Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SPECTRUM EQUITY INVESTORS IV LP
  2. Issuer Name and Ticker or Trading Symbol
RiskMetrics Group Inc [RMG]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
ONE INTERNATIONAL PLACE, 29TH FLOOR
3. Date of Earliest Transaction (Month/Day/Year)
01/25/2008
(Street)

BOSTON, MA 02110
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/25/2008   S   2,456,250 D $ 17.5 10,643,750 D (1) (4) (5) (6)  
Common Stock 01/25/2008   S   14,500 D $ 17.5 62,832 D (2) (4) (5) (6)  
Common Stock 01/25/2008   S   29,250 D $ 17.5 126,750 D (3) (4) (5)  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SPECTRUM EQUITY INVESTORS IV LP
ONE INTERNATIONAL PLACE
29TH FLOOR
BOSTON, MA 02110
    X    
SPECTRUM EQUITY INVESTORS PARALLEL IV LP
ONE INTERNATIONAL PLACE
29TH FLOOR
BOSTON, MA 02110
    X    
Spectrum IV Investment Managers Fund, L.P.
ONE INTERNATIONAL PLACE
29TH FLOOR
BOSTON, MA 02110
    X    
Mitchell Christopher
ONE INTERNATIONAL PLACE
29TH FLOOR
BOSTON, MA 02110
  X      

Signatures

 /s/ Brion B. Applegate, as authorized signatory for SEI IV, SEI Parallel IV and IMF IV   02/24/2009
**Signature of Reporting Person Date

 /s/ Brion B. Applegate, as Attorney-in-Fact on behalf of Christopher T. Mitchell pursuant to a Power of Attorney which was filed with the SEC on February 17, 2009 and which Power of Attorney is incorporated herein by reference   02/24/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Securities held of record by Spectrum Equity Investors IV, L.P. ("SEI IV").
(2) Securities held of record by Spectrum Equity Investors Parallel IV, L.P. ("SEI Parallel IV").
(3) Securities held of record by Spectrum IV Investment Managers' Fund, L.P. ("IMF IV").
(4) By virtue of their relationship as affiliated entities, whose controlling entities have overlapping individual controlling persons, each of the reporting persons may be deemed to share the power to direct the disposition and vote of the shares held of record by the other reporting persons. Each reporting person expressly disclaims beneficial ownership of all shares of Common Stock held by the reporting persons except to the extent of its actual pecuniary interest therein.
(5) Because decisions by Spectrum Equity Associates IV, L.P. ("SEA IV"), the entity serving as the general partner of both SEI IV and SEI Parallel IV, are generally made by the vote of six individual general partners, and decisions by the individual general partners of IMF IV are generally made by the vote of six general partners, no individual general partner of SEA IV or IMF IV has the power alone to direct the voting or disposition of the shares, and no such individual has the power to prevent the voting or disposition of such shares over his objection.
(6) Christopher T. Mitchell is a director of the Issuer and a limited partner of SEA IV. As a result, Mr. Mitchell may be deemed to share beneficial ownership of the shares of Common Stock owned by SEI IV and SEI Parallel IV. Mr. Mitchell expressly disclaims beneficial ownership of all shares held of record by SEI IV and SEI Parallel IV, except to the extent of his actual pecuniary interest therein.

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