How to build a private markets portfolio project without paid data
TL;DR
Pick one private-market firm and one deal or portfolio company you can research from primary sources. Build one clean model. Write one one-page deal memo with a defensible recommendation. Do it three times across venture, buyout and credit. That portfolio beats a stack of downloaded templates.
The recipe
1. Pick. A private capital firm and one of its disclosed deals or portfolio companies. Firms register their private-fund activity with regulators, which gives you a starting point.
2. Read primary sources only. The firm's SEC Form ADV Part 2A brochure, its Form PF summary where available, its FCA register entry, its Companies House filings for UK activity, the portfolio company's statutory filings, and any publicly disclosed LP letters or fund reports.
3. Model. A three-statement model for the portfolio company, or a fund-level returns model with capital calls, distributions and NAV. Build it. Do not download a template.
4. Write. A one-page deal memo with recommendation, thesis, unit economics or fund economics, risks and one page of supporting exhibits.
5. Repeat. One venture deal, one buyout, one private credit deal. Different sub-sector each time.
Free primary sources that actually work
United States. SEC IAPD (Form ADV Part 2A brochures for every registered adviser), SEC Form PF summaries, PPM excerpts filed under Regulation D.
United Kingdom. FCA Financial Services Register, Companies House (statutory accounts, group structure, PSC filings).
Europe. AIFMD marketing disclosures, national regulator registers (BaFin, AMF, CSSF, AFM).
Asia. MAS Financial Institutions Directory, SFC public register, JFSA registered adviser lists.
Allocators. US public pension board packs, university endowment annual reports (NACUBO-linked disclosures), sovereign wealth annual reports.
How this shows up on the job
Interviewers at private capital firms do not test on paid databases. They test on how you think. A portfolio built from Form ADV filings, Companies House and your own model shows the exact skills a first-year analyst needs on day one.
How Reuben AI helps
Reuben AI gives students a Free workspace with IC memo, LBO and DCF shells so the memo and model live in one place with a provenance trail an interviewer can review.
Sources
Frequently asked questions
Do I need a paid database?
No. Regulator registers and statutory filings are free and are what interviewers care about.
Which firms are easiest to research?
US SEC-registered advisers with active Form ADV Part 2A brochures, and UK firms with rich Companies House filings on portfolio companies.
Can I use news coverage?
As a starting point only. Trace every fact back to a primary filing.
How long should each memo be?
One page for the deal memo, one page for the exhibits. Model is separate.
Which strategies should I cover?
One venture, one buyout, one private credit. Interviewers value breadth of thinking.
Learn on the platform you will use on the job.
Start with the Free workspace to practise IC memos, LBOs, DCFs and private-capital workflows. Faculty, program leads and student investment club leaders can book a demo to discuss teaching seats and program access.