---
title: "Track Record | Altss Glossary"
description: "Track record is a manager’s historical performance and evidence of results, ideally tied to attributable decisions and outcomes."
canonical: "https://altss.com/glossary/track-record"
---

Manager Evaluation

# Track Record

Publisher: Altss LLCPublished 2025-12-29Content modified 2026-01-06

Track record is a manager’s historical performance and evidence of results, ideally tied to attributable decisions and outcomes.

**Allocator relevance:** **A core selection input—but only valuable if attribution, consistency, and net outcomes are credible.**

### Expanded Definition

Track record includes returns (IRR, MOIC, DPI/TVPI), risk behavior, and qualitative evidence of how returns were achieved. Allocators assess whether performance is repeatable: sourcing edge, underwriting standards, team stability, and whether outcomes were driven by a few outliers. They also care about net performance and the reliability of marks.

Track record without attribution is marketing; track record with attribution is diligence-grade evidence.

### How It Works in Practice

Managers present track record, allocators validate through data, references, and documentation. They compare to benchmarks by strategy and vintage and evaluate persistence.

### Decision Authority and Governance

Governance sets what counts as “valid” track record evidence, especially for spinouts and emerging managers. ODD and audit quality support credibility.

### Common Misconceptions

- A strong track record guarantees future performance.

- Gross track record is what matters.

- One fund outcome defines the manager.

### Key Takeaways

- Track record must be attributable and net-relevant.

- Evaluate consistency and drivers, not just numbers.

- Validation is as important as the data itself.

## Related terms

[IRR (Internal Rate of Return)](https://altss.com/glossary/irr)[Deal Attribution](https://altss.com/glossary/deal-attribution)[Benchmark](https://altss.com/glossary/benchmark)[Net IRR vs Gross IRR](https://altss.com/glossary/net-irr-vs-gross-irr)[Reference Checks](https://altss.com/glossary/reference-checks)

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