PitchBook data and research: a field guide to the datasets

Last reviewed: October 2026 · By the pcithbook.com editorial team

"PitchBook data" is shorthand for several connected datasets plus a separate layer of research written by analysts. Knowing which layer you are using — a raw record, a calculated field or an analyst's interpretation — is the single most useful habit a new user can build. This guide walks through each layer as the vendor publicly describes it, then offers practical rules for reading the numbers.

Three layers: records, tools and research

Think of the platform as a stack. At the bottom are records: a company, a fund, a deal. In the middle are tools that query and combine those records — screeners, market maps, benchmarks, league tables. At the top is research: reports and articles in which analysts interpret aggregated data. A valuation on a deal profile, a median pre-money valuation in a chart and a sentence in a quarterly report are three different kinds of evidence, and each deserves its own level of scrutiny.

The core datasets

The power of the platform is in the links. From a company you can jump to its investors, from an investor to its funds, from a fund to the limited partners who committed capital. That chain is what turns a list into a map of relationships.

Tools built on the data

• Advanced search and saved searches — filters on industry, geography, stage, deal type, size and dates, saved and rerun later.
• Alerts — notifications when a tracked company raises, a fund closes or a person changes role.
• Market maps — visual groupings of companies within a category, useful for landscape slides.
• Benchmarks — fund performance by strategy and vintage using IRR, TVPI and DPI.
• League tables — rankings of active investors and advisers over a given period.
• Analyst workspaces and the research centre — collected reports, notes and datasets in one place.

Recurring research publications

PitchBook's research team publishes on a regular calendar. The best known is the quarterly PitchBook-NVCA Venture Monitor, produced with the National Venture Capital Association and focused on US venture activity. Other recurring titles include US private equity breakdowns, regional reports for Europe and Asia-Pacific, fund performance benchmarks, indexes tracking public and private markets, and league tables. Its LCD unit covers leveraged loans, high-yield bonds and private credit.

The newsroom publishes articles across private equity, venture capital, credit, industry and technology, and allocators, alongside dashboards and tools. Email newsletters include The Daily Pitch editions for private equity and venture, The Credit Pitch and Capital Pool. Names and formats can change — check current information with the vendor for the current list.

Seven rules for reading private market numbers

1. Check the as-of date. Late-reported deals mean the latest quarter is usually revised upward later.
2. Separate disclosed from estimated values. Look for flags or notes on how a figure was derived.
3. Read the methodology section of any report before quoting its headline chart.
4. Watch definitions. "Deal value", "round size" and "valuation" mean different things across providers.
5. Prefer medians to averages when a few mega-deals distort a dataset.
6. Mind sample size. A benchmark built on a handful of funds says little.
7. Cross-check what matters. Verify the numbers that drive a decision with a primary source.

Frequently asked questions