PM-04 — Portfolio Company
The underlying operating company an investor holds exposure to — directly, through one or more funds, or both. The unit of look-through exposure, and the hardest master in OpenIM.
Specialises: E-01 Legal Entity, in the portfolio_company role. PM-04 adds the private-markets-specific structure — the look-through relationships, the cross-manager overlap, the company-lineage tracking.
Why it is the hardest master
Without a portfolio company master, an investor cannot aggregate exposure across vehicles — and that aggregation is the foundation of concentration-risk monitoring, sector-exposure analysis and CIO reporting. The same company is routinely held through a fund, a co-investment vehicle alongside it, and a separate fund from another manager. The arithmetic of total exposure is simple once the entities match; the entire difficulty is recognising it is the same company.
It is hard because: no universal identifier (most private companies have no LEI, ISIN or CUSIP — Private CUSIPs are emerging but early); same company, different names across managers and after rebrands; multi-manager overlap is common; and companies change through mergers, acquisitions and spin-offs, so the master must track lineage.
Attribute schema
| Column | Type | Definition |
|---|---|---|
company_id | varchar | Golden key (also the entity_id of the Legal Entity in the portfolio-company role). |
company_name | varchar | Canonical name. |
known_aliases | array | Every name the company has been seen under across manager reports, co-invest documents, administrator statements (the in-record view of E-13). |
sector | varchar | Industry classification (GICS or an internal scheme). |
sub_sector | varchar | Finer-grained industry classification. |
country | varchar | Primary jurisdiction. |
lei | varchar | Legal Entity Identifier, where one exists; most private companies have none. |
external_ids | map | PitchBook, Preqin, Companies House, SEC CIK, vendor entity IDs, Private CUSIP (the in-record view of E-14). |
status | varchar | active / exited / merged / acquired. |
successor_company_id | varchar (FK → self) | The surviving entity after a merger or acquisition; null while active. Carries the lineage. |
gp_relationships | array | The managers (PM-02) that report this company — enables cross-manager overlap detection. |
first_seen_at | date | When the investor first encountered this entity. |
last_reviewed_at | date | Date of the last steward review. |
reviewed_by | varchar | The data steward who last reviewed the record. |
Resolution
Three-tier matching — exact identifier match, alias / normalised-name match, steward review queue. Portfolio companies carry the highest unresolved volume of any master, especially early in a manager relationship — every new manager brings a wave of company names. The master gets smarter every cycle: alias lists grow, unresolved volume falls.
Out of scope
- The generic party master a portfolio company specialises — that is E-01 Legal Entity in the
portfolio_companyrole; PM-04 adds the look-through, overlap and lineage structure. - A fund’s holding in a company — that is PM-09 Fund Investment; PM-04 is the company, not the fund’s position in it.
- A real asset an investor holds directly — that is RA-01 Direct Real Asset; PM-04 is strictly a company reached through a fund, not a directly-owned asset.
- The variant names a company has been seen under in normalised form — that is E-13 Entity Alias, of which PM-04 carries only the in-record
known_aliasesview.
Owned and consumed by
- Owned by: SD-13.2 Entity & Counterparty Master.
- Populated via: SD-13.6 GP & Manager Report Ingestion (companies are discovered as managers report on them).
- Consumed by: SD-07.5 Look-Through Exposure Analysis, SD-07.4 Concentration & Exposure Risk, SD-04.8 Portfolio-Company Stewardship & Value Creation, SD-09.5 Investment Analytics & Insight, SD-13.9 ESG & Sustainability Data.
Open extensions
- The full
gp_relationshipssub-structure — relationship type (equity / credit / co-invest), first and last reported dates. - The lineage model — a company-event sub-entity behind
successor_company_id. - The relationship to PM-09 Fund Investment, the look-through holding.