Private Market Intelligence

Data-driven clarity for
private market participants.

PRIMA Research Group provides institutional-grade data, analytics, and AI tools for allocators, fund managers, researchers, and service providers in private markets.

Explore Our Products Request Access
40,000+
Adviser Profiles
195K+
Private Funds
2M+
Regulatory Filings
385K+
Adviser Brochures
745K+
Fundraising Filings
117
Institutional Investors
620K+
Fund Performance Observations
25 yrs
Historical Coverage
Used in research at
Baylor UniversityUniversity of GeorgiaLondon Business SchoolUniversity of ConnecticutUniversity of Notre DameAuburn University

Institution names identify researchers’ affiliations and do not imply endorsement by the institutions.

Our Mission

Bringing transparency to private capital markets

Private capital markets have historically operated with limited transparency. PRIMA Research Group was founded to change that — delivering rigorous, systematically collected data that enables advisers, investors, and other institutions to make better-informed decisions.


Our products cover investment advisers — federally registered, exempt reporting, and state-registered — the private funds they manage, and what investors report about those funds, aggregated, normalized, and structured for institutional use.

"The LP/adviser due diligence market lacks the systematic, comparable data infrastructure that public markets take for granted. We're building it."

— Owen Davidson & Paul Mason, Co-Founders

Data Integrity

Every data point is systematically sourced, validated, and maintained to the highest standards of accuracy and consistency.

Institutional Grade

Built for institutional investors, fund managers, and professional advisers who require reliable, structured data at scale.

Linked Across Sources

Advisers, funds, fundraising, people, and investor-reported results are cross-referenced, so they can be analyzed together rather than pieced together by hand.

Product Suite

Two products, one source of truth

Both products are sourced from regulatory filings and information requests across jurisdictions — structured, normalized, and readily usable. License the data for your own systems, or put it to work inside the AI assistant your team already uses.

Structured Data

Bulk datasets covering adviser registrations, private funds, adviser brochures, fundraising, and investor-reported performance and fees, together with PRIMA's proprietary adviser metrics — peer percentiles, brochure-change measures, and text analytics. Delivered in CSV, Excel, Parquet, or SQLite.

AI Connector

PRIMA's data inside Claude, ChatGPT, or another supported AI assistant — custom adviser reports, robust peer analysis, and fee terms backed by the exact brochure quote.

See Full Product Details Explore Our Data
Who We Serve

Built for teams that need depth, not just a directory

Allocators

Fund-of-Funds & OCIO Managers

Screen hundreds of managers efficiently. Peer benchmarks, fee terms, and investor-reported performance narrow the field before deep diligence begins — systematizing work that is still largely manual.

Secondaries

Secondary Market Buyers

Rapid adviser and fund assessment under time pressure. When evaluating LP interests in the secondary market, structured adviser- and fund-level data replaces days of manual document research with seconds of lookup.

Limited Partners

Mid-Market LPs

Smaller endowments, family offices, and community foundations that need to triage a large manager universe quickly but lack internal research infrastructure.

Researchers

Academic Researchers

A multi-year panel with 2,900+ variables per adviser, linked across registrations, adviser brochures, fundraising, investor-reported performance, and disciplinary records. Documented methodology, with export to Stata, R, or Python.

Service Providers

Service Providers

Investment banks, fund administrators, broker-dealers, and legal counsel that need to screen advisers or obtain critical background information to better serve their clientele. Systematic adviser intelligence streamlines onboarding, KYC, and ongoing monitoring workflows.

General Partners

Fund Managers

Benchmark your fees, carry, and terms against comparable managers, see how peers describe their strategies and disclosures, track how disclosure practices across the industry are changing, and see how institutional investors report your funds — with every comparison traced to its source document.

About

We exist to bring structure to private capital market data.

PRIMA Research Group, LLC is a Texas-based data and research firm providing intelligence for participants in the private capital markets. We specialize in the systematic collection, organization, and delivery of data on investment advisers (federally registered, state-registered, and exempt reporting), fund managers, the institutional investors that back them, and intermediaries operating across private buyout, venture, hedge, private credit, real assets, and other alternative investment funds.

Our Story

Founded on a data problem

Private capital markets have grown into a multi-trillion-dollar asset class — yet the data infrastructure supporting participants has lagged far behind that of public markets. Institutional investors, placement agents, and other market participants often rely on fragmented, inconsistent, and often outdated information when making critical allocation and counterparty decisions.


PRIMA Research Group was founded to address this gap directly — building the systematic data collection and normalization capabilities that private capital markets have long needed. Its founders, Owen Davidson and Paul Mason, are Baylor University faculty who research private equity fund reporting, fees, and fundraising. Meet the team.


Linking what advisers disclose about themselves to their individual funds, their fundraising, and what investors report about those funds is particularly underdeveloped in the market. PRIMA was built around those links.

What We Do

Data, research, and analytics

We collect, verify, and structure data from regulatory filings and information requests, and build proprietary analytics for use in investment decisions. Our products are delivered in structured formats designed for direct integration into institutional workflows — from fund/adviser selection and diligence to competitive benchmarking and market analysis.


Buyouts Venture Capital Hedge Private Credit Real Assets Infrastructure Fund of Funds Secondaries
Our Approach

Built for institutional rigor

Systematic Collection

Data is collected through systematic processes from authoritative sources: regulatory filings and information requests across jurisdictions. We prioritize reproducibility and auditability in every data point.

Narrative to Data

Narrative documents such as adviser brochures become consistent, queryable data fields across thousands of advisers — with the original language kept beside every value.

Institutional Delivery

Data is delivered in structured formats — CSV, Excel, Parquet, SQLite, and the AI Connector — designed for direct use by investment professionals, analysts, and systems without requiring significant downstream processing.

Legal

Legal & Compliance

PRIMA Research Group, LLC is a Texas limited liability company. Our data products are for informational and research purposes only and are not investment advice — see our Disclaimer. For licensing terms, data use agreements, or compliance inquiries, please contact us.

Our Data

Nine categories of private markets data, linked at the adviser and fund level.

PRIMA's data is sourced from regulatory filings and information requests across various jurisdictions, then structured, normalized, and cross-referenced — so that an adviser's registrations, funds, fundraising, people, and investor-reported results can be analyzed together. Every value traces to the document it came from. Data is refreshed quarterly, following the main regulatory filing cycles.

40,000+
Adviser Profiles
195K+
Private Funds
2M+
Regulatory Filings
385K+
Adviser Brochures
745K+
Fundraising Filings
117
Institutional Investors
620K+
Fund Performance Observations
25 yrs
Historical Coverage
Data Categories

What PRIMA covers

Each category is available in Structured Data and through the AI Connector, and every category links to the same adviser and fund identifiers.

01

Structured Data

Standardized adviser- and fund-level data from registration filings: a multi-year panel with 2,900+ variables per federally registered and exempt reporting adviser, plus roughly 22,000 state-registered advisers.

  • Assets under management by client type and account
  • Clients, accounts, offices, and business activities
  • State-registered advisers: registrations, assets, clients, and staff since 2016
  • Private fund type, size, structure, and minimum investment
  • Service providers: auditors, custodians, administrators, prime brokers, marketers
02

Textual Data

Adviser brochures structured section by section, with the verbatim language kept beside every value.

  • Business description and investment strategy
  • Fee schedules, carried interest, and waterfall terms
  • Conflicts of interest, custody, and brokerage practices
  • Brochure-change measures and closest competitors by text
03

Performance Data

Fund-level performance for 8,300+ funds, as reported by 117 institutional investors — pension funds, endowments, and sovereign funds — from 2000 to 2026.

  • Commitments, paid-in capital, distributions, and NAV
  • Net IRR, TVPI, and DPI
  • Each investor's own marks, with cross-investor summaries
  • Private equity, credit, real estate, and infrastructure
04

Fee Data

What advisers disclose about their fees, and what investors report actually paying.

  • Management fee, carried interest, and preferred return terms
  • Fees, expenses, offsets, and carry paid, by investor, fund, and year
  • Fee and carry percentiles against comparable peers
  • Where fee terms are deferred to fund documents
05

Disciplinary Actions

Regulatory, civil, and criminal disciplinary history for advisers and their personnel.

  • Regulatory actions and sanctions
  • Civil and criminal proceedings
  • Disclosure events reported for individuals
  • Disciplinary disclosures in adviser brochures
06

Personnel Data

The people behind each adviser, and how teams form and move.

  • Employee and investment professional headcounts over time
  • Registrations, exams, and professional designations
  • Employment histories and team moves between firms
  • Hires and departures by firm and year
07

Ownership Structure

Who owns and controls each adviser.

  • Direct and indirect owners, with ownership ranges
  • Control persons and executive officers
  • Related persons and affiliated advisers
  • Relying advisers and affiliated entities
08

Acquisition & Registration Data

How advisers enter, change hands, and exit — and the deals their funds take part in.

  • Registration histories, federal and state
  • Withdrawals and deregistrations, with stated reasons and successors
  • Adviser mergers and acquisitions
  • Take-private and buyout transactions linked to sponsors and funds
09

Fundraising Data

Private capital raised by advisers' funds, offering by offering.

  • Amounts offered and sold, and fill rates
  • Dates of first sale and offering duration
  • Investor counts, minimum investments, and exemptions
  • Placement agents, finders, and sales compensation
From Text to Data

Adviser brochures, structured and cited

Every value PRIMA draws from an adviser brochure sits beside the language it came from, is benchmarked against comparable peers, and is flagged rather than guessed where the brochure is silent or defers to fund documents. The examples cycle through fees, custody and audit, material changes, and strategy.

Adviser brochureExample filing
From the filed brochure
Extracted · Cited · Benchmarked
Data Coverage

How complete is PRIMA's data?

We test PRIMA's coverage against an independent benchmark: SEC Form PF, the confidential report that registered advisers with at least $150 million in private-fund assets file, as aggregated in the SEC's published private fund statistics. The chart compares private-fund gross assets by fund type at each year-end from 2013 to 2024.


Matched to the same reporting scope, PRIMA's totals are within 4% of Form PF in every year — a ratio of 0.98 in 2024 — and private equity has been within 3% since 2020. Hedge funds run about 10% below because PRIMA counts each master fund once and leaves out feeder funds; venture capital runs above (a ratio of 1.20 in 2024).


Across all advisers, including the smaller and exempt reporting advisers that do not file Form PF, PRIMA captures 14–24% more private-fund assets than Form PF — and roughly four to twelve times as much venture capital, since most venture managers are exempt reporting advisers that do not file Form PF.

Eight small charts, one per fund type and one for all private funds, comparing private-fund gross assets from 2013 to 2024: SEC Form PF, PRIMA matched to the same scope, and PRIMA across all advisers. PRIMA's same-scope line tracks Form PF closely.
Private-fund gross assets, US$ trillions, year-end 2013–2024. SEC Form PF: SEC Private Funds Statistics, fourth-quarter editions. PRIMA, same scope: registered investment advisers (RIAs) with at least $150 million in private-fund assets, excluding feeder funds. PRIMA, all advisers: RIAs and exempt reporting advisers (ERAs), excluding feeder funds.
License the Data Learn More about the AI Connector
Products

Two products. One source of truth for private market adviser intelligence.

PRIMA delivers its adviser intelligence two ways: as structured data your team loads into its own systems, and through an AI connector that brings the same data — with filing citations — into the assistant your analysts already use. Both draw on the same data, sourced from regulatory filings and information requests across jurisdictions.

Product Suite

Our Products

Data License

Structured Data

Bulk, analysis-ready datasets for LPs, quant teams, service providers, and academic researchers — adviser registrations (federal and state), private-fund detail, adviser brochures, fundraising filings, and investor-reported performance and fees, normalized and cross-referenced. Includes PRIMA's proprietary adviser metrics. See our data.

Core Datasets
  • 2,900+ variables per adviser, as a multi-year panel
  • Adviser brochures structured section by section
  • Fund-level detail for 195,000+ private funds
  • Fundraising filings linked to advisers and funds
  • Fund performance and fees paid, as reported by 117 institutional investors
  • Delivered in CSV, Excel, Parquet, or SQLite
Proprietary Adviser Metrics
  • Fee, carry, and preferred-return percentiles vs. peer cohorts
  • Brochure-change measures that detect “quiet changes”
  • Closest-competitor peer sets based on brochure text
  • Text analytics for each brochure section
Private Beta

AI Connector

The PRIMA AI Connector brings the same data into the AI assistant your analysts already use — Claude, ChatGPT, or another supported MCP client. Analysts ask in plain English and get filing-cited answers, from a quick lookup to a full adviser report.

Adviser Reports
  • Custom reports built around your own questions, criteria, and format
  • History over time — AUM, funds, employees, and fee terms
  • Fund performance and fees paid, as reported by institutional investors
Peer Analysis & Diligence
  • Fee, carry, and preferred-return benchmarks against a clearly defined peer cohort (fund type, size, and year)
  • Comparison with each adviser's closest competitors by brochure text
  • Fee and waterfall terms backed by the exact brochure quote
  • Fundraising history, auditors, and disciplinary red flags
  • Brochure-change signals, including “quiet changes”
Delivery & Access

How to access our data

Structured Data and the AI Connector are licensed individually or together, in the delivery formats that fit your workflows and systems. There are two ways to license PRIMA data, each with its own process.

Commercial & Institutional Licenses

For asset managers, allocators, fund managers, service providers, and other organizations. We start with a conversation about your use case, the data you need, and who will use it, then put a license agreement in place that covers your users, delivery, and term.

License the Data

Academic Licenses

For faculty and doctoral students conducting non-commercial research. Academic licenses are granted project by project, at academic pricing, through a short application. Contact us to request an application.

Ask About Academic Access

Data Files — CSV, Excel, Parquet, SQLite

Flat-file delivery of complete datasets, structured for direct import into analytical tools, databases, or spreadsheet environments. The default delivery format for most clients.

AI Connector

Read-only access from inside your analysts' AI assistant, enabled per user by work email. Each seat is individual, logged, and revocable.

API Access — Coming Soon

Programmatic access to PRIMA data via RESTful API, enabling direct integration into proprietary platforms and workflows. Coming soon for enterprise subscribers.

Custom Research

Bespoke data cuts, filtered extracts, and structured research reports tailored to specific mandates or diligence requirements. Contact us to discuss your needs.

Frequently Asked Questions

Common questions about our data and services.

Find answers below to the most common questions about PRIMA Research Group, our data products, and how to access them. For additional inquiries, please contact us directly.

About Our Data

What data products does PRIMA Research Group offer?

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PRIMA offers two products built on the same data. Structured Data is a bulk data license that includes PRIMA's proprietary adviser metrics; the AI Connector brings that data into your analysts' AI assistant for custom adviser reports and peer analysis. The data spans nine categories — structured adviser and fund data, adviser brochure text, fund performance, fees, disciplinary actions, personnel, ownership structure, acquisitions and registrations, and fundraising — sourced from regulatory filings and information requests across jurisdictions and cross-referenced by adviser and fund. See our Data page for details.

What does the adviser registration data cover?

+
PRIMA's adviser registration data gives a standardized, multi-year profile of each adviser: identity and registration history, offices, assets under management and how they divide across clients and accounts, clients and staff, ownership and affiliates, the private funds it manages, and disciplinary history. It covers federally registered and exempt reporting advisers as well as the roughly 22,000 smaller firms registered with state securities regulators, tracked since 2016.

What does the private fund data cover?

+
PRIMA's private fund data profiles each private fund an adviser manages — its type, size, structure, investor base, and service providers such as auditors, custodians, administrators, prime brokers, and placement agents — tracked year by year and linked to the adviser, its fundraising, and investor-reported performance.

What does the adviser brochure data cover?

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An adviser brochure is the plain-English disclosure document an adviser gives to clients and prospective clients. PRIMA turns each brochure into consistent, queryable fields — business and strategy, fees and carried interest, conflicts of interest, custody, disciplinary history, and more — with the verbatim language kept beside every value, and measures how that language changes from one filing to the next.

What does the fundraising data cover?

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PRIMA's fundraising data records private capital raised, offering by offering: amounts offered and sold, timing, investor counts and minimum investments, and the placement agents and sales compensation involved — linked to the adviser and fund wherever possible. It is a systematic record of private fundraising activity across the market.

Where does PRIMA Research Group's data come from?

+
PRIMA's data is sourced from regulatory filings and information requests across various jurisdictions. PRIMA adds value through systematic collection, normalization, cross-referencing, and structuring into clean, analysis-ready datasets — and every value can be traced to the document it came from.

How frequently is the data updated?

+
All products are refreshed on a quarterly basis, aligned with the main regulatory filing cycles. This ensures data reflects the most recent regulatory disclosures.

Does PRIMA Research Group provide performance return data?

+
Yes. PRIMA's performance data covers fund-level commitments, paid-in capital, distributions, NAV, IRR, and multiples as reported by 117 institutional investors — pension funds, endowments, and sovereign funds — from 2000 to 2026, with more than 620,000 fund observations. Each figure is linked to the fund and its adviser and cited to its source document. Coverage depends on which institutions hold a fund: a fund that no reporting institution holds has no performance data here, which says nothing about the fund.

Does PRIMA cover exempt reporting advisers?

+
Yes. Our coverage includes both registered advisers and exempt reporting advisers. Exempt reporting advisers make more limited disclosures — in particular, they generally do not publish an adviser brochure — so brochure-based data (fee terms, brochure text, and brochure-change measures) is thinner for managers that operate as exempt reporting advisers. Registration, private fund, fundraising, ownership, and investor-reported performance data are available for them as for other advisers.
Data Access & Licensing

How is PRIMA data licensed?

+
There are two paths, each with its own process. Commercial and institutional licenses — for asset managers, allocators, fund managers, service providers, and other organizations — start with a conversation about your use case, the data you need, and who will use it; we then put a license agreement in place that covers your users, delivery, and term. Academic licenses are granted project by project for non-commercial research, at academic pricing, through a short application. To start either, complete the form on our Contact page or email info@primarg.com.

What formats is the data delivered in?

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Structured Data is delivered as CSV, Excel, Parquet, or SQLite files. The AI Connector is used from inside your analysts' AI assistant, with no files to manage. API access for programmatic integration is coming soon for institutional clients. Custom delivery formats and data schemas can be accommodated for larger institutional clients — please contact us to discuss your requirements.

Is the data available for a trial or sample before purchase?

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Yes. We offer sample data files to qualified institutional prospects so that you can evaluate data structure, coverage, and quality before committing to a full license. Please contact us to request a sample dataset.

Can PRIMA Research Group provide custom data or research?

+
Yes. In addition to our standard data products, we offer custom research engagements for clients with specific data or analytical needs. This includes custom data cuts, bespoke coverage universes, and structured research reports. Contact us to discuss your requirements and we will provide a proposal.

Who are typical users of PRIMA Research Group data?

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Our primary clients include institutional investors (pension funds, endowments, family offices) conducting manager research and diligence; fund managers benchmarking their fees, terms, and disclosures against peers; placement agents and capital raisers mapping the adviser landscape; fund administrators and service providers supporting private capital managers; and data aggregators and fintech platforms building private market intelligence products. We also work with academic researchers studying private capital market structure.

Can academic researchers access PRIMA data?

+
Yes, project by project. Faculty and doctoral students can request an academic license for a specific, non-commercial research project, at academic pricing. Each license covers the project's named coauthors for a limited term, with extensions available while the project progresses toward publication, and includes provisions for replication. To request an application, choose “Academic Research” on our contact form or email info@primarg.com.
The AI Connector

What is the PRIMA AI Connector?

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It is a way to reach PRIMA's data from inside the AI assistant your team already uses, instead of logging into another website. Your analyst asks a question in their assistant; the assistant calls PRIMA's read-only research tools — adviser search, profiles, fee terms, fundraising history, fund performance and fees paid, peer benchmarks, brochure-change signals — and answers using source-cited data rather than its own recollection. It is a channel to the PRIMA data products, not a separate dataset.

Which AI tools can we use it with?

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Claude and ChatGPT are supported today, along with other MCP-compatible clients we have enabled. Support is granted per application rather than blanket-open, which is a deliberate security measure — it prevents an unknown application from being used to capture your analysts' access. If your firm standardises on a tool we have not enabled yet, tell us and we will look at adding it. Worth checking early: some IT departments restrict whether staff may add custom connectors at all.

What does PRIMA see when our analysts use it?

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Only the structured data requests. When an analyst asks their assistant a question, the assistant decides which PRIMA tool to call and with what parameters, and only that call reaches our servers — we never receive the wording of the question itself. We do record which user called which tool, with what parameters and when, because your license entitles you to that audit record and because it is how we administer access.

How do we add or remove analysts?

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Email us. Access is granted per person by work email address, and it is individual, logged, and revocable. Removing someone takes effect immediately on their next request and destroys their existing sessions, so an analyst who leaves your firm loses access at once rather than at the end of a billing period. We confirm the full current list back to you after any change.
Our People

The team behind PRIMA Research Group.

PRIMA Research Group is built by professionals with deep experience in private capital markets, data infrastructure, and institutional finance. Our team combines domain expertise with rigorous analytical capabilities to deliver the data products our clients rely on.

Leadership

Management Team

S. Owen Davidson, PhD — Co-Founder & Managing Director
S. Owen Davidson, PhD
Co-Founder & Managing Director

Owen is an Assistant Professor of Accounting at Baylor University's Hankamer School of Business. His research examines financial reporting quality and disclosure regulation in public and private capital markets, including private equity. His work appears in The Accounting Review, Contemporary Accounting Research, the Journal of Business Finance & Accounting, and the Journal of Financial Reporting. Before his PhD, Owen performed buy-side and sell-side financial due diligence for private equity groups and public companies at FTI Consulting, served as an accounting manager at a NYSE-listed medical technology company, and began his career in assurance at PricewaterhouseCoopers. He holds a PhD in Business Administration (Accounting, minor in Finance), a Master of Accountancy, and a BBA in Accounting from the University of Georgia.

Paul Mason, PhD, CPA — Co-Founder & Managing Director
Paul Mason, PhD, CPA
Co-Founder & Managing Director

Paul is an Associate Professor and the Plumhoff Endowed Chair in Accounting at Baylor University's Hankamer School of Business. His research focuses on private equity: fund reporting quality, fundraising, fees, third-party service providers, and secondary-market pricing. It appears in The Accounting Review, Contemporary Accounting Research, the Journal of Corporate Finance, the Journal of Empirical Finance, and the Journal of Alternative Investments, and he teaches private equity in Baylor's Executive MBA program. Before academia, Paul spent six years in tax practice at PricewaterhouseCoopers and EKS&H in Denver, specializing in private equity and partnership taxation. He holds a PhD in Management Science (Finance) from The University of Texas at Dallas and an MS in Finance and a BBA in Accounting from Texas A&M University, and is a CPA in Texas and Colorado.

Get In Touch

Interested in working with PRIMA Research Group?

We are always interested in connecting with professionals who share our commitment to bringing data rigor to private capital markets.

Contact Us
Contact

Get in touch with our team.

Whether you're interested in a data license, have a research inquiry, or simply want to learn more about what we do, we'd like to hear from you. Complete the form below or reach us directly by email.

Contact Information

General Inquiries
info@primarg.com
Data Licensing
info@primarg.com
Website
primarg.com
Headquarters
Texas, United States
Legal Entity
PRIMA Research Group, LLC
Texas Limited Liability Company

Data samples available.
Qualified institutional prospects can request sample data files to evaluate coverage and quality prior to licensing. Include "Sample Request" in your message subject.

Send a Message

By submitting this form, you agree to our Privacy Policy. We typically respond within 2 business days.

AI Connector

Your AI. Our data.

The PRIMA AI Connector plugs your own AI assistant — Claude, ChatGPT, or another supported MCP client — directly into PRIMA's private-fund adviser intelligence. Your analysts ask questions where they already work; PRIMA answers with structured, source-cited data drawn from regulatory filings and information requests across jurisdictions.

Your AI, grounded.

Grounded in PRIMA's source-cited data, your AI answers with citations and declines to guess — including on lesser-known managers a model cannot know from memory.

Cited
Answers carry filing citations
and verbatim excerpts
Honest
Declines to guess when
a filing doesn’t disclose
Yours
Works with Claude, ChatGPT,
and other supported assistants
How It Works

Connected in minutes, governed by your license

1 — Request Access

Licensed users are enabled by work email under the PRIMA Data Usage Agreement — no passwords, no software to install.

2 — Add the Connector

Paste the PRIMA connector address into your AI assistant's connectors or integrations settings, and sign in once with your work email.

3 — Ask Where You Work

PRIMA's read-only research tools appear inside your assistant — adviser search, profiles, fee terms, fundraising history, fund performance and fees paid, peer benchmarks, and brochure-change signals.

After You Request Access

What happens next

The AI Connector is licensed to firms, not sold by checkout page. Requesting access starts a short, human process:

1 — We Respond

A PRIMA founder replies, typically within two business days, to understand your use case, team size, and the data you need.

2 — License & Agreement

You review and sign the PRIMA Data Usage Agreement and receive a simple invoice — one firm license covers your analysts' seats.

3 — Activation

We enable your analysts' work emails and send the connector address with step-by-step instructions for your AI tools. Connecting takes minutes per user.

4 — Ongoing Use

Each analyst signs in with their own email. Access is individual, revocable, and logged per user — add or remove seats at any time by email.

Grounded By Design

Cited answers, no guesswork

Every economics value carries its evidence: a verbatim brochure excerpt where one exists, the disclosure form where the filing defers to fund documents, and an explicit “not disclosed” where the data does not exist. Your AI writes the analysis; PRIMA supplies the sourced facts underneath it.


Access is read-only, per-user, and auditable. Your analysts' questions stay between them and their AI — PRIMA's servers see only the structured data requests.

“Diligence questions deserve filing-cited answers — not a model's best guess.”

Private Beta

The PRIMA AI Connector is currently in private beta with design partners. Access is provided under the PRIMA Data Usage Agreement.

Request Access See All Products
Research

Research from PRIMA’s data.

Short statistics and longer whitepapers on private fund advisers, their funds and the investors in them, drawn from PRIMA’s data. The newest five of each appear below; earlier posts move to the archive.

Interesting Statistics

Simple statistics to pique the curious

One chart and the numbers behind it: a quick read on how private markets are changing.

Fees

Buyout and venture investors paid 1.26% and 1.62% a year in fees early on, not 2%

Management fees are usually quoted at 2% a year on committed capital. In a fund's first three years, when nearly all funds charge on commitments, institutional investors in 1,842 funds paid less: 1.26% of commitments a year in buyout and 1.62% in venture. After the investment period, fees step down as most fund agreements intend, moving to invested capital and falling as investments are sold. By years 6–7 buyout funds charged 0.83%, while venture funds still charged 1.26%, and 42% of funds were still charging after year 10. Over a typical fund's life, a $100M commitment cost about $8.7M in buyout and $12.5M in venture. Realized fees have not fallen for recent vintages.

1.26%Buyout fee rate on commitments, years 1–3
Read →
Market structure

Private fund assets have nearly quadrupled since 2012

Private funds reported $36.3 trillion in gross assets in fiscal 2025, up from $9.4 trillion in fiscal 2012, a compound annual growth rate of about 11%. Hedge funds and private equity account for three-quarters of assets. Venture capital drove most of the growth in fund count, and exempt reporting advisers have outnumbered SEC-registered advisers since fiscal 2022.

$36.3TGross asset value, FY2025
Read →
Whitepapers

In-depth research on private markets

Longer analyses of private markets using PRIMA's data.

Whitepapers will be posted here.
← All research

Interesting Statistics · Fees

Buyout and venture investors paid 1.26% and 1.62% a year in fees early on, not 2%

Management fees are usually quoted at 2% a year on committed capital. In a fund's first three years, when nearly all funds charge on commitments, institutional investors in 1,842 funds paid less: 1.26% of commitments a year in buyout and 1.62% in venture. After the investment period, fees step down as most fund agreements intend, moving to invested capital and falling as investments are sold. By years 6–7 buyout funds charged 0.83%, while venture funds still charged 1.26%, and 42% of funds were still charging after year 10. Over a typical fund's life, a $100M commitment cost about $8.7M in buyout and $12.5M in venture. Realized fees have not fallen for recent vintages.

1.26%Buyout fee rate on commitments, years 1–3
1.62%Venture fee rate on commitments, years 1–3
0.83%Buyout fee rate on commitments, years 6–7
42%Funds still charging fees after year 10
Exhibit 1, two panels. Panel A, management fees per $100M committed by years since vintage: buyout $3.8M in years 1–3, $2.1M in years 4–5, $1.3M in years 6–7, then $1.2M and $0.4M, for $8.7M in total; venture $4.9M, $3.0M, $1.8M, $2.0M and $0.8M, for $12.5M. Panel B, fees paid as a percent of commitments by years since vintage: venture 1.62% in years 1–3, 1.26% in years 6–7 and 0.49% from year 14 on; buyout 1.26% in years 1–3, 0.83% in years 6–7 and 0.31% from year 14 on; real estate and credit funds near 1.0% early and 0.4 to 0.5% late; the 2% headline rate shown as a dashed line.

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Source: PRIMA Research Group, LLC.

Notes: Management fees paid to 1,842 funds, fiscal years 2013–2025, by institutional investors, mostly U.S. public pension plans; terms negotiated by large investors may be lower than those available to smaller investors. Rates are fees paid divided by commitments, pooled across investors. Lifetime totals add the average rate at each year of fund life, so they describe a typical fund's path; from year 6, funds that have stopped charging count as zero. Recent-vintage comparison: buyout funds of 2020–22 had cost 5.4% of commitments by year 4, against 5.3% for 2014–16 funds. Management fees only; partnership expenses and carried interest are not included. Updated November 6, 2026: figures revised after a data correction. Individual funds and investors are not identified.

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Interesting Statistics · Market structure

Private fund assets have nearly quadrupled since 2012

Private funds reported $36.3 trillion in gross assets in fiscal 2025, up from $9.4 trillion in fiscal 2012, a compound annual growth rate of about 11%. Hedge funds and private equity account for three-quarters of assets. Venture capital drove most of the growth in fund count, and exempt reporting advisers have outnumbered SEC-registered advisers since fiscal 2022.

$36.3TGross asset value, FY2025
121,100Private funds, FY2025
12,072Private fund advisers, FY2025
10.9%Asset growth per year, FY2012–FY2025
Exhibit 1: three stacked area charts for fiscal years 2012 to 2025. Panel A, gross asset value: rises from $9.4 trillion to $36.3 trillion, mostly hedge funds and private equity; $30.6 trillion in FY2024; FY2022 fell 1%, the only annual decline. Panel B, number of funds: rises from about 32,600 to 121,100; venture funds rose 2.7 times between FY2020 and FY2024. Panel C, number of advisers reporting private funds: 11,474 in FY2024 and 12,072 in FY2025, split among SEC-registered, exempt reporting and state-registered advisers; exempt reporting advisers have outnumbered SEC-registered advisers since FY2022.

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Source: PRIMA Research Group, LLC.

Notes: Each fund is counted once per fiscal year; feeder funds and evident reporting errors are excluded. Full methodology notes appear beneath the exhibit.

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