Public Market Equivalent Calculator Excel Template
Public Market Equivalent Calculator Excel Template
Interactive Excel Financial Model
Download, customize, and integrate into your own analysis
What's Included
- Interactive financial model with live Excel formulas
- All formulas visible and fully editable
- Professional formatting with color-coded inputs & outputs
- Formula reference sheet with variable definitions
- Step-by-step instructions sheet
- Compatible with Microsoft Excel 2016 and later
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Price range: $0.00 through $20.00
Benchmark PE returns against public markets with this PME Excel template. Calculate the Kaplan-Schoar ratio, CAGR spread, and performance verdict.
Online Calculator vs Excel Template
| Feature | Online | Excel |
|---|---|---|
| Instant use — no download | ✓ | — |
| Works offline | — | ✓ |
| Customize formulas & layout | — | ✓ |
| Save & share with colleagues | — | ✓ |
| Integrate into your own models | — | ✓ |
| Print-ready formatting | — | ✓ |
About This Template
Download this Public Market Equivalent Calculator Excel template to benchmark your private equity investment returns against public market performance. The PME ratio answers a critical question for PE investors: "Did my investment outperform what I could have earned in a public index?"
What You Can Calculate
This Excel template computes the full suite of PME analytics:
- Public Market Equivalent (PME) - The Kaplan-Schoar ratio comparing PE value to public market alternative. A PME greater than 1.0 indicates outperformance.
- FV of Capital in Index - What your capital would have grown to if invested in the benchmark index instead.
- Index and PE CAGR - Compound annual growth rates for both the benchmark and your PE investment.
- CAGR Spread - The annualized excess return over the public market benchmark.
- Performance Verdict - Automatic interpretation of whether PE outperformed, matched, or underperformed the index.
Required Inputs
You will need five data points to run the analysis:
- Capital Called - Total equity invested at entry (single capital call)
- Total Distributions + NAV - Sum of all cash received plus remaining net asset value
- Public Index at Entry/Exit - Benchmark index levels at investment and exit dates
- Holding Period - Years from capital call to exit or current valuation
Methodology
This template implements the simplified 2-period Kaplan-Schoar PME methodology. The core formula is: PME = Total Value / (Capital x Index Growth Factor). The model assumes a single capital call and single terminal value, making it ideal for individual deal analysis or vintage-year summaries.
Assumptions and Limitations
- Simplified 2-period model (single entry, single exit)
- Multiple contributions and distributions over time are out of scope
- Total-return index assumed (includes reinvested dividends)
- Fees, taxes, and currency effects not modeled separately
Frequently Asked Questions
This template implements 2-period PME (single entry, single exit). For multi-period analysis with multiple capital calls and distributions, you would need to add rows for each cash flow date and adjust the FV calculations accordingly. The formulas are unlocked so you can extend the model.
Duplicate the Calculator sheet for each investment. Enter the same benchmark index values across all copies, then compare the PME ratios side-by-side. Investments with higher PME delivered more value relative to the public market alternative.
If your index is price-only (not total return), you should add estimated dividend reinvestment to approximate a total-return index. Alternatively, use a total-return index series like S&P 500 TR, which already accounts for dividends.
A fully interactive financial model with live Excel formulas, an Instructions sheet with usage guide, and a Formula Reference sheet with variable definitions and model assumptions. All formulas are visible and editable.
Microsoft Excel 2016 or later. The template uses standard Excel formulas only — no macros, VBA, or add-ins required.
Yes. All cells are fully editable. You can modify any formula, add your own calculations, change formatting, or integrate the model into your existing spreadsheets.
The online calculator runs in your browser for quick calculations. This Excel template gives you a portable, offline financial model you can customize, save, share with colleagues, and integrate into your own analysis.
This template is provided for educational and personal use. You may use it in your own professional analysis and presentations. Redistribution or resale of the template itself is not permitted.
You can re-download the latest version from your account or by requesting a new download link. Free downloads are limited to 5 per email address per month.
