MSCI has introduced MSCI PACS, a new proprietary asset classification system designed to standardize how private market assets are categorized, benchmarked, and analyzed. The framework—short for Private Asset Classification Standard—seeks to bring “order, comparability, and consistency” to the rapidly expanding private markets ecosystem, spanning private companies, real estate, infrastructure, and other illiquid assets. 

Positioned as a global taxonomy for private markets, MSCI PACS adapts the structure and rigor of the firm’s Global Industry Classification Standard (GICS)—the benchmark used to classify public companies worldwide—to the diverse and often opaque world of private investing. By introducing granular sector tagging and standardized definitions, PACS aims to help investors and managers communicate strategies, benchmark portfolios, and evaluate performance across the full investment lifecycle. 

Delivered as an AI-powered managed data service, PACS leverages machine learning to identify and classify private assets at scale, offering automated sector mapping, portfolio analytics, and cross-asset transparency for institutional investors, fund managers, and data platforms. 

“Private markets are at an inflection point, with increasing prominence in the global financial ecosystem,” said Luke Flemmer, Head of Private Assets at MSCI. “With PACS, MSCI is introducing the infrastructure that will define how private assets are identified, compared, and analyzed globally for years to come.”