Help: Fund Access Point definitions

Overview

Two funds can share a strategy but reach their investments in very different ways, which makes it hard to compare them like for like. A fund’s access point is the method it uses to implement its investment strategy, such as investing directly in companies or buying existing fund commitments, and its additional access points capture any other methods it uses. This article defines each access point we track and shows you where to find them in the platform, so you can accurately identify and compare how funds invest.

For definitions of the types of investments funds target, such as buyout, venture capital, or real estate, visit Fund Strategy definitions to learn more about the Fund Strategy and Fund Category fields.

Fund Access Point definitions

This section defines each access point in the platform. A fund’s access point is its primary method of investing, and it may have additional access points listed for any other methods it uses.

Primary Fund
Funds that invest directly in portfolio companies.

Secondary Fund
Funds that buy and sell pre-existing investment commitments to private funds, such as private equity, venture capital, or debt funds.

Fund of Funds
Funds that invest through several other funds into portfolio companies to gain diversified exposure to private industry.

Co-Investment
Funds that invest directly in portfolio companies alongside other investors. Participants expect higher returns, increased portfolio transparency, greater control, and reduced overall fees.

In the platform

This section shows you the major locations in the platform where this term appears. Some terms defined in the Help Center may also appear in other locations that are not included here.

Profiles

You can find a fund’s Access Point and Additional Access Point in the General Information section of fund profiles.

Screeners

You can search for funds by Access Point and Additional Access Point on the Fund Criteria tab of an Investors & Funds Screener. You can search for limited partners by the access point of funds they have committed to on the Commitments tab of a Limited Partners Screener.

Start with Learn the basics of creating a screener if you are new to PitchBook searches.

Search results

You can find Access Point and Additional Access Point in Investors & Funds search results on the Funds search results tab. They also appear in the Commitments search results tab after running a Limited Partners search.

Download templates

You can find Access Point and Additional Access Points in the Funds or Fund Returns Data download templates from the Investors and Funds search results tabs.

PitchBook Benchmarks

Access Point is one component used in peer groups for fund benchmarking and quartile calculations throughout the platform, including in PitchBook Benchmarks. The access point of a benchmark or peer group and the other peer group criteria are usually listed near the quartile or benchmark statistics.

In the Excel Plugin

In the Excel Plugin (Windows), you can choose between two Formula Builder options: Smart Field and Legacy, by using the toggle at the top of the builder.

Smart Field Formula Builder

To access the Access Point and Additional Access Point formulas in the Smart Field Formula Builder, click the + symbol next to Funds and then General to expand the section and access all its available formulas. Select a Fund ID as the identifier to run the formula.

You can also search using the Keyword field at the top of the builder. By default, the Exact Match checkbox is selected; deselect it to broaden your results.

Legacy Formula Builder

To find the Access Point and Additional Access Point formulas in the Legacy Formula Builder, click the Funds tab in the Formula Builder and click the + symbol next to the General section. Select a Fund ID as the identifier to run the formula.

Helpful links

To understand how this feature fits into a broader workflow, check out PitchBook Pioneer’s course—Fund Insights in PitchBook.