PM-12 — Benchmark Cross-Reference
The mapping between an investor’s own funds and the external benchmark and peer-universe identifiers used to evaluate them.
Specialises: E-10 Benchmark / Index. E-10 is the benchmark data — what a benchmark is and (for an index) what is in it. PM-12 is the mapping — how an investor’s own fund locates itself inside an external provider’s private-markets peer universe.
Why it exists
Private-markets performance is meaningless without a comparison, and the comparison is a peer universe a provider defines — Cambridge Associates, Burgiss / MSCI, Preqin — not a constituent index the investor can replicate. “How does this fund rank against its vintage and strategy peers?” can only be answered if the investor’s fund_id is mapped to the provider’s identifier for the same fund or peer group. PM-12 is that join.
Attribute schema
| Column | Type | Definition |
|---|---|---|
cross_reference_id | varchar | Primary key. |
fund_id | varchar (FK → PM-01) | The investor’s fund the cross-reference maps. |
benchmark_id | varchar (FK → E-10) | The benchmark / peer universe (an E-10 record of kind private_peer_universe). |
provider | varchar | The benchmark provider — Cambridge Associates, Burgiss / MSCI, Preqin. |
provider_fund_id | varchar | The provider’s own identifier for the fund or peer group. |
asset_class | varchar (FK → E-09) | For strategy-level peer universes. |
vintage_year | int | For vintage-cohort peer universes. |
Notes
- A single fund may carry several cross-reference rows — one per provider, and one per peer-universe type (a vintage benchmark and a strategy benchmark are different comparisons).
- The non-trivial resolution case is a fund whose strategy or vintage classification is ambiguous — which peer group does a growth-equity fund with a buyout tilt belong to — resolved through the same steward review the masters use.
Out of scope
- The benchmark data itself — what a benchmark is, its provider, its methodology — that is E-10 Benchmark / Index, which PM-12 specialises; PM-12 is the mapping, not the benchmark.
- The constituents of a replicable market index — that is PB-09 Index Constituent; PM-12 maps a fund into a non-replicable peer universe, the opposite side of the replicable / non-replicable line.
- The investor’s fund being mapped — that is PM-01 Fund & Vehicle, referenced through
fund_id. - The named vintage / strategy / geography peer cohorts a fund is compared against — a peer-group sub-structure named as an open extension.
Owned and consumed by
- Owned by: SD-13.5 Benchmark & Index Data Management.
- Consumed by: SD-09.2 Performance Attribution, SD-09.4 Benchmark Management, SD-09.8 Private-Markets Performance Analytics (vintage benchmarking, PME).
Open extensions
- A peer-group sub-structure — the named vintage / strategy / geography cohorts a fund is compared against.
- The relationship between PM-12 and E-10 made fully explicit — the mapping versus the benchmark data.