How we research.
Kennox Intelligence maps private capital markets using publicly available information.
We begin with primary sources wherever possible, including fund and company disclosures, regulatory filings, government records and institutional publications. Where those are unavailable, we use credible public reporting and identify the source where it materially affects interpretation.
Our objective is not to create the narrowest possible dataset. It is to build the most defensible picture of the market from the information available.
Our approach.
Use the strongest available evidence
Primary sources come first. Credible press and other public reporting are used where they provide the best available record.
Say what the number represents
A target, first close, final close, amount sold and corporate investment capacity are not the same thing. We distinguish between them rather than treating every headline figure as equivalent.
Separate fact from interpretation
The underlying record and Kennox’s analysis are distinct. We use the evidence to form a view, but do not present inference as fact.
Do not infer precision that is not there
Private markets are imperfectly disclosed. Where information cannot be established reliably, we say so.
Keep the research current
Every report is dated to a defined research cut-off. Markets move quickly, so the publication date matters.
Make the work auditable
Sources are retained for the material facts and figures used in our analysis. Report-specific definitions and assumptions are stated where they materially affect the result.
Data and public reporting.
Private market disclosure varies significantly by jurisdiction and institution.
Where a primary source exists, we prefer it. Where the best available evidence is a credible press report, GP announcement or other public source, we use it and identify it where relevant.
We do not exclude useful information simply because it was reported publicly rather than filed with a regulator.
What matters is whether the evidence is credible, specific and appropriate to the claim being made.
A note on private markets.
These reports are maps, not complete ledgers.
Funds close privately. LP commitments are often undisclosed. Corporate investment programs change structure. Deal announcements are inconsistent. Historical records are generally less complete than recent ones.
That means absence of public evidence should not automatically be read as evidence of absence.
Our aim is to show what can be established, distinguish it from what cannot, and explain what the available record suggests.
Kennox Intelligence is provided for information only and does not constitute investment advice.