Public Market Equivalent: Definition

Ropa Ushe
July 4, 2025

A performance benchmarking method that is used
to compare the performance of a private markets
investment or fund with an index. The PME essen-
tially mimics the cash-flow pattern of a private mar-
kets fund with an index: when a fund invests, the
units of an index are virtually acquired, and when
a fund sells, the units of an index are virtually sold.
Different variations exist: the PME+ and the mPME
regulate the distribution by computing a factor that
either adjusts the NAV of the fund (PME+) or the
weight of the distribution in the fund (mPME). The
latter two methods are used for the analysis of active
private markets funds, while the initial PME method
is used for fully liquidated funds.

Ropa Ushe

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