Rely on Robust References from Regulated Benchmarks





XTAL benchmarks are rules-based indices, accurately representative of the economic reality of unlisted private market funds and, uniquely, conceived to be compliant with the EU Benchmark Regulation and IOSCO Principles for Financial Benchmarks.

XTAL Strategies anticipates that the adoption of the EU BMR standards will make the benchmarking tools currently available to private markets investors obsolete. This will leave current and prospective investors in the unlisted asset class without an underlying objective benchmarking reference. XTAL Private Market Benchmarks are filling that gap with compliant, transparent, accurate, and representative private market benchmarking.


Accurate Pointers.

XTAL Private Market Indices should remind investors of the two brightest stars of the Constellation of the Centaurus, Alpha and Beta Centauri, that are known as the “Pointers” – the stars that navigators use to identify the Southern Cross and navigate south – but this is not the full story. While “navigating” among investment alternatives, to know where alpha and beta are is even more important – in particular, when this can provide early signal about portfolio valuations “heading south”.

The private markets are the only asset category not to have an unambiguous measure of their Beta (current metrics do not allow additivity), hence of proper Alpha – limiting the comprehension of all asset features, including yield. XTAL indices offer GPs, intermediaries and investors a groundbreaking and compliant framework to address this urgent need.


XTAL Private Market Benchmarks are rules-based and calculated daily according to a modification of the original Laspeyres index formula. They are based upon the groundbreaking and patented DARC methodology, a new paradigm to analyse and manage unlisted private market investments as if they were bonds.


A duration-based calculation framework ensures that XTAL Private Market Benchmarks compute private equity daily returns in the same time-weighted fashion of any other asset class, thus making unbiased pricing, proper benchmarking, and risk transfer in private markets possible.


XTAL Private Market Benchmarks reflect the true investors’ experience as they take into account the full capital commitment to the underlying buyout funds, reconciling on a daily basis the NAV of the constituent fund with the notional capital committed to the investment vehicle.