“Private means private.” Private equity managers are not required to publicly disclose much information about their finances and investment track records. That means LPs must ask those GPs for their financial and performance data in order to conduct due diligence. However, the information provided can feel more like marketing materials designed to entice an investment rather than an in-depth, transparent record that an LP can rely on to make an informed investment decision. For example, some funds provide historical performance data to potential investors, but only for the top quartile of their investment portfolio. Misleading marketing and metrics are a growing concern for U.S. regulators, but many LPs continue to rely on cherry-picked, incomplete data to make investment decisions, thus increasing their risk profiles. Investors that want to dig deeper or verify GP-provided reports will need to further mechanized their private equity data and analysis.