide a clear publication date, making it difficult to assess its freshness. Given these factors, the freshness score is reduced to 8.
Quotes check
Score:
7
Notes:
The article includes direct quotes from Oliver Albers, Executive Vice President and Chief Product Officer at Nasdaq. A search for these quotes reveals they are present in Nasdaq’s official press release dated February 10, 2026. ([nasdaq.com](https://www.nasdaq.com/press-release/nasdaq-launches-new-private-capital-indexes-expanding-its-private-capital-solutions?utm_source=openai)) This suggests the quotes are directly sourced from Nasdaq’s own publication, raising concerns about the independence and originality of the reporting. The lack of independent verification of these quotes further diminishes their credibility. Given these concerns, the quotes check score is reduced to 7.
Source reliability
Score:
6
Notes:
The primary source of the article is Nasdaq’s own press release, which is a direct self-reporting of their activities. This inherently lacks independent verification and may present a biased perspective. The article has been republished by WealthManagement.com, a reputable financial news outlet, but this is a direct republishing of Nasdaq’s press release, indicating a lack of independent reporting. The MarketsMedia article, while dated February 11, 2026, does not provide a clear publication date, making it difficult to assess its reliability. Given these factors, the source reliability score is reduced to 6.
Plausibility check
Score:
8
Notes:
The claims made in the article about Nasdaq launching the Private Capital™ Indexes are plausible and align with Nasdaq’s known activities. However, the lack of independent reporting and reliance on Nasdaq’s own press release raises questions about the accuracy and objectivity of the information presented. Given these concerns, the plausibility score is reduced to 8.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article is a direct republishing of Nasdaq’s press release, lacking independent verification and presenting a potentially biased perspective. The reliance on Nasdaq’s own communication without additional reporting or verification raises significant concerns about the credibility and objectivity of the information presented. Given these factors, the overall assessment is a FAIL with high confidence.