performance-benchmarks

Performance Benchmarks

Compare a fund's historical Net IRR, TVPI, MOIC, or DPI against peer benchmark cohorts grouped by vintage year, AUM bucket, and entity type.

When to Use

• "How does Fund I compare to its benchmark?"
• "Show me Net IRR benchmarks for [Fund]"
• "What percentile is [Fund] in for TVPI?"
• "Compare [Fund] against vintage 2020 peers"
• "Show me benchmark data for our funds"
• "How does our fund stack up against peers?"

Prerequisites

• The user must have the Carta MCP server connected
• A fund_name is required — ask if not provided
• If this is the first query, call list_contexts and set_context to set the firm

Optional Parameters

Parameter	Default	Description
metric	net_irr	One of: net_irr, tvpi, moic, dpi
vintage_year	Auto-resolved from fund	Filter cohort by vintage year
aum_bucket	Auto-resolved from fund	Filter by AUM bucket (e.g. "25m-100m")
entity_type	Auto-resolved from fund	"Fund" or "SPV"
start_date	All history	Only show quarters on/after this date (YYYY-MM-DD)

Data Retrieval

Query the FUND_ADMIN.TEMPORAL_FUND_COHORT_BENCHMARKS table which contains fund metrics, benchmark percentiles, and cohort size in one denormalized table.

SQL Query

Execute this query with fetch("dwh:execute:query", {"sql": "..."}), substituting the user's fund name and optional filters:

SELECT
    fund_name,
    fund_uuid,
    performance_quarter_start_date AS quarter,
    vintage_year,
    fund_aum_bucket,
    entity_type_name,
    fund_count,
    net_irr, tvpi, dpi, moic,
    net_irr_10th, net_irr_25th, net_irr_50th, net_irr_75th, net_irr_90th,
    tvpi_10, tvpi_25, tvpi_50, tvpi_75, tvpi_90,
    dpi_10, dpi_25, dpi_50, dpi_75, dpi_90,
    moic_10, moic_25, moic_50, moic_75, moic_90
FROM FUND_ADMIN.TEMPORAL_FUND_COHORT_BENCHMARKS
WHERE LOWER(fund_name) ILIKE '%{fund_name}%'
  AND performance_quarter_start_date >= '{start_date}'
  -- Add optional filters:
  -- AND vintage_year = {vintage_year}
  -- AND fund_aum_bucket = '{aum_bucket}'
  -- AND entity_type_name = '{entity_type}'
ORDER BY performance_quarter_start_date
LIMIT 1000

Important: Build the WHERE clause dynamically — only include filters the user provided. Omitted filters are auto-resolved from the data.

Handling Multiple Fund Matches

If the query returns rows for more than one distinct fund_name, list them and ask the user to be more specific:

Multiple funds matched "[search term]":

• Fund I
• Fund II

Please use a more specific fund name.

Metric Configuration

Metric	Column	Format	Percentile Columns
Net IRR	net_irr	Percentage (e.g. 8.0%)	net_irr_10th through net_irr_90th
TVPI	tvpi	Multiple (e.g. 1.85x)	tvpi_10 through tvpi_90
MOIC	moic	Multiple (e.g. 2.10x)	moic_10 through moic_90
DPI	dpi	Multiple (e.g. 0.42x)	dpi_10 through dpi_90

Percentile Band Logic

Based on the fund's value relative to benchmarks in the latest quarter:

Condition	Label
Fund ≥ 90th percentile	Top 10th percentile
Fund ≥ 75th percentile	75th–90th percentile
Fund ≥ 50th percentile	50th–75th percentile (above median)
Fund ≥ 25th percentile	25th–50th percentile (below median)
Fund < 25th percentile	Bottom 25th percentile

How to Present

Use the latest quarter (last row) for the summary, all rows for the timeline.

Section 1 — Cohort Details

Fund	{fund_name}
Metric	{metric_label}
Vintage Year	{vintage_year}
AUM Bucket	{aum_bucket}
Entity Type	{entity_type}
Date Range	{first_quarter} – {last_quarter}
Benchmark Sample Size	{fund_count} funds

Section 2 — Current Standing

	{metric_label}
{fund_name}	{fund_value}
Benchmark Median (50th pct)	{p50}
Benchmark 75th pct	{p75}
Benchmark 90th pct	{p90}
Fund Percentile Band	{band_label}

Section 3 — Timeline by Quarter

Quarter	{fund_name}	10th pct	25th pct	Median	75th pct	90th pct	Cohort (n)
2023-01-01	8.5%	2.1%	5.0%	7.8%	10.2%	14.5%	45

Formatting

• Net IRR: display as X.X% (values are stored as percentage points, e.g. 8.0 = 8%)
• TVPI/MOIC/DPI: display as X.XXx
• Use — for null values
• End with: Cohort: {vintage} vintage · {bucket} AUM · {entity_type} · {count} funds as of latest quarter

Voice Guidelines

• Say "your fund ranks in the top quartile" not "the query returned a value above the 75th percentile"
• Frame the percentile band in plain language: "Fund I is performing above the median for its peer group"

Best Effort

• Computed: percentile band classification, trend analysis
• Authoritative: fund metrics and benchmark percentiles come directly from the Carta data warehouse