In an article published in Financial Investigator on 27 January, 2026, Evan Clark, Senior Private Market Analyst at EDHEC Infrastructure & Private Assets Research Institute (EIPA), highlights how Scientific Infra & Private Assets’ (SIPA’s) ‘Picking Winners’ demonstrates that managers with strong alpha persistence are more likely to outperform in subsequent vintages, while weak persistence predicts underperformance:

“Backing managers with high persistence scores increased the odds of achieving future alpha — 2:1 versus a coin-flip 1:1 — compared with just 1:2 odds for managers with low persistence. This is not a subtle edge, it’s the equivalent of playing with home-court advantage in the NBA, where home teams win more than 60% of the time.

(…) Our results suggest that using the privateMetrics® indices and applied tools such as Direct Alpha and Custom Benchmarking can help fund managers in picking funds and measuring fund performance. This can augment the existing fund selection process, potentially improve the odds of outperformance, particularly in the small and mid-market segments where return potential is greatest, but risk of capital loss is also greatest.”

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