Market data ends where the decision begins.
PitchBook gives the deal team the outside view: comparable deals, sector benchmarks, sponsor activity, multiples. Capital Refinery gives the IC the inside view: whether the decision they made is still defensible against the operator data flowing in this week.
What PitchBook does well, and where the line is.
What PitchBook is built for
Market data on private companies, deals, funds, and benchmarks.
Sourcing, comp work, fund benchmarking, LP reporting context, sector mapping. The reference dataset for the outside view of any private markets transaction. Most institutional teams use it daily during sourcing and diligence.
What it is not built for
Governing the decision after the deal closes.
PitchBook is a market data system. It does not maintain a structured investment record for the deal you actually closed. It does not connect operator data flowing in post-close to the thesis that justified the entry price. It informs the decision; it does not govern it.
Where Capital Refinery sits next to it
On the inside view of the position you actually hold.
PitchBook is the outside view: the market. Capital Refinery is the inside view: the decision. Both are needed, neither replaces the other. We work alongside PitchBook on every team that runs both.
Where the lines fall.
| Capability | PitchBook | Capital Refinery |
|---|---|---|
| Market data on private companies and deals | Strong — core capability | No — not the goal |
| Fund benchmarks and sponsor activity | Strong | No |
| Structured investment record at IC | No | Yes — bound at approval |
| Operator data → thesis assumption mapping | No | Yes — continuously |
| Decision validity scoring on live positions | No | Yes |
| Covenant + breach probability | No | Yes — for credit positions |
If you already run PitchBook, that is the right call.
The natural next question is what governs the decision after the deal is on the books. Bring us a position from your portfolio.