Beyond top quartile: what deal-level benchmarking unlocks for private market investors

Deal-level benchmarking just became the new default in private markets.

Fund-level comparisons have always hidden what actually drives returns — leaving GPs withouta clear wayto explain performance and LPs without a reliable way to pick managers.

SPI by StepStone Group is now live exclusively via PitchBook. PitchBook’s Chief Solutions Officer Paul Santarelli and StepStone’s Chief Technology Officer Tyler Johnson break down what the PitchBook × StepStone methodology makes possible: a standardized, institutional-grade dataset that turns “show me the comparables” from a hard question into an easy one.