CLARITY DRIVES ACTION

A Guide to
MSCI Private Capital
Closed-end Fund Indexes
INVEST CONFIDENTLY WITH A TRUSTEDINDEX OFFERING TRACKING OVER 13,000 FUNDS

This is aninteractive brochureA Guide to
MSCI Private Capital
Closed-end Fund Indexes

Set Your Standard

An Overview

Differentiators

Structure of Private
Capital Investment
Categories

MSCI Private Capital Closed-End
Fund Families and Construction
Methodology

Composition andInclusion Criteria

MSCI Private Capital Closed-End
Fund Indexes

Naming Convention for
MSCI Private Capital
Closed-End Fund Indexes

01

Set Your Standard
MSCI Private Capital Closed-End Fund Indexes are designed to cut through thecomplexity of private assets, and to provide clear, precise, and unified performanceinsights.
Our indexes are designed to help Limited Partners and General Partners:l Invest with confidencel Measure performance effectivelyl Mitigate risk through informed decision-makingl Accurately compare their investments and prospects against their peers and market.
Our indexes come powered by MSCI’s transparent, standardized methodology and our
extensive, research-quality dataset. They span the spectrum of private asset classes
including private equity, private debt, and private real assets globally and by region.

MSCI Private Capital Closed-End
Fund Indexes helps you set yourstandard in the market: providing
impartiality and timeliness with
our standardized methodology
and high-quality research dataset.
These indexes are accessible
through Private i, Total Plan,
Snowflake, and SFTP delivery
methods.

2

A Guide to
MSCI Private Capital
Closed-end Fund Indexes

Set Your Standard

An Overview

Differentiators

Structure of Private
Capital Investment
Categories

MSCI Private Capital Closed-End
Fund Families and Construction
Methodology

Composition andInclusion Criteria

MSCI Private Capital Closed-End
Fund Indexes

Naming Convention for
MSCI Private Capital
Closed-End Fund Indexes

An Overview
MSCI Private Capital Closed-End Fund Indexes
help you navigate the complexity of Private Capital, providing clear, precise, and unified performance insights.

100%*

LP sourced

130+

Indexes*$11T

In AUM*

13,000+funds*

Covering private equity, private credit private real estate, private
infrastructure, and private natural resources.
*As of 31st March 2024

3

A Guide to
MSCI Private Capital
Closed-end Fund Indexes

Set Your Standard

An Overview

Differentiators

Structure of Private
Capital Investment
Categories

MSCI Private Capital Closed-End
Fund Families and Construction
Methodology

Composition andInclusion Criteria

MSCI Private Capital Closed-End
Fund Indexes

Naming Convention for
MSCI Private Capital
Closed-End Fund Indexes

Private Capital Indexes: Differentiators
Differentiators

Global Coverage:

Trusted and verified:

Impartiality:

Timeliness:

We offer 30% morecoverage than our nearest
competitors, covering over
$11T in capitalization.

MSCI has over 50 yearsof benchmarking
experience and a
global reputation as anindex leader.

We source data directlyfrom LP cash flows andcapture the full investment
experience, unlike those
who rely on reporting
methods that can bebiased.

Our direct-from-LP
sourced data reduces
reporting lag, allowing
us to update indexes inless than 90 days
(on average) post
quarter-end.

4

A Guide to
MSCI Private Capital
Closed-end Fund Indexes

Set Your Standard

An Overview

Differentiators

Structure of Private
Capital Investment
Categories

MSCI Private Capital Closed-End
Fund Families and Construction
Methodology

Composition andInclusion Criteria

MSCI Private Capital Closed-End
Fund Indexes

Naming Convention for
MSCI Private Capital
Closed-End Fund Indexes

Structure of Private Capital Investment Categories
Private Capital* New

Private Equity
VentureCapitalExpansion
CapitalPrivate Credit* New

Private Real Assets
Private Real
EstateBuyout* New

PrivatePrivate Natural
Infrastructure
Resources* New

Closed-end

Closed-end

Closed-end

Closed-end

Closed-end

Closed-end

Closed-end

Fund

Fund

Fund

Fund

Fund

Fund

Fund

Early Stage
Late Stage

Open-end

Open-end

Fund

Fund

Property

Property5

A Guide to
MSCI Private Capital
Closed-end Fund Indexes

Set Your Standard

An Overview

Differentiators

Structure of Private
Capital Investment
Categories

MSCI Private Capital Closed-End
Fund Families and Construction
Methodology

Composition andInclusion Criteria

MSCI Private Capital Closed-End
Fund Indexes

Naming Convention for
MSCI Private Capital
Closed-End Fund Indexes

MSCI Private Capital Closed-End Fund Index andConstruction Methodology
MSCI Private Capital Closed-End Fund Indexes families aim to measure the net-of-fees
aggregate performance in unlisted closed-end private capital fund vehicles. These index
families cover a range of sub-strategies within private equity, private credit, and private real
assets.
To achieve this objective, indexes are constructed top-down using the complete cash flow and valuation
history of private capital funds. The fund-level transaction data used in constructing the MSCI Private Capital
Closed-End Fund Indexes are sourced exclusively through MSCI limited partner (LP) clients, which areinvesting into the fund vehicles. Additionally, the eligibility of each fund and a complete profile of attributes
are determined using the financial statements as issued by the General Partners (GPs). When available andappropriate, MSCI may supplement this data with information from public sources.
To effectively represent the performance of a market, market segment, or strategy, MSCI Private Capital
Closed-End Fund Indexes use the Net Asset Values (NAVs) reported by the private capital funds quarterly.

6

A Guide to
MSCI Private Capital
Closed-end Fund Indexes

Set Your Standard

An Overview

Differentiators

Structure of Private
Capital Investment
Categories

MSCI Private Capital Closed-End
Fund Families and Construction
Methodology

Composition andInclusion Criteria

MSCI Private Capital Closed-End
Fund Indexes

Naming Convention for
MSCI Private Capital
Closed-End Fund Indexes

Composition and Inclusion Criterial

M SCI’s Private Capital Closed-End Fund Indexes are sourced from MSCI’s large and diverse LP client base,providing a robust dataset with the cumulative performance of the Private Capital industry since its very
beginnings.

Fund Index Inclusion Requirements
l

l
l
l
l

l

All
 funds and their eligible sources are reviewed before being added to any of the
MSCI Private Capital Closed-End Fund Indexes.
F unds must represent an unlisted closed-end investment vehicle.
All cash flows are at the discretion of the general partner, and redemptions are not allowed.
Funds
must have been openly raised in a normal fundraising process.
F unds must have an investment mandate representing a blind pool strategy primarily focused on
illiquid investments.
Fundsmust represent the master fund in those funds with multiple constituent vehicles.

Source RequirementslS ources must have the complete net-of-fees cash flow and valuation history for a limited partner in the fund.

7

A Guide to
MSCI Private Capital
Closed-end Fund Indexes

Set Your Standard

An Overview

Differentiators

Structure of Private
Capital Investment
Categories

MSCI Private Capital Closed-End
Fund Families and Construction
Methodology

Composition andInclusion Criteria

MSCI Private Capital Closed-End
Fund Indexes

Naming Convention for
MSCI Private Capital
Closed-End Fund Indexes

MSCI Private Capital Closed-End
Fund Indexes
Private Capital Closed-End Fund Data Requirements

Contributions:

Distributions:

Any amount drawn fromlimited partners, including
capital calls, fees, andexpenses.

Any amount paid back tolimited partners, including
cash, stock, and other in-kindsecurities, net of carriedinterest.

Valuation:

Currency:

The quarterly NAV of alimited partner’s position
in a fund as reported by thegeneral partner, net of any
carried interest accrual.

Exchange rates

Source EligibilityllC ash flow history must reflect the complete set of contributions and distributions between the fund and the limited partner with daily
precision.
V aluation history must reflect the complete set of quarterly valuations reported to LPs.
8

A Guide to
MSCI Private Capital
Closed-end Fund Indexes

Set Your Standard

An Overview

Differentiators

Structure of Private
Capital Investment
Categories

MSCI Private Capital Closed-End
Fund Families and Construction
Methodology

Composition andInclusion Criteria

MSCI Private Capital Closed-End
Fund Indexes

Naming Convention for
MSCI Private Capital
Closed-End Fund Indexes

Naming Convention for MSCI Private Capital
Closed-End Fund Indexes
The names of the MSCI Private Capital Closed-End Fund Indexes follow a defined formulasuch that the constituents and key calculation methodology for each index are clearly definedwithin the name of the index.
The formula for the index names is as follows:
MSCI {Geography} {Asset Class} {Fund Structure} Index ({History} {Currency})

Example:Geography: Global
Asset Class: Venture CapitalFund Structure: Closed-End FundHistory: Unfrozen
Currency: USD

9

A Guide to
MSCI Private Capital
Closed-end Fund Indexes

Set Your Standard

An Overview

Differentiators

Structure of Private
Capital Investment
Categories

MSCI Private Capital Closed-End
Fund Families and Construction
Methodology

Composition andInclusion Criteria

MSCI Private Capital Closed-End
Fund Indexes

Naming Convention for
MSCI Private Capital
Closed-End Fund Indexes

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1010A Guide to
MSCI Private Capital
Closed-end Fund Indexes

Set
YourCapitalStandard
PrivateIndexes |Set Your Standard

An
Overview
PrivateCapital Indexes:
An Overview

Differentiators
Private Capital Indexes:
differentiators

Structure of Private
Capital Investment
Categories
Categories

Index
MSCI Private Capital Fund
Closed-End
Familiesand Construction
Fund
Familiesand Construction
Methodology

Composition andInclusion Criteria

Data Requirements
SourceMSCI
Private Capitaland
Closed-End
Eligibility
for Private Capital Fund
Fund
Indexes
ReportingNaming Convention for
MSCI Private Capital
Closed-End Fund Indexes

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