AltExchange publishes first PE data standard
The AltExchange Alliance - which was set up earlier this year by a group of LPs, GPs and service providers - has launched a new data standard for the private equity industry.
The so-called Group One standard is intended to be the industry's first ever detailed template for exchange of capital account, investment schedule and cash flow activity data, according to a statement. The fixed-format standard is now entering an early testing phase, which will be completed by early 2014, with the aim for full production by the second quarter of next year.
The platform began by using the guidelines previously outlined by the Institutional Limited Partners Association (ILPA) and the International Private Equity and Venture Capital (IPEV). However, AltExchange claims the new standard goes much further than anything the industry has seen before. Whereas previous attempts to define a data standard have been either GP-led or investor-led, this is the first time the two communities have together decided how information should be presented.
"The cooperation among GPs and LPs is a testament to the private equity industry's enthusiasm for the AltExchange initiative. The willingness of members to work together to reach consensus is remarkable," says Kristine A. O'Connor, CFO at Franklin Park.
The industry body now has more than 45 member firms coming from North America, Europe and Asia.
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