Beyond top quartile: what deal-level benchmarking unlocks for private market investors

Host Michael Venne sits down with StepStone's Tyler Johnson and PitchBook's Paul Santarelli to discuss what's changing — and what deal-level benchmarking actually unlocks for GPs, LPs, and the market at large.

In this episode:

• Why fund-level benchmarking leaves the most important questions unanswered
• How to separate alpha from beta in manager evaluation
• What the PitchBook × StepStone partnership makes possible — and what stays confidential
• Where the private markets data stack is headed as retail investors enter the asset class

Key takeaway: The real unlock isn't a new data set — it's a new default. A world where "show me the comparables" is easy to answer raises the bar for how GPs pitch and how LPs pick.

Now live: SPI Deal Benchmarking, the deal-level benchmarking solution from StepStone and PitchBook, is available now. Fund managers and service providers can access it through the PitchBook platform. Investors can access it through SPI by StepStone.