Free private markets document template
Private Markets Board Report Template
Create a board-ready private markets program review covering allocation, commitments, cash flows, TVPI, DPI, RVPI, net IRR, diversification, governance and outlook.
01
Executive message
Public Pension Investment Office's private markets program remained on policy and generated competitive long-term results during 2027. Liquidity, realizations and concentrated growth exposure remain priorities for active management.
02
Program overview
Deliver long-term excess return and diversification through disciplined illiquid investing
03
Allocation
Year-end private markets NAV was $1.36bn, representing 20.2% vs. 20% target.
04
Investment activity
The program made $225m across eight funds. Capital calls were $168m and distributions were $142m.
05
Performance
Performance was 17.2% net IRR, 1.67x TVPI, 0.58x DPI and 1.09x RVPI. Relative results were Top-quartile net IRR and second-quartile DPI.
06
Portfolio composition
21 managers, 38 funds and balanced exposure across buyout, venture/growth, credit, secondaries and co-investments
07
Liquidity & unfunded
Unfunded commitments were $520m. The program maintained a dedicated liquidity forecast and monitored capital-call coverage under base and downside scenarios.
08
Key achievements
Completed three priority re-ups, added a European secondary manager and formalized the liquidity dashboard
09
Governance
Seven committee meetings, eight approvals, one policy exception and annual policy reaffirmation
10
Key risks
slower realizations, elevated unrealized exposure and concentration in 2021-2022 technology investments
11
Next-year priorities
Maintain $200m-$240m pacing, favor DPI-producing strategies and reduce vintage concentration
12
Board actions requested
Reaffirm the annual pacing range, approve two priority re-ups and note the liquidity and valuation watch items