Q & A Database
The GIPS Standards Q&A database contains questions and answers (Q&As) on various searchable topics that provide additional interpretation on an issue. Q&As are considered to be authoritative guidance and must be followed in order to claim compliance with the GIPS standards.
Content from prior Q&As was included in the GIPS Standards Handbook as much as possible and many Q&As were archived. Change the Status drop-down filter to "Archived" to see the archived Q&As.
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ArchivedEffective: 1 January, 2006 - 31 December, 2019Categories: Private EquitySource: Interpretive Guidance for Private Equity
What are composites and how do they relate to private equity?
The GIPS private equity provisions follow the terminology of the broader GIPS standards in using the concept of a composite. In practice, for most private equity investment firms, secondary firms, and fund of funds, individual funds are raised from time to time with a specific investment strategy and a vintage year defined by reference to the date of the first investment drawdown of cash for either investment of fee. Thus, each fund is a composite, and the terms are interchangeable. More complex situations may arise where managed accounts exist, if these have the same mandate and vintage year, they should be aggregated.