Performance measurement frameworks need to catch up to the fast-paced private markets, says Edward Kim, CFA, who has spent more than two decades in performance measurement and client reporting.
(Investment performance and analytics leader Edward Kim, CFA, says he will be participating in PMCR 2026 and joining a panel discussion, “Private Markets Performance: Implementation & Lifecycle Management" because of his interest in the private markets, which have grown from $1 trillion in the early 2000s to $14 trillion today. Kim, who has spent more than two decades in performance measurement and client reporting, notes that the private market business is projected to exceed $20 trillion by 2030. Yet performance frameworks haven't always kept pace with private markets, Kim says. He wants to help firms move beyond ad hoc solutions and toward scalable, defensible performance operating models.)
Professional Background/Expertise
Q: You’ve spent more than 20 years in performance measurement and client reporting. What drew you to this space, and how has your perspective on it evolved over time?
A: Early in my career, I was drawn to performance measurement because it sits at the intersection of investments, data, and client communication. It was one of the few functions that required both technical rigor and the ability to translate complex investment data into actionable insights for both clients and stakeholders alike.
Over time, I've realized that performance is no longer just about calculating returns accurately — it’s about governance, data integrity, and institutional credibility. In today's world, especially across private markets where data can be fragmented, illiquid, and judgment-based, performance teams play a strategic role in ensuring that firms stand behind their track records with confidence, consistency, and regulatory defensibility.
Q: In your performance and reporting work, what's something you've implemented that you think more firms should adopt?
A: A formal performance lifecycle framework — one that treats performance as an end-to-end process rather than a downstream reporting function. This drives consistency, scalability, and auditability — all of which are critical to a firm's long-term success.
Q: What is your dream project?
A: It’s not just about a system implementation. It's about building a one-source-of-truth operating model that supports investment decision-making, LP reporting, and regulatory requirements while enabling scale without repeatedly reinventing processes.
Session Insights
Q: What inspired you to participate in PMCR 2026 and speak on "Private Markets Performance: Implementation & Lifecycle Management"?
A: Private markets have grown rapidly from roughly $1-to-$2 trillion in the early 2000s to over $14 trillion today, with projections exceeding $20 trillion by 2030. But performance frameworks haven't always kept pace. I wanted to contribute practical insights on how firms can move beyond ad hoc solutions and toward scalable, defensible performance operating models.
Q: What do you think makes "Private Markets Performance: Implementation & Lifecycle Management" especially relevant for today’s investment operations landscape?
A: Private markets are now facing more scrutiny, more scale, and more complexity than ever before — from regulators, allocators, and internal stakeholders alike. Lifecycle management is critical as firms are no longer managing a handful of closed-end funds; they are managing evergreen vehicles, co-investments, secondaries, and multi-strategy platforms simultaneously. Without a lifecycle mindset, performance quickly becomes fragmented, inconsistent, and difficult to defend.
Industry Challenges & Trends
Q: From your vantage point, what's one of the biggest challenges firms are grappling with right now in performance measurement/client reporting, and what do you think separates the teams that handle it well from those that struggle?
A: Data integrity — across systems, asset classes, geographies, and legacy processes. Teams that handle this well invest early in governance, including clear data ownership and alignment between investment, finance, and reporting functions. Teams that struggle often focus on tools before fixing accountability, which leads to expensive solutions that don't scale.
Q: How do you foresee technology (A.I., blockchains, digital assets, automation, data analytics, etc.) reshaping your area of expertise over the next year or two? Any major shifts you are preparing for?
A: The most meaningful impact will likely come from automation applied to well-governed data. A.I. and advanced analytics will increasingly be used for anomaly detection, reasonableness checks, and narrative generation — but only where firms have strong underlying data discipline. I see near-term gains in workflow automation, controls, and transparency, rather than wholesale replacement of human judgment, especially in private markets.
Q: Which technology has impressed you? Which technology has disappointed you?
A: I have been impressed by platforms that focus on process enablement and auditability, not just calculations.
On the flip side, I’ve been disappointed by ‘silver-bullet’ solutions that promise full automation without acknowledging the judgment, nuance, and governance required in private market performance. Technology can accelerate good processes, but it cannot replace them.
The PMCR Experience
Q: What are you most excited about learning at PMCR?
A: I'm most excited to hear how peers are adapting their operating models to evolving fund structures — particularly evergreen vehicles, hybrid strategies, and increasing investor transparency expectations.
Q: What do you hope attendees will walk away with after hearing your session?
A: A clear understanding that private markets performance is a lifecycle discipline, not a point-in-time calculation. I also hope attendees leave with practical ideas they can apply immediately, such as tightening governance and improving cross-team alignment.
Getting to Know You
Q: What’s one thing people might be surprised to learn about you?
A: Despite working in a highly technical field, I’m deeply focused on communication and storytelling — helping teams explain not just what the numbers are, but what they truly represent and how they should be interpreted for both internal and external audiences.
And, perhaps unexpectedly, I was once a 300-pound offensive lineman in high school — which taught me more about teamwork and discipline than any spreadsheet ever could.
Q: What’s the best piece of career advice you’ve ever received (or would share)?
A: Don’t optimize only for your next role — optimize for skills and credibility that compound over time. And continue building relationships with people from diverse backgrounds and disciplines — perspective compounds just as much as skill.