{"id":1897,"date":"2026-05-01T12:30:14","date_gmt":"2026-05-01T16:30:14","guid":{"rendered":"https:\/\/www.nepc.com\/private-wealth\/?p=1897"},"modified":"2026-05-29T15:31:39","modified_gmt":"2026-05-29T19:31:39","slug":"investing-in-private-markets-best-practices-for-family-offices-selecting-private-market-managers-and-evaluating-performance","status":"publish","type":"post","link":"https:\/\/www.nepc.com\/private-wealth\/investing-in-private-markets-best-practices-for-family-offices-selecting-private-market-managers-and-evaluating-performance\/","title":{"rendered":"Investing in Private Markets: Selecting Private Market Managers and Evaluating Performance"},"content":{"rendered":"
[vc_row][vc_column width=”1\/1″][vc_column_text uncode_shortcode_id=”194061″]This is the <\/strong>fourth <\/strong>of a four-piece series under the heading, \u201cInvesting in Private Markets: Best Practices for Family Offices.\u201d In the series, we focus on the unique challenges of investing in private markets and how family offices can most effectively address them.\u00a0<\/strong><\/em>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/1″][vc_column_text uncode_shortcode_id=”159854″]Private markets can be complex; to be successful in this space, family offices can benefit greatly from sophisticated tools, dedicated investment teams, and an advanced operational structure. We believe this is particularly true in three key areas:<\/p>\n
    \n
  • Manager selection<\/li>\n
  • Governance structures<\/li>\n
  • Performance evaluation<\/li>\n<\/ul>\n

    Family offices that are just beginning to engage in private market investing can learn a lot from more experienced family offices and institutions about how to best set up a private markets program. But even family offices who have a long history in the private markets need to constantly update their procedures to take advantage of evolving technology and consultant relationships. That\u2019s especially true today, as family offices may feel ongoing pressure from their principals to add more professional capabilities.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/1″][vc_column_text uncode_shortcode_id=”164780″]\n

    Why Manager Selection is Uniquely Consequential<\/span><\/h3>\n[\/vc_column_text][vc_column_text uncode_shortcode_id=”109247″]In public markets, the difference between a skilled and an average manager is meaningful but bounded. Beta exposure does much of the work, and in our experience, the dispersion between top- and bottom-quartile managers is relatively modest. In private markets, however, outcomes are largely driven by manager skill \u2013 and the skillset goes well beyond good financial analysis.<\/p>\n

    To be successful in private markets, managers need to have proprietary sourcing networks that give them access to high-quality investment opportunities. As owners, they need the execution capabilities that help the businesses they invest in build value, guiding them toward profitable exits. The spread between top-and bottom-quartile private markets managers is dramatically wider than in public markets.<\/p>\n

    NEPC maintains a measure called POP \u2013 potential outperformance due to strong manager selection. This measure captures the spread between the 25th percentile manager and the 50th percentile manager, as a way of demonstrating the excess return above median attributable to strong manager selection. POP data consistently shows that manager selection is a key driver of return variation across portfolios.[\/vc_column_text][vc_single_image media=”7854″ media_width_percent=”100″ uncode_shortcode_id=”197399″][vc_column_text uncode_shortcode_id=”207528″]This reality carries an important implication: if a family office cannot access top-tier managers, it is generally better off not investing in private markets at all. Without access to those managers, the illiquidity and complexity of private markets are difficult to justify.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/1″][vc_column_text uncode_shortcode_id=”309953″]\n

    Manager Selection<\/span><\/h3>\n[\/vc_column_text][vc_column_text uncode_shortcode_id=”210488″]Best Practice #1: Use Consultants to Expand Manager Access<\/strong><\/p>\n

    Manager access is a common challenge, because the best managers are frequently capacity-constrained, or may be closed to new investors, or may prefer investors with whom they have long-standing relationships. This is one of the most tangible benefits of working with an established investment consultant: consultants can bring relationship capital and institutional standing that open doors which would otherwise remain closed.<\/p>\n

    Consultants can also perform manager selection due diligence using a broad and comparative lens. Their experience identifying appropriate managers for a wide range of investors can help ensure better outcomes for family offices that have moved into this space.<\/p>\n

    Best Practice #2: Don\u2019t Chase Performance<\/strong><\/p>\n

    Chasing standout performance can be as problematic in private markets as in public. A strong recent track record is an unreliable guide to future results in private markets, where vintage timing, market conditions, and portfolio maturation all influence reported returns. In our experience, the more durable indicators of manager quality are the consistency of the investment process, the depth and proprietary nature of the sourcing network, and the stability and alignment of the team.<\/p>\n

    Best Practice #3: Perform Due Diligence Every Time<\/strong><\/p>\n

    One highly valuable discipline in the private space is to underwrite a manager at each new fund commitment, rather than simply re-upping on the basis of familiarity. Markets evolve, teams change, and strategies drift. Ongoing monitoring between commitments ensures that the family\u2019s private markets portfolio reflects deliberate, current judgment rather than accumulated inertia.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/1″][vc_column_text uncode_shortcode_id=”151283″]\n

    Beyond Manager Selection: Governance<\/span><\/h3>\n[\/vc_column_text][vc_column_text uncode_shortcode_id=”141521″]Best Practice #3: Detailed Liquidity Forecasting<\/strong><\/p>\n

    Although manager selection is often the primary differentiator of private market outcomes, the impact of governance can\u2019t be ignored. Governance guidelines are an essential tool to help family offices and their principals make consistent, disciplined decisions in a marketplace that can be hard to predict. Again, investment consultants can be tapped to identify and compare governance tools and recommend options.<\/p>\n

    Best Practice #4: Expand the Investment Policy Statement<\/strong><\/p>\n

    Investing in private markets requires a governance framework that is meaningfully more sophisticated than what most families have in place for public market portfolios. Families should ensure their investment policy statement (IPS) explicitly lays out policies and guidelines related to their private markets holdings. These might include:
    \n\u2022 Articulating goals and objectives specific to private market ownership<\/p>\n

    \u2022 Liquidity requirements, including data or other criteria that will be used when making liquidity decisions<\/p>\n

    \u2022 Portfolio details, such as position sizing parameters and asset-allocation guardrails<\/p>\n

    \u2022 The specific criteria by which new commitments will be evaluated<\/p>\n

    Without that foundation, it becomes easy for short-term concerns to overtake long-term planning and discipline.<\/p>\n

    Best Practice #5: Ensure Clear Decision-Making Authority<\/strong><\/p>\n

    Family offices need to make sure that the right voices \u2013 whether internally, through a trusted advisor, or both \u2013 are performing oversight and contributing to private market decisions. Often, the right people to make those decisions or contribute to the discussion differ from those involved in public markets decisions. All stakeholders need to recognize that investing in private markets may very likely require a different decision-making process.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/1″][vc_column_text uncode_shortcode_id=”104430″]\n

    Evaluating Success<\/span><\/h3>\n[\/vc_column_text][vc_column_text uncode_shortcode_id=”926632″]Best Practice #6: Use the Right Performance Evaluation Tools<\/strong><\/p>\n

    Measuring performance in private markets requires a different toolkit than public markets. Standard metrics include:<\/p>\n

    \u2022 internal rate of return (IRR),<\/p>\n

    \u2022 distributed to paid-in capital (DPI)<\/p>\n

    \u2022 total value to paid-in capital (TVPI)<\/p>\n

    \u2022 multiple on invested capital (MOIC)<\/p>\n

    \u2022 public market equivalent (PME)<\/p>\n

    Each of these measures illuminate different aspects of a fund\u2019s performance, and fluency with all of them is necessary to form a complete picture. Note also that performance should be evaluated in relation to vintage year and strategy.<\/p>\n

    Best Practice #7: Recognize the Limitations of Benchmarks<\/strong><\/p>\n

    In our experience, benchmarking isn\u2019t as helpful in private markets as in public. Private markets indices are subject to reporting lags, survivorship bias, and valuation smoothing that make direct comparisons imprecise. Benchmarks can provide useful context, but they are not a good proxy for success in a private markets program.<\/p>\n

    Best Practice #8: Look at the Big Picture<\/strong><\/p>\n

    Ultimately, we believe the most important assessment in private markets is determining whether progress is being made toward long-term goals. Private markets portfolios are built over decades, and short-term valuations often don\u2019t provide adequate insight into the success of the portfolio\u2019s underlying holdings.
    \nBut there are ways other than performance to determine if a private markets program is effective. Is the family gaining access to high-quality opportunities? Are they building strong relationships with top-tier managers? In our experience, these program qualities are highly correlated with success and provide valuable feedback to the family office.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/1″][vc_column_text uncode_shortcode_id=”128293″]\n

    Building a Program That Endures<\/span><\/h3>\n[\/vc_column_text][vc_column_text uncode_shortcode_id=”177500″]Best Practice #6: Use the Right Performance Evaluation Tools<\/strong><\/p>\n

    Enhancing your evaluation capabilities and governance toolkit may not be the first thing a family office thinks of in its private markets program. In this piece, we have outlined why it is an essential component to success and how family offices can level up their game. Other pieces in this series address further best practices, including portfolio construction and liquidity.<\/p>\n

    A well-designed private markets program is a powerful tool for family offices, but that power comes with complexity, and complexity rewards thoughtful design and consistent execution. The families who benefit most from private markets are those who approach it with patience, discipline, and a trusted partner like NEPC who can provide both the framework and the ongoing guidance to navigate it well.<\/p>\n

     <\/p>\n

    Sources: As of Dec\/31\/2025. Sources: NEPC, World Federation of Exchanges database, World Federation of Exchanges (WFE) https:\/\/data.worldbank.org\/indicator\/CM.MKT.LDOM.NOend=2025&locations=US&start=1978. *Potential Out-Performance (POP): upside potential from strong manager selection (25th percentile to 50th percentile spread). POP is for illustrative purposes only and no client has achieved these results.<\/em>[\/vc_column_text][\/vc_column][\/vc_row][vc_row unlock_row_content=”yes” row_height_percent=”0″ overlay_alpha=”50″ gutter_size=”3″ column_width_percent=”100″ shift_y=”0″ z_index=”0″ content_parallax=”0″ uncode_shortcode_id=”498512″][vc_column column_width_percent=”100″ align_horizontal=”align_center” gutter_size=”3″ overlay_alpha=”50″ shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”0″ mobile_width=”0″ width=”1\/1″ uncode_shortcode_id=”863134″][vc_button border_width=”0″ uncode_shortcode_id=”346462″ link=”url:https%3A%2F%2Fwww.nepc.com%2Fwp-content%2Fuploads%2F2026%2F05%2FSelecting-Private-Market-Managers-and-Evaluating-Performance.pdf|target:_blank”]Download File[\/vc_button][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"

    NEPC\u2019s first annual Diversity, Equity and Inclusion (DEI) Progress Report tracks the progress in 2020 of diversity and inclusion efforts across several areas of NEPC\u2019s business.<\/p>\n","protected":false},"author":11,"featured_media":1898,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[12],"tags":[21],"class_list":["post-1897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-private-wealth"],"yoast_head":"\nInvesting in Private Markets: Best Practices For Family Offices - Part 4<\/title>\n<meta name=\"description\" content=\"This is the fourth of a four-piece series under the heading, \u201cInvesting in Private Markets: Best Practices for Family Offices.\u201d In the series, we focus on the unique challenges of investing in private markets and how family offices can most effectively address them.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nepc.com\/private-wealth\/investing-in-private-markets-best-practices-for-family-offices-selecting-private-market-managers-and-evaluating-performance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investing in Private Markets: Best Practices For Family Offices - 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