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State Street Global Exchange Announces Collaboration with Josh Lerner and the Private Capital Research Institute to Enhance Private Equity Research

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State Street Global Exchange today announced a new collaboration with Josh Lerner, Jacob H. Schiff professor of investment banking at Harvard Business School, and the Private Capital Research Institute (PCRI) that seeks to further academic research on private capital. Also announced today is the launch of the GX Private Equity Index portal which will provide State Street clients with enhanced transparency into private capital market performance, trends and liquidity via a web-based application.

Professor Lerner founded and serves as director of the Private Capital Research Institute (PCRI), a non-profit organization that seeks to further the understanding of private capital and its impact by producing and disseminating independent, high-quality academic research based on the comprehensive academic databases of private capital activity. Professor Lerner was recently awarded the Chartered Alternatives Investment Analyst Association’s (CAIA) 2014 Award for Excellence in Alternative Investment Research for his research contributions on venture capital and private equity organizations. He was also named one of the ten most influential academics in the institutional investing world by Asset International’s Chief Investment Officer magazine and serves as Vice Chair of the World Economic Forum’s Global Agenda Council on the Future of Investing.

“We’re excited to work with Josh to help illuminate a historically opaque segment of the market and address a critical need for an accurate depiction of private equity performance,” said Jeff Conway, executive vice president and head of State Street Global Exchange. “Through our partnerships with academia and our information-driven analytics tools, we are pursuing new ideas and applications for data to better inform our clients’ investment decisions.”

The GX Private Equity Index Portal launched today is a decision-support tool that offers reporting, custom indexing and benchmarking capabilities with metrics calculated from the actual transactional data used to build the GX Private Equity Index. These applications are based on information from the GX Private Equity Index, which is derived from a large database of LP fund accounting records with minimal survivorship and self-reporting bias. The GX Private Equity Index represents more than $2.2 trillion of private equity commitments and includes more than 2,400 funds, as of June 30, 2014. Unlike many other sources of private equity data, the GX Private Equity Index does not rely on voluntary reporting of cash flows from general partners in order to calculate returns.

To see more information about the index visit http://www.ssgx.com/peindex.

About State Street Corporation

State Street Corporation (NYSE:STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $28.47 trillion in assets under custody and administration and $2.42 trillion* in assets under management as of September 30, 2014, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s web site at www.statestreet.com.

* Assets under management include the assets of the SPDR(R) Gold ETF (approximately $30 billion as of September 30, 2014), for which State Street Global Markets, LLC, an affiliate of SSgA, serves as the distribution agent.

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