“Past performance is not indicative of future performance.”

Despite this explicit warning, reviewing prior performance is one of the most prevalent forms of analysis conducted by asset allocators during the due diligence process before committing to an asset manager.

So how much can allocators truly glean from this backwards-looking analysis?

This whitepaper analyzes private markets fund data from the Nasdaq eVestment platform to determine whether the performance of a prior fund can, in fact, be a predictor of performance of a subsequent fund.