CfPA Launches Private Market Reporting Standard (PMRS) v1.0
Version 1.0 gives platforms a common reporting format to help investors consolidate holdings, track cash flows and support portfolio reporting.
The Crowdfunding Professional Association (CfPA) has released the CfPA Private Market Reporting Standard (PMRS) v1.0, a voluntary framework that defines how private-market platforms structure and export investment, payment and performance data in a consistent, spreadsheet-readable format.
The effort was led by Paul Lovejoy, CfPA’s Investor Committee Chair, with contributions from the Investor and Intermediary committees. It addresses a practical challenge: investors with investments across multiple platforms often need to reconcile different data formats to track their portfolios.
“Investors shouldn’t have to rebuild their spreadsheets every time they invest through a different platform,” said Brian Belley, President of the Crowdfunding Professional Association. “This standard gives platforms and investors a practical starting point for sharing consistent data. We want people to use it, tell us what needs improvement and help us make the next version even better.”
A common reporting layer for private markets
PMRS covers loans, revenue-share notes, operating company equity, real estate equity and funds with a published net asset value. Equity fields include common and preferred shares, SAFEs and convertible notes. The framework is built for Reg CF and Reg A and designed so the broader private market can adopt it.
The specification defines four related CSV files: Portfolio, Payment Schedule, Payment History and Payment Year Schedule. Platforms export the files relevant to each instrument. An accompanying data dictionary explains field definitions, formatting, sources and treatment of missing or inapplicable values.
“Public markets have a shared reporting language. Private markets need one too,” said Paul Lovejoy. “Reg CF and Reg A are the right place to start. When every platform reports the same way, an investor can track and forecast their cash flows, an adviser can see a client’s full picture and the market can measure its own performance.”
Voluntary adoption and continued development
Adoption is voluntary. PMRS does not create a new regulatory reporting obligation or replace required securities disclosures. Wefunder and Climatize are reviewing the standard for adoption.
CfPA invites platforms, portfolio-tool providers, advisers, investors and custodians to review v1.0 and provide implementation feedback. The Investor Committee will review feedback at least annually, with earlier revisions considered as needed.
Explore PMRS v1.0 and its implementation resources →
About CfPA
The Crowdfunding Professional Association is a 501(c)(6) nonprofit trade association dedicated to advancing the regulated investment crowdfunding economy. CfPA supports issuers, investors, regulated intermediaries and crowdfunding professionals through education, advocacy, industry engagement and policy work.
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