FAQ

What is the primary goal of FundFilter?

FundFilter is an affordable financial analysis tool for the rapidly growing universe of private fund investors.

FundFilter makes performance data on thousands of private funds accessible in order to provide actionable insights by harnessing innovative engineering and state-of-the-art data science.

What is FundFilter’s Cash Flow Forecasting Tool?

FundFilter provides several years of cash flow forecasting for any fund with sufficient historical data. The cash flow forecasting tool also predicts the NAV curve to estimate risk exposure. FundFilter uses various linear regression and neural network models to generate these forecasts, which are based on the historical curve data of thousands of funds.

How can the Cash Flow Forecasting Tool be used?

FundFilter’s cash flow forecasting tool has several practical applications for investors.

  1. An investor can better understand the cash flow characteristics of 16 different sub strategies within private markets. One can easily see how quickly each strategy draws down and returns capital. The NAV curve profile for each sub strategy will be on display and can be assessed as an average of the sub strategy and also of the top and bottom quartiles of those sub strategies.
  2. An investor can see a projection of any fund with historical data at any time in that fund’s life. Investors can then gauge the potential slant of the fund’s j-curve and/or NAV curve enabling them to determine future cash flow needs as well as monitor any developing dollar risk exposure.
  3. An investor can evaluate the overlapping effects of various funds of different strategies over multiple vintages in a personalized portfolio in order to produce a single portfolio cash flow curve and NAV curve. Investors can use the forecasting tool to see the netting effect of older funds that are distributing cash against younger funds drawing down cash. The forecasting tool can also produce a picture of what net exposure across the portfolio may look like by assessing the impact of older funds winding down as younger funds ramp up.
  4. An investor can plan future commitments over the coming 1, 3 or 5 years by inserting ‘placeholder commitments’ to funds of different strategies and vintages. These ‘placeholder commitments’ help investors or their advisors decide which type of private fund investments are most suitable, creating a solid starting point to vet investment options. Investors can maximize their use of portfolio cash as well as maintain an acceptable risk exposure to the asset class.

How do I look up a fund to see its performance?

Fund performance can be looked up via multiple avenues. The most direct route is through a general query of a fund name in the Search Bar, which brings you to the Funds environment. You can look up a fund through the Fund Manager screen by clicking a dot in the Fund Performance panel or from the funds list in the expanded Fund Raising panel. Alternatively you can find a fund by using the blue filter button in the Market Filter panel to set your parameters. Once your criteria are in place you can switch to list view to see which funds meet your interests.

How can I see a list of funds from a specific strategy?

In the Market Filter environment click on the blue Filters button. This brings up the option to select from 6 different strategies and 16 different sub strategies. Additionally one can further filter by vintage, region, and fund size. Once search criteria is determined, close the filter and select list view to see details of the funds that meet your parameters.

How can I add a fund, if I don’t see a fund in the database?

To directly add a fund to the database click on the yellow ‘Add A Fund’ button on the left hand side navigation panel. This option also appears at the bottom of the Fund Performance panel in the Fund Managers environment as well as at the top right of the Fund Portfolios panel within the Saved environment. Clicking this button will prompt a field to type in the name of the fund. If the fund you are looking for does not appear then complete typing the fund name and click ‘Add’. Then fill out the remaining attributes of the fund. Note that you can add as many previous quarters as you like but at least one is required. Once you click ‘Save & Close’ you will be taken to the Fund Screen where your newly added fund will appear and be benchmarked to its peer group. You can add as many funds as you like.

IMPORTANT: this fund is only visible to you and does not become part of the FundFilter database.

If I add a fund, can anyone else see it?

No. If you add a fund to your portfolio or saved list, it is only visible to you. You are essentially creating your own personalized portfolio / database within FundFilter.

What is the benefit of adding a fund?

By adding a fund you can immediately see how that fund is performing against similar funds. You can view your manually added fund through interactive charts allowing you to verify information received and independently assess performance.

Can I create my own portfolio and track performance?

By selecting funds in our database through the bookmark icon beside each fund, or adding your own fund(s), you can recreate your portfolio and track its performance over time and in relation to peers. In the Saved environment, your portfolio will be viewable as a heat map with the strongest performing funds over a selected period being bright green and the lower performing funds being a darker green. You can rank by best performing, poorest performing or alphabetically. You can also view your funds as a list of funds by switching to ‘List’ view to see how each fund is performing in relation to its peer group.

Why are there three vintages represented in showing a fund?

FundFilter includes three vintages in benchmarking for these reasons:

  1. Choice: Different investors have different interpretations of a fund's vintage (such as the formation date, first drawdown, final close), hence we provide users the ability to select from three years.
  2. Range: Given that a fund often competes with other funds either from the same vintage or from an earlier or later vintage, FundFilter has included three vintages to capture competitor funds in a similar investment cycle.

How can I see a Fund Manager’s performance over time?

Enter a fund manager name in the search bar at the top of the screen. Once you make your selection you will be taken to the Fund Managers environment. Here you can find the Fund Performance panel with a graphical representation that manager’s funds categorized by strategy over time. This enables you to see how consistent a manager’s performance is. Clicking any of the funds represented by dots in the graph will bring up data on that fund and a link to the fund’s full profile. You can also view a list of the manager’s available funds by expanding the Fund Raising panel.

How can I see how one strategy is performing in relation to another?

Within the Market Filter environment expand the Strategy Performance panel on the bottom left hand side. From here you can see how the various private market sub-strategies compare to each other over different periods of time. The performance metric used to generate these charts is the median of all available funds in the respective sub-strategy since the year 2000 except for the most recent three vintages. The most recent vintages are not included as their valuations fluctuate greatly given the relatively early life of the vintages.

How can I see who is currently in the market fundraising?

In the Market Filter environment expand the Fund Raising panel. You can organize the chart by geography or strategy at the top of the panel. Hovering over the various sections of the bar chart for any year will bring up a link to a list of those funds. Clicking that link will bring you to a list of funds either fully raised or still being raised. Alternatively, you can go to the Fund Managers environment and click the Fund Raising panel where you will see a table titled Current Fund Performance. Here you can see which funds for a particular fund manager have closed fund raising and which are still in process of raising funds.

How can I discover other people who went to a particular school?

Note: This function is intended for a large screen and may not be suitable to smaller screens at this point.

Within the Fund Manager environment there is a Team panel. Expand this panel and you will see an organizational wheel on the right side. Switch to Schools view at the top of the panel and click on a school name to see which employees of this fund manager attended a particular school. If you click on the school name again it will appear in the central node of the organizational wheel and other fund managers who hired from this school also will appear as spokes. Relevant data for those who attended that particular school will also appear in the left hand panel.

How can I share a Fund Manager profile with someone?

Within the Fund Manager environment, in the Fund Manager Summary panel there is a download button on the top right corner. Clicking the download icon will bring up a prepared image summary of the Fund Manager for a specific strategy. Click the blue Download Image button to save the image on your device so that you can share via email, Slack, etc. at your leisure.

How do I save something I am interested in?

Within list views in the Market Filter, Funds, or Fund Managers environments you will find bookmark icons which when clicked brings that fund or person into your Saved environment.

How can I see how one strategy is performing in relation to another?

Within the Market Filter environment expand the Strategy Performance panel on the bottom left hand side. From here you can see how the various private market sub-strategies compare to each other over different periods of time. The performance metric used to generate these charts is the median of all available funds in the respective sub-strategy since the year 2000 except for the most recent three vintages. The most recent vintages are not included as their valuations fluctuate greatly given the relatively early life of the vintages.

What are the core features of News in FundFilter?

News can be located in the general News environment. More fund manager specific news can be found within the Funds, Fund Managers or Saved environments. FundFilter news provides three core functions:

  1. Our news tracks articles specific to a Fund Manager in their respective environments or to the group of Fund Managers you have saved to your Saved environment.
  2. Our news uses a sentiment model to signal which stories are positive, neutral or negative then represents these articles in a graphical format so you can quickly see those that may be of greater significance to you.
  3. Our news uses a summarizer tool to provide you the essence of an article. You can select the length of summarization from short, medium, or long. We also provide a link to the source article if you would like to read it in full.

How can I quickly see if there is any negative news on a fund manager I am following?

Within the fund manager environment, expand the News panel and switch to Plot view at the top of the panel. Here you can quickly identify news sentiment (positive, neutral or negative) over time. Clicking an individual dot will bring up a link to view a summarization of the article and / or navigate to the source article. You can also sort news in the list view by sentiment to see all negative news stories for a fund manager grouped together.

How can I create my own news filter?

Whenever you bookmark a fund or a person you are also indirectly bookmarking the underlying fund manager of that fund or person. In the Saved environment, FundFilter lists news from all fund managers you have saved and creates a visual sentiment chart on these curated news articles so you can quickly identify positive and negative stories as well as view your portfolio’s news sentiment over time by switching to ‘Plot’ view.

If I see an error in the database, how do I notify someone?

We have gone to great lengths in auditing the data we provide. However, given some of the machine learning technology we utilize in order to pass on savings to you, we do foresee there being an occasional error. Should this be the case and you spot something, please make us aware by emailing suggestions@fundfilter.com

What does DPI mean?

DPI stands for Distributions to Paid in Capital. DPI is a measurement of how much a fund has paid out to investors. A high multiple is preferable to investors. It is calculated by dividing the amount distributed to investors by the amount investors have invested to date. All values are on a net basis, meaning after a fund manager’s fees and carried interest have been deducted.

What does RVPI mean?

RVPI stands for Remaining Value to Paid In Capital. RVPI is a measurement of the remaining value of the fund relative to how much capital has been invested. The value will decrease in time as the fund matures. It is calculated by dividing the Remaining Value of a fund (Fair Market Value or Net Asset Value) by the amount of capital investors have invested to date. All values are on a net basis, meaning after a fund manager’s fees and carried interest have been deducted.

What does TVPI mean?

TVPI stands for Total Value to Paid In Capital. TVPI is a measurement of the value of a fund relative to how much capital has been invested. A high multiple is preferable to investors. It is calculated by dividing the Total Value of a fund (a combination of remaining Fair Market Value and Distributions to date) by the amount of capital investors have invested to date. All values are on a net basis, meaning after a fund manager’s fees and carried interest have been deducted.

What is IRR?

IRR stands for Internal Rate of Return. IRR is a measurement of a fund’s overall performance taking into account the time value of money. If a fund invests and havests those investments early then the Net IRR will be high, however the longer a fund takes to harvest investments, the lower the Net IRR will fall. Net IRR is after a fund manager’s fees and carried interest have been deducted.

What does % Capital Called mean?

% Capital Called is a measurement of how much capital a fund has drawn down in proportion to the original commitment made to the fund. It allows investors to see how much of their commitment has been invested. It is calculated by dividing the amount of capital investors have invested to date by investors’ original commitment.

What does Dry Powder mean?

Dry Powder represents how much capital in a fund has yet to be invested in relation to how much has been already committed by investors. This value can be influenced by several factors including the amount of capital which has been recycled by a fund manager. The value presented by FundFilter is intended to be only a proxy value generated from the amount of capital called.

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