PEFOX, a London-headquartered intermediary, has improved its secondaries database and will offer enhanced pricing, transaction and deal documents free to registered users.
The broker’s PEFOX Library now contains historical and live secondaries pricing data covering a set of the 100 core funds spanning more than 10,000 individual transactions, according to a statement.
Performance data for more than 3,300 funds is also available free of charge, along with deal documents such as sale and purchase agreements.
Until now, the library has not contained any fund performance data. PEFOX obtains its historic and live data from market participants and publicly available documents, according to managing partner Kishore Kansal.
PEFOX is releasing the data for free because it expects to make money on the advisory and not the research side, Kansal told Secondaries Investor.
Alongside the new library, PEFOX has also launched an investible index that allows investors to synthetically buy and sell using proprietary ‘Total Return Swaps’ as a way of hedging risk. If an investor wants to take a short position of $100 million against the index, for example, they will be matched with a party that wants to take a $100 million long position and the two can agree a contract, Kansal said.
“At this point in the economic cycle, we see both a tremendous demand to put money to work in private equity and, simultaneously, a growing requirement to manage future downside risk,” he added. “The use of hedging instruments will be a key portfolio management tool for many LPs in addition to liquidation through secondary sales.”