Recent volatility in markets worldwide is a timely reminder of the benefits of diversification in an investment portfolio. Since 2000, investment in private equity (PE) has significantly increased and provided investors greater diversification across growth assets. Over this time, private equity’s net asset value rose more than sevenfold globally, and PE-backed companies more than doubled to over 8,000 just in the USA, while the total number of publicly owned companies saw a modest decline. The increased usage of PE as an asset class across pension schemes, sovereign funds and wealth investors has created a need to provide analysis that accurately captures the investment performance of both the general and limited partners, across which fund expenses and distributions are allocated.