The S&P Listed Private Equity Index is comprised of 30 leading listed private equity companies that meet size, liquidity, exposure and activity requirements. The index is designed to provide tradable exposure to the leading publicly listed companies in the private equity space. Traditionally, most private equity investments have occurred through funds that are not listed in any stock market. Over the last few years, increasing numbers of private equity businesses are beginning to list on stock exchanges to meet investor requirements for liquidity and transparency and as a source of capital.
The universe is all publicly listed companies in the Standard & Poor’s CapitalIQ (CIQ) database that engage in the private equity business excluding real estate income and property trusts. Standard & Poor’s reviews the business descriptions and publicly available documentation and assigns an exposure score of 1, 0.5 or 0. Stocks having an exposure score of 1 or 0.5 that pass the following tradability criteria form the “Investable Universe.”
Index constituents exhibit the following characteristics:
- Weighting
– Liquidity-driven; Top constituents by rank
- Market Capitalization
– Above the market cap threshold of US$ 250 million
- Liquidity
– 12-month average daily value traded above the liquidity threshold of US$ 1 million
- Reconstitution
– Semi-Annual
- Currency
– Returns can be stated in U.S. dollars and Euros
Index Governance and Policy
This index is maintained by the S&P Private Equity Index Committee, whose members include Standard & Poor’s economists and index analysts. It follows a set of published rules and policies that provide the transparent methodologies used to maintain the index.
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