the private company
classification standard

PECCS is a new standard created by EDHEC to develop a database of private asset financial information and asset pricing technology. It is available under a Creative Commons open source licence (CC-BY-ND4).


The market for private assets lacks a specific classification system, making valuation and risk management challenging due to limited data. The EDHEC Infra and Private Assets Research Institute introduced the Private Company Classification Standard (PECCS), a multi-dimensional scheme considering industrial activity, lifecycle phase, revenue model, customer model, and value chain type. This classification aids in creating peer groups for better insight into private companies. PECCS is updated biennially by a dedicated review committee to ensure industry relevance.
Download the PECCS 2024 Slides



PECCS Review Commitee

Independent and representative

Nomination to be announced 
PECCS Review Committee Chairman


Nomination to be announced 
PECCS Review Committee Secretary


  • Michael Sterkel, Schroders Capital

  • Ruediger Stucke, Warburg Pincus

  • Jeroen Cornel, BlackRock

  • Christian Fisher, Credit Suisse 

  • Alex Dotov, TIIA

  • Julian Krantz, InvestEurope

  • Allen McDonell, LPPI

  • Richard Olson, Lincoln International

  • Chee Su Ling, GIC

  • Marc Lickes, Stepstone

  • Steven Kaplan, University of Chicago

  • David Larsen, Kroll

  • Neven Tkalcec, EIF

  • Gilles de Soto, Ardian

  • Sheryl Schwartz, ALTI

  • Kate Malcom, AIMCo

  • William Kieser, Ares
  • Peter Cornelius, Carlyle

Why a private company taxonomy?

Precise classification of private companies is crucial for effective investment in private markets, necessitating clear classification schemes not only based on industrial activity but also on lifecycle stages. Unlike public companies, private companies, which include equity, equity-like, and debt securities in their capital structures, are not traded frequently. This infrequent trading obscures the understanding of investment risks due to the absence of high-frequency price information, making common factors like value and size difficult to assess. Investors, therefore, require alternative risk proxies.

A comprehensive classification system should differentiate companies based on lifecycle phases, recognizing that startups and mature companies face distinct systematic risks. Additionally, the classification should account for customer models, distinguishing between business-to-consumer (B2C) and business-to-business (B2B) companies.

This differentiation is essential as B2B companies often experience less volatile and more repetitive sales compared to B2C companies, influencing their risk profiles and investment strategies.

Access the PECCS Documentation

PECCS Structure 

PECCS has multiple pillars to classify private companies, including:

  • 12 classes and 67 subclasses of activity

  • 3 classes and 7 subclasses of lifecycle phase

  • 4 classes and 14 subclasses of revenue model

  • 2 classes and 8 subclasses of customer model

  • 3 classes and 6 subclasses of value chain.

Each private company can be mapped to a single class and a single subclass in each of these pillars based on qualitative and quantitative criteria, including their business activity, founding histories, characteristics of their revenue, value chains, and output.

Classes & Subclasses in Non-Activity Pillars of PECCS

Classes & Subclasses in Activity Pillar of PECCS

discover the five Pillars of PECCS


Read the research paper


The PrivatE Company Classification Standard (PECCS™)

Currently, investors rely on existing industry classification schemes that only consider the company’s activity and hence are inadequate at capturing other important risk factors for private companies. To value private companies more frequently and with scarce pricing data, categories beyond industrial activity are needed that can capture additional risk factors with available information.