At Dasseti, we’re committed to helping allocators and fund managers thrive in an increasingly complex private markets environment. That’s why we recently hosted an exclusive webinar with two of the most influential firms in the industry, Mercer and Nasdaq, to unpack the evolving dynamics of private market allocations, due diligence, data strategies, and fundraising trends heading into 2025.
Moderated by our COO, Liron Mandelbaum, the discussion featured Russell Elliott, Head of Asset Management Market Intelligence at Nasdaq Investment, and Tiago Pereira, Principal and Product Owner within Mercer’s Analytics and Portfolio Solutions team.
Here’s a summary of the most compelling takeaways from the conversation.
2025 Private Market Outlook: A Data-Driven Surge
Nasdaq’s Russell Elliott set the tone by sharing macro-level data showing continued momentum in private market commitments. Based on public fund activity in the U.S. and U.K., Q1 2025 already saw nearly $400B in commitments, setting the stage to potentially surpass 2023 and 2024 fundraising totals.
“Private equity continues to dominate, but we’re also seeing meaningful growth in private debt and real assets, particularly infrastructure,” noted Russell.
He also emphasized that many public plans are still underweight their target allocations to private markets, signaling continued growth potential.
Fee Trends and Performance: What LPs Should Know
A key insight from the data was the shift in fee structures over recent vintages:
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Higher average management fees (~131 bps for 2023–24)
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Slightly lower carry, possibly to counterbalance the increased base fees
Private debt strategies, particularly direct lending, continue to capture a significant portion of allocations, with median returns for public funds at 7.7% over the last three years, outperforming portfolio-level medians.
Mercer’s Research Process: Behind the Ratings
Mercer’s Tiago Pereira gave a detailed look into their rigorous due diligence process. Every year, Mercer screens over 1,000 funds, ultimately conducting full research on 250+ private market strategies. Using a four-pillar framework, team, alignment, strategy, and track record, Mercer assigns ratings that help LPs identify best-in-class opportunities.
Dasseti plays a critical role in this process. Mercer uses our platform to:
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Standardize and streamline data collection
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Ensure fund managers provide factual, structured responses
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Integrate seamlessly with Mercer Insight, their client-facing research platform
“Dasseti enables us to maintain a high level of standardization while still accommodating asset-class nuances,” said Tiago. “It’s made our process more efficient and scalable.”
A Unified Ecosystem: Dasseti, Mercer, and Nasdaq
Our webinar showcased how technology, data, and research expertise come together through strategic partnerships. Dasseti provides the infrastructure for data intake and workflow automation. Nasdaq delivers the performance analytics. Mercer applies expert insight and operational rigor.
Together, this trifecta supports better outcomes for all stakeholders, allocators seeking transparency and scale, and fund managers aiming to stand out and be included in Mercer’s research funnel.
What GPs Can Do to Stand Out
For general partners trying to navigate this competitive environment, both Mercer and Nasdaq emphasized a clear message: data transparency is critical.
“The more comfortable a GP is in sharing factual data upfront, even before we’re actively reviewing the fund, the better their chances of making it through the funnel,” explained Tiago.
Dasseti’s platform makes this process easier. By enabling GPs to provide accurate, structured responses, often pre-filled or automatically sourced from documents, we help reduce the friction in fundraising workflows and accelerate access to consultant platforms like Mercer Insight.
2025 Themes: Expansion, Technology, and Accessibility
The discussion closed with forward-looking reflections on the 2025 landscape:
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Fundraising is accelerating, with more large traditional asset managers launching private market vehicles.
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Interest in private markets is broadening, especially among mid-sized institutions.
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LPs are asking deeper, more frequent questions, demanding better tools and data access.
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Technology, especially AI, is finally reducing the burden for GPs and enabling scale in manager research.
At Dasseti, we’re proud to support this move. As Liron highlighted during the webinar:
“The questions are getting longer and more detailed. But now, with AI and structured data capabilities, we’re finally making it easier for GPs to respond accurately and efficiently, and for LPs to make faster, more confident decisions.”
Missed the Webinar?
Watch the full replay here: