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A healthcare fund and a natural resources fund can carry very different risk profiles, yet many KIDs benchmark both against the same broad market average. SIPA's research shows how sector level benchmarks give each fund a PRIIPs risk score that reflects its actual strategy.

Matching a fund to the right sector benchmark, not just an asset class average, is what produces an accurate PRIIPs risk score. A healthcare-focused private equity fund and a natural resources fund don't carry the same risk, but a broad market index can't tell them apart. privateMetrics® and infraMetrics®, built on the PECCS® and TICCS® taxonomies, get private equity, infrastructure equity, and infrastructure debt to real, sector-specific risk scores. Find out how →

Appraisal based data tends to understate volatility, and a missing benchmark triggers a high default score. SIPA's report shows how ten years of monthly, mark to market index data produces risk scores that reflect how private assets actually behave, across private equity, infrastructure equity and infrastructure debt.

A risk score of 6 or 7 can quietly limit which retail investors your ELTIF, LTAF, or semi-liquid fund is even allowed to reach. For many private asset funds, that score reflects a missing benchmark, not real risk. This paper shows how ESMA-registered index data brings private equity, infrastructure equity, and infrastructure debt down to risk scores of 2 to 5, opening up the distribution a more accurate score deserves. See the numbers →

For ELTIF and LTAF managers, the risk score on the KID shapes distribution as much as disclosure. Without a qualifying benchmark, PRIIPs can place a diversified private asset fund in the same risk band as leveraged derivative strategies. The report explains why, and what an accurate score requires.

Regulators expect a risk score you can explain and support. The report sets out the four conditions a representative benchmark must meet under PRIIPs, and how ESMA registered, monthly index data satisfies each one. Essential reading for risk, product and compliance teams preparing KIDs for private market funds.