From Opacity to Opportunity: Why Private Market GPs Can No Longer Afford to Stay Invisible
Over the past 18–24 months, the U.S. private markets landscape has shifted in ways that make “invisible” or “hard‑to‑find” managers—those with excellent strategies but limited institutional footprint—far more likely to miss out. Fundraising has remained selective; diligence has become more exacting; and fiduciary expectations keep rising as retirement assets swell and policy evolves. In this environment, opting in to data‑driven platforms like Nasdaq eVestment™ is no longer a “nice to have”—it’s fast becoming table stakes.
Private Markets in 2025: 4 Key Shifts Driving GP Visibility
Rising Regulatory & Fiduciary Standards: Why Transparency Is Non‑Negotiable
Even after the Fifth Circuit vacated the SEC’s 2023 Private Fund Adviser Rules in June 2024, the SEC’s 2025 Examination Priorities kept private funds squarely in scope for 2025—emphasizing valuations of illiquid assets, fee and expense calculations, conflicts disclosure, and Marketing Rule compliance. In short: the rule was vacated, but the scrutiny did not go away. (See the SEC vacatur announcement for context.)
Meanwhile, the U.S. Department of Labor’s “Retirement Security Rule” (finalized April 2024) broadens who is an investment‑advice fiduciary for ERISA plans and IRAs and becomes effective September 23, 2024—raising the bar on advice standards and reinforcing prudent‑process expectations for plan sponsors and providers evaluating investment options (including diversified vehicles that may hold private assets).
Implication for GPs: Diligence files must stand on auditable, comparable, standardized performance and terms.
Platform‑First Allocator Searches: How GPs Get Shortlisted Today
Consultants and institutional allocators increasingly begin with platform data, not inboxes. Tools that unify investor, consultant, and manager‑authored documents at scale—and surface them in comparable fields—are where searches start. Nasdaq eVestment’s market intelligence captures information across 26,000+ allocators/consultants and 12,000+ private markets managers, enabling true apples‑to‑apples views of IRR/TVPI/DPI, fees, terms, and portfolio attributes.
The fundraising context amplifies the effect: 2024 global PE fundraising fell materially versus 2023 (lagging LP liquidity and exit activity), making discoverability and differentiation the gating function to even get the first call.
Implication for GPs: If your strategy and data aren’t visible where allocators actually screen, the shortlist is over before you know it.
DC & 401(k) Growth: Unlocking Trillions for Private Markets
As of Q2 2025, defined contribution (DC) plan assets reached $13.0 trillion, with $9.3 trillion in 401(k)s—a pool continuing to expand alongside policy and product innovation (e.g., target‑date CITs, hybrid designs, and thoughtful integration of private assets inside diversified vehicles).
Consultant sentiment points the same way: in 2025, roughly half of consultants surveyed expect private market investments to appear within DC asset‑allocation offerings, with private credit the most likely entry point—signaling how sponsors intend to evaluate and implement alternatives within fiduciary frameworks.
Implication for GPs: Even a modest penetration of this market creates outsized demand for managers who can present standardized, DC‑friendly data that maps cleanly into consultant evaluation workflows.
Standardized Data & Tech: The New Baseline for Private Market GPs
AI‑assisted screening, quantitative filters, and peer benchmarking only work when the inputs are structured and comparable. PDFs and one‑off formats don’t make the cut. eVestment’s methodology relies on directly sourced manager‑, consultant‑, and investor‑authored documents, disciplined classification, and auditable fields—the substrate for allocator search, screening, and competitive intelligence.
Implication for GPs: Standardized data isn’t just hygiene—it’s how you get found, why diligence moves faster, and where you differentiate facts.
Proof Points: Fundraising Trends & Liquidity Signals You Can’t Ignore
- Fundraising selectivity: PE fundraising declined to $515B in 2024 from $667B in 2023 (–23% YoY), even as North America‑focused PE raised $214B (up from $183B). Public pension PE commitments rose 6% to $75B, while U.S. insurer commitments were roughly flat at $22.3B.
- Secondaries as liquidity valve: 2024 secondaries volume hit a record $160B (+41% YoY), with LP‑led deals at 56%—evidence of continued portfolio rebalancing and liquidity management.
- Private debt momentum (public plans): Public pensions increased private‑debt commitments to $38.7B in 2024 (+21% YoY), underscoring demand for yield/credit strategies.
- DC/401(k) growth + fiduciary focus: DC assets $13.0T; 401(k) $9.3T (Q2 2025), plus the DOL’s 2024 fiduciary rule and SEC exam priorities—the combination is a higher‑standard selection environment that defaults to comparable data.
The Cost of Staying Invisible: Risks for GPs Without Institutional Transparency
- Being filtered out before a first meeting—because screens run on IRR/TVPI/DPI, fees, terms, liquidity, and comparable peer cohorts.
- Longer, more painful diligence cycles—when valuation methods, track record granularity, and fee mechanics aren’t standardized against exam‑priority themes (valuations, fees, conflicts).
- Losing competitive intelligence—missing allocator search trends and where your peer set is raising (or losing) mandates across public plans and insurers.
- Delayed access to DC capital—as consultants gravitate to DC‑ready data and documented processes consistent with the 2024 DOL rule.
Why Nasdaq eVestment Is the Visibility Engine for Private Market GPs
Discoverability where decisions start: Your profile, performance, terms, and portfolio descriptors appear in the same structured fields consultants and allocators use to screen—so you show up in searches tied to strategy, vintage, region, fees, and outcomes.
Credibility via standardized, auditable data: Nasdaq eVestment’s methodology sources manager-, consultant‑, and investor‑authored documents; classifies and normalizes fields; and supports benchmark‑ready analytics—reducing friction in diligence and aligning to regulators’ focus on valuation and fee transparency.
Insight with Market Intelligence: Surfaces who is allocating to whom across public plan disclosures and NAIC insurance filings; a forward calendar shows funds confirmed and projected to fundraise (by strategy, size, and region).
Efficiency across the fundraising cycle: When your data are complete and comparable, RFPs move faster, meetings go deeper and follow‑ups focus on differentiation—not basic fact‑finding.
Action Plan for GPs: 5 Steps to Achieve Platform‑Ready Transparency
- Audit your data: Net IRR, TVPI, DPI with PME/benchmark context, fee schedule, liquidity/gating terms, valuation policies, and track‑record notes—mapped to allocator screen fields.
- Build (or clean) your platform profile: Fill every required field and avoid PDFs as substitutes for structured data; use consistent performance cut‑offs and footnote methodologies; disclose fee netting assumptions.
- Benchmark your story: Use allocator/insurer intelligence to see which public plans and insurers are active in your strategy and ticket size; reconcile your pricing and terms to the peer set; and identify co‑investment expectations by allocator type.
- Tune for DC readiness: Expect consultants to test how your strategy can sit inside diversified vehicles (e.g., TDFs/CITs or multi‑asset sleeves). Prepare implementation notes (valuation cadence, liquidity tools, fee transparency) consistent with the DOL rule and consultant research trends indicating private credit as a leading DC entry point.
- Operationalize secondaries and liquidity narratives: In a market where secondaries volume hit a record in 2024, diligence will probe your approach to LP‑led and GP‑led options, continuation vehicles, and distribution pacing—make your framework explicit.
We’re past the moment when transparency, discoverability, and standardized data were differentiators—they’re now baseline expectations. With DC/401(k) assets at $13.0T ($9.3T in 401(k)s), heightened fiduciary standards, and platform‑first allocator workflows, staying invisible isn’t neutral—it costs you speed, credibility, and a seat at the table.
For GPs on the fence, the real question is not whether to engage on platforms like eVestment, but how quickly and cleanly you can do it—because in today’s private markets, being visible is the prerequisite to being chosen.
Private Markets FAQ: GP Data, DC Trends & eVestment Solutions
What data do LPs/consultants screen first when shortlisting GPs?
IRR/TVPI/DPI (net), fees/terms, liquidity, strategy fit, and peer benchmarks drawn from standardized, comparable fields.
Is DC/401(k) money really moving into alternatives?
Yes. DC assets are $13.0T (401(k): $9.3T), and consultants expect rising private‑market use inside diversified allocations, led by private credit.
Do I still need standardized reporting after the SEC rule was vacated?
Yes. Examinations emphasize valuations, fees/expenses, conflicts, and accurate marketing—standardized data eases diligence and builds trust.
How can eVestment specifically help?
Market Lens for allocator/peer intelligence; TopQ+ for forward fundraising visibility; structured, auditable fields to accelerate screening and diligence. PM Intelligence (TopQ+ & Market Lens), Private Markets Dataset, and Private Markets Data Licensing Market Lens® and TopQ+
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