The public market equivalent (PME) is a collection of performance measures developed to assess private equity funds and to overcome the limitations of the internal rate of return and multiple on invested capital measurements.
What is the public market equivalent? The public market equivalent (PME) is a financial metric used to compare the performance of venture capital (VC) or private equity (PE) investments to a public market benchmark, such as the S&P 500 or Russell 2000.
Discover the essence of Public Market Equivalent (PME) in investment evaluation. Learn how PME measures private equity performance against public markets.
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At its core, PME is a method that evaluates the return an investor would have obtained if they had invested in public markets instead of a private equity fund. By comparing the investment to a benchmark, usually a public market index, PME provides a ratio.
Learn about the different types of public market equivalent (PME) benchmarking and how PME works for private equity investors.
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PME is a metric we often use at PitchBook to compare private capital fund performance to public indices. Essentially, the metric adapts public market returns into an IRR-like metric that accounts for irregular and fluctuating cash flows.