Altss vs PitchBook: 5 Key Differences in LP Database Accuracy and Real-Time Intelligence for 2025

Updated: February 2026 · Author: Alex Dovzhenko, Product Marketing & Allocator Intelligence, Altss

TL;DR

PitchBook is the institutional standard for deal analytics, fund benchmarking, and historical transaction data. Altss is an LP intelligence platform built for fundraising execution — real-time OSINT signals, continuous contact verification, and behavioral data across family offices and institutional allocators. They solve different problems. This article explains where each one applies, backed by Altss market intelligence on the current fundraising environment.

Altss Market Intelligence: The 2025 Fundraising Environment

Private equity closed 2025 in a state of structural contradiction. Altss Research tracks both sides of this divergence across regulatory filings, earnings disclosures, and LP behavioral data.

On the deal side, global PE deal value reached $2.1 trillion — a four-year high and only the second time the industry crossed $2 trillion. Megadeals of $5 billion or more surged 76% to 111 transactions. Global PE exit value topped $1.2 trillion — the second-highest in over a decade — with exit value from public listings reaching $324 billion, the highest since 2021. The secondaries market surged 41% to a record $226 billion, crossing the $200 billion threshold for the first time. LP-led secondary volume rose 34% to $120 billion; GP-led volume rose 51% to $106 billion. Buyout stakes were pricing at 94% of NAV in the first half of 2025, up from below 90% in 2022.

On the fundraising side, Altss intelligence shows conditions deteriorating further. Global PE fundraising fell to $480 billion — down roughly 13% and marking a third consecutive year of decline. Measured across all strategies, fundraising hit a nine-year low with the lowest fund count in over a decade. Fundraising across all private asset classes ended at approximately $1.1 trillion, down 24% year-over-year and 40% off the 2021 peak, with fund closes dropping to roughly 3,000 — about half the annual pace the industry maintained before the pandemic. Distributions as a percentage of NAV have now held below 15% for four consecutive years — an industry record. The industry is sitting on a backlog of at least 31,000 unsold companies valued at $3.7 trillion.

The concentration is severe. Altss data confirms fundraising concentration has reached the highest level in over a decade, with the largest fund managers collecting a disproportionate share of aggregate commitments. Capital is consolidating in the hands of top performers and scale funds with the most fundraising clout; top-quartile funds have always stood out, but the gap has widened substantially in recent years. First-time and smaller managers face the most challenging environment since 2010, with LPs consolidating relationships and rewarding a narrow pool of proven managers who can demonstrate realized exits and strong DPI.

This is not a cyclical downturn. The baseline now is higher rates, stubbornly high valuations, slower exits, and much choosier LPs. Altss LP behavioral tracking shows 2.5 times as many allocators now rank DPI as a "most critical" performance metric compared with three years ago. GPs and LPs broadly agree that a difficult exit environment and elevated asset multiples are the biggest threats to returns in the near term.

The implication for fundraising infrastructure is direct: when capital concentrates this aggressively, the quality of your LP intelligence becomes the differentiator between closing a fund and spending 22 months on the road — up from a median of 14 months in 2018.

This article compares Altss and PitchBook across five dimensions relevant to that problem.

1. Signal Velocity: OSINT Collection vs Periodic Database Updates

The structural difference between Altss and PitchBook is how data enters each platform and how fast it reaches the user.

Altss runs continuous OSINT (Open Source Intelligence) collection across public filings, press releases, personnel databases, event registrations, and regulatory sources. When an allocator posts a new regulatory filing, changes investment leadership, or registers for a conference, that signal is processed and surfaced — often within hours. The methodology is documented in the OSINT Intelligence Framework, which details the five-phase intelligence cycle and source triangulation standards.

PitchBook collects data through dedicated research teams, surveys, and public filings. It is comprehensive and historically deep. Its refresh cycle is built for completeness, not for real-time signal detection.

That distinction matters more in the current environment than at any point in the last decade.

The secondaries market's 41% surge to $226 billion in 2025 represents LPs actively restructuring their portfolios. When LPs sell secondary positions, the cash they receive re-enters the allocation cycle. The managers who detect that liquidity event and the subsequent re-allocation signal first are the ones who get the meeting.

Altss OSINT monitoring of public earnings disclosures shows exit activity producing distributions that flow back to LPs at an accelerating rate. Blackstone's Q4 2025 realized performance revenues plus investment income exceeded $1 billion in Q4 alone, driven in part by the $7.2 billion Medline IPO — the largest PE-backed IPO on record. Global IPO issuance rose 40% year-over-year in Q4, with a 2.5x increase in the US. KKR's private wealth products raised $16 billion in 2025, with January 2026 capital raise tracking 20% above the prior year's pace.

When exits and distributions accelerate, LPs re-allocate. A platform that surfaces these signals on a same-day or next-day cadence serves a fundamentally different function than one that updates on a survey-driven schedule. Altss is designed for the former. PitchBook is designed for the latter — and is excellent at what it does.

2. Contact Accuracy: Continuous Verification vs Periodic Updates

B2B contact records degrade at approximately 30% per year. Senior finance roles turn over on a median cycle of roughly two years. In the family office segment — where most entities have no public reporting obligation — the decay is faster. A contact list generated in January may have material gaps by April.

Altss operates a three-layer verification process. The first layer is continuous monitoring of public sources — regulatory filings, press releases, personnel announcements, and domain activity — updated as information becomes available. The second layer is monthly re-verification: every contact email in the platform is bounce-tested and validated on a ≤30-day cadence, maintaining deliverability above 99.7%. The third layer is a client feedback loop where user-reported corrections are reviewed and incorporated into the quality assurance pipeline. The full methodology is documented in the OSINT framework; the mechanics of identifying degrading contact paths are covered in the Contact Decay Detection taxonomy entry.

PitchBook relies on research teams, manual data entry, and periodic survey collection. This produces comprehensive historical records. It also means that contact details — particularly for family offices and allocators in transition — frequently require manual verification before outreach.

The accuracy gap is most consequential in the family office and mid-market institutional segments, where turnover, opacity, and rapid mandate shifts compound the decay problem.

Altss Research: Family Office Allocation Behavior (February 2026)

Altss tracks family office allocation behavior and mandate shifts across its global coverage universe. The current picture, synthesized from public filings, LP disclosures, and industry survey data as of February 2026, spans 333 single family offices across 30 countries with an average net worth of $1.6 billion.

Global family office portfolios average 38.4% in public equities and 30.8% in private investments. Within private investments, PE represents 9.8%, real estate 7.4%, control-oriented investments 6.1%, growth equity and venture capital 3.3%, private credit 2.4%, secondaries 1.1%, and infrastructure just 0.7%. Fixed income averages 14.8%, cash 7.8%, and hedge funds 4.7%.

The disconnect between intention and allocation is where the fundraising opportunity sits. Sixty-five percent of family offices say they plan to prioritize AI investments. Yet 57% currently have no exposure to growth equity or venture capital, and 79% have no infrastructure allocation — asset classes widely identified as central to the AI buildout. This gap represents undeployed capital intent, but only managers who can identify the specific offices with that intent and reach them with relevant data will capture it.

Other behavioral signals Altss tracks: 64% of family offices cite geopolitics as their top risk; 86% lack a clear succession plan for key decision-makers; 80% outsource some aspect of portfolio management; and average annual operating costs are $3 million, rising to $6.6 million for offices managing more than $1 billion. Family offices that rank inflation as their primary concern allocate nearly 60% of their portfolios to alternatives — roughly 20 percentage points above the global average.

Altss coverage data shows the global family office universe has grown to an estimated 8,030+ single family offices based on industry surveys — up 31% from 6,130 in 2019 — with projections to 10,720 by 2030. Altss's own OSINT-verified database covers over 9,000 family offices globally, identifying approximately 12% more entities than survey-based estimates — a gap explained by the opacity of family office structures and the limitations of self-reported data. Total family wealth stands at $5.5 trillion, projected to reach $9.5 trillion by 2030. Total family office AUM is currently $3.1 trillion, projected to reach $5.4 trillion by 2030. By region, industry estimates place 3,180 in North America, 2,630 in Europe, 1,630 in Asia-Pacific, 290 in the Middle East, 190 in South America, and 60 in Africa — though Altss OSINT collection consistently surfaces additional entities in each region, particularly in MENA and Southeast Asia where family offices often operate without formal registration. Sixty-eight percent of all family offices were established after 2000.

These are not static entities. They are actively rotating leadership, shifting mandates, and rebalancing across asset classes. The Family Office Due Diligence Process Framework covers targeting approaches by allocator type and behavior.

3. Coverage Scope: Global LP Universe vs Regional Deal Analytics

PitchBook's coverage of North American and European deal activity, fund performance, and company financials is unmatched. For M&A analytics, fund benchmarking, and historical transaction research, it is the industry default.

Altss was built to solve a different problem: global LP discovery across both family offices and institutional allocators — endowments, pensions, sovereign wealth funds, insurers, foundations, consultants, and RIA/OCIO channels — with particular depth in regions where traditional databases have limited coverage.

Altss geographic intelligence shows the distribution of family offices is shifting. Europe accounts for approximately 2,630 single family offices and Asia-Pacific for 1,630 — and Asia-Pacific is projected to experience the fastest growth in both family wealth and family office AUM through 2030, with an average rise of 208% between 2019 and 2030. Asia-Pacific family offices also show distinct behavior: 61% that established a secondary branch went abroad, compared with less than 10% for North American and European offices.

The Middle East and Southeast Asia are developing dedicated regulatory frameworks to attract family office registrations. Singapore, the UAE, and Hong Kong are actively competing for these structures. For fund managers limiting LP outreach to North America and Europe, the capital pool in these emerging markets — where GP competition for LP attention is materially lower — is increasingly difficult to ignore.

Altss covers family offices and institutional LPs across 40+ jurisdictions, including MENA, Latin America, and Southeast Asia, under a unified OSINT model. The platform also tracks institutional allocators undergoing the same concentration dynamics as the broader PE market. Altss OSINT signals show sovereign wealth funds became significantly more active in direct PE deals across all regions in 2025. Pension funds and endowments in countries affected by trade tensions with the US have been cooling on US PE as a destination, with roughly a third of Canadian and European LPs expecting their allocations to shift away from the US toward Europe.

For managers building a global fundraising calendar, the 2025–2026 LP & Family Office Conference Calendar maps key LP events by region.

4. Contact Preservation vs Export-Driven Decay

Altss does not offer data export or API access. Users search, segment, and engage using live data inside the platform. This is a deliberate design choice that addresses a structural industry problem: contact burnout.

When the same LP contact information is exported from a database and distributed across hundreds of fund managers — via CRM integrations, outbound email tools, or placement agent lists — the result is inbox saturation. LPs receive dozens of unsolicited pitches per week, spam flags increase, and response rates decline for every manager using that contact.

Altss's in-platform model prevents bulk extraction. Data stays within the verified environment. Every user works with current, unburned contacts. This preserves deliverability over time — which matters more in a fundraising cycle measured in years, not weeks.

PitchBook and most traditional databases allow data export. The downstream effect — contact burnout and compliance risk — is well-documented across the industry.

Regulatory Context

The regulatory environment for LP data handling has tightened. In the US, Virginia, Colorado, Connecticut, Utah, Texas, and several additional states have enacted comprehensive privacy statutes since 2024. GDPR enforcement continues to intensify in Europe. The ILPA's updated Reporting Template — effective Q1 2026 — reflects broader LP demands for transparency and standardization across the industry. Fund managers running outreach across multiple jurisdictions face a patchwork of compliance requirements that bulk-export models struggle to navigate cleanly.

Altss restricts platform access to direct asset owners and managers. Placement agents, data brokers, and bulk marketers are excluded. This compliance-first approach aligns with the regulatory direction of travel. For more on how compliance considerations interact with LP structures, see glossary entries on LPAs and subscription agreements.

5. Relationship Intelligence vs Directory Listings

PitchBook provides strong filtering, historical fund data, and deal-level analytics. It functions as a sophisticated research database. It does not provide real-time behavioral signals, network analysis, or timing-driven intelligence designed for fundraising outreach.

Altss adds an intelligence layer on top of contact data: real-time fundraising signals that surface mandate shifts, fund closings, and emerging allocator interest before they are widely publicized; allocator segmentation by region, strategy, check size, LP type, and decision cycle stage; and a Relationship Graph that visualizes warm introduction paths, co-investment histories, and influencer networks — addressing what remains one of fundraising's most persistent friction points: identifying the shortest path to decision-makers through existing relationships rather than cold outreach.

The LP Decision Cycle taxonomy explains the behavioral framework behind this intelligence layer.

Why This Matters Now

Altss Research assessment: the data tells a clear story about what happens next in this market — and what it demands from LP intelligence infrastructure.

The conditions supporting more deal and exit activity appear to be improving: the Medline IPO — the largest PE-backed IPO in history — appears to be the first in a pipeline of public offerings. Corporate M&A continues at scale. Interest rates are moving lower. But the liquidity overhang is a multi-year problem. The industry needs five or more years to process the backlog of 31,000 unsold companies — comparable to the post-2008 period. Altss analysis of returns from 15 years of buyout vintages shows that IRR stagnates in year six or seven and declines after that. With the average holding period now floating around seven years, the clock is running on a significant portion of the portfolio.

Meanwhile, 30% of LPs surveyed still plan to increase PE allocations in the next 12 months. The intent is there. The bottleneck is execution: LPs are concentrating commitments with fewer managers, demanding higher DPI, and scrutinizing track records with more rigor than at any point in the last decade. More than 18,000 private capital funds are currently on the road, collectively seeking $3.3 trillion — meaning there is roughly $3 of demand for every $1 of LP supply.

For the managers who are not in the top 10 — which is the vast majority of the industry — this environment creates a specific intelligence requirement. They need to know which LPs have received distributions and are re-entering the allocation cycle. They need to know when a family office with $1.6 billion in average net worth and 57% of its portfolio missing growth equity exposure begins to build that position. They need to know when a pension fund or endowment CIO with a mandate to diversify into alternatives starts taking meetings. They need to know when a sovereign wealth fund shifts from passive allocation to direct PE engagement.

A static directory cannot provide this. An OSINT-powered signal engine — covering both family offices and institutional LPs — can. This is what Altss is built to deliver. The platform tracks over 9,000 verified family offices and 1.5 million+ LP contacts across 40+ jurisdictions. It covers institutional allocators — pensions, endowments, foundations, sovereign wealth funds, insurers, consultants, and RIA/OCIO channels — alongside family offices under a single intelligence model. It verifies every contact monthly. It surfaces behavioral signals in real time.

PitchBook provides the deal context, fund benchmarking, and historical data that GPs need for diligence and market research. For LP discovery and outreach execution — knowing who to contact, when to contact them, and through what relationship path — Altss provides capabilities that PitchBook is not designed to deliver.

Many fundraising teams use both. PitchBook for research. Altss for execution. The First-Time Fund Manager Playbook lays out how these tools fit into a data-driven fundraising process.

Pricing

Altss offers two coverage tiers, each with standard and emerging manager pricing:

• Family Office Dataset (9,000+ verified family offices): $12,000/year per seat. Emerging manager: $10,000/year per seat.
• Full LP Coverage (family offices + 150,000+ institutional allocators — pensions, endowments, foundations, insurers, sovereign wealth funds, OCIOs, fund-of-funds): $15,500/year per seat. Emerging manager: $12,000/year per seat.
• Enterprise: custom pricing for multi-seat deployments and tailored solutions.

All tiers include continuous updates (~30-day refresh cycles), unlimited search and profile views, and no per-seat restrictions on platform features. PitchBook typically starts at $30,000+ per year for two to three seats. Platform comparisons by use case: Altss vs PitchBook vs Preqin vs Dakota; Best LP databases for IR professionals; LP databases for emerging managers.

Frequently Asked Questions

What is the core difference between Altss and PitchBook?

PitchBook is a deal analytics and fund benchmarking platform with deep historical transaction data. Altss is an LP intelligence platform built for fundraising execution — real-time signals, monthly contact verification, and behavioral data across family offices and institutional allocators. They are complementary, not interchangeable. Multi-platform comparison: Altss vs PitchBook vs Preqin vs Dakota.

How does Altss verify contact data?

Three layers: continuous public-source monitoring, monthly bounce-testing and validation of every email (maintaining 99.7%+ deliverability), and a client feedback loop. The OSINT Intelligence Framework documents the full methodology.

What LP types does Altss cover?

Single-family offices, multi-family offices, pensions, endowments, foundations, sovereign wealth funds, insurers, fund-of-funds, consultants, RIA/OCIO channels, and angel investors/HNWIs. The platform covers 9,000+ verified family offices and 1.5M+ LP contacts globally.

Why does Altss block data exports?

To prevent contact burnout. When identical contact records are exported to hundreds of managers, LP inboxes saturate and response rates collapse. In-platform access preserves deliverability for every user. Contact Decay Detection explains the mechanics.

How much does Altss cost?

Family Office Dataset: $12,000/year per seat ($10,000 emerging manager). Full LP Coverage (family offices + institutional allocators): $15,500/year per seat ($12,000 emerging manager). Enterprise: custom pricing. PitchBook typically starts at $30,000+ per year for two to three seats.

Does Altss serve institutional fund managers or only emerging managers?

Both. The platform serves emerging managers (Fund I–III), established PE/VC/credit firms, institutional asset managers, and corporate venture teams. Coverage includes family offices and institutional LPs under one model. Institutional investor database comparison.

What is OSINT?

Open Source Intelligence — intelligence gathered from publicly available sources: regulatory filings, press, social media, hiring announcements, domain activity, and market signals. Applied to private markets, OSINT enables real-time tracking of allocator behavior and mandate shifts without relying on survey-based data collection. Framework: OSINT Intelligence Framework.

How often is Altss data updated?

Intelligence signals are processed continuously as they become public. Every contact email is bounce-tested and re-verified on a ≤30-day cadence. Traditional databases may update quarterly or rely on annual survey responses.

Can I use Altss and PitchBook together?

Yes, and many teams do. PitchBook for deal analytics, fund performance data, and market research. Altss for LP discovery, contact verification, real-time signals, and outreach execution. The First-Time Fund Manager Playbook covers how to build this stack.

What regions does Altss cover beyond North America and Europe?

Altss covers family offices and institutional LPs across 40+ jurisdictions, with particular depth in MENA, Latin America, and Southeast Asia. Europe accounts for an estimated 2,630 single family offices and Asia-Pacific for 1,630 — with Asia-Pacific being the fastest-growing region for family office creation. The global family office database comparison and conference calendar provide additional regional context.

Related Resources

Frameworks: OSINT Intelligence Framework · First-Time Fund Manager Playbook · Family Office Due Diligence Process Framework

Platform Comparisons: Altss vs PitchBook vs Preqin vs Dakota · Top 5 Fundraising Intelligence Platforms · Best Global Family Office Databases · LP Databases for Emerging Managers

Fundraising Strategy: Elevate Family Office Fundraising · 10 Ways Altss Outperforms Legacy Databases · Best Institutional Investor Database · 2025–2026 LP Conference Calendar

Glossary: LP · GP · SFO · MFO · DPI · TVPI · Dry Powder · Investment Mandate · LP Decision Cycle · Decision Chain · Secondaries · Vintage Year · Commitment Pacing · Track Record · LPA · Subscription Agreement

Taxonomy: LP Decision Cycle · Contact Decay Detection · Source Triangulation · Seeding · Beneficial Ownership Structures