Breaking down a decade's worth of PE and VC fund performance
September 09, 2015
Covering over a decade’s worth of global fund performance, PitchBook’s 3Q 2015 Private Equity and Venture Capital Benchmarking Report analyzes all the latest trends with metrics such as horizon IRRs, fund return multiples and fund cash flows. The video above takes a quick look at some key findings from the report, including:
PE and debt funds still show the most reliable returns across all vintages by median IRR, though interestingly enough, VC vintages between 2009 and 2012 are soaring higher than all other asset classes.
Looking at pre-crisis PE vintages, the 75th percentile is outperforming considerably; median numbers are healthy but the overall span in performance is somewhat off-putting. On the VC side, the sheer spread in median IRR among recent vintages is striking.
Comparing DPI multiples of 2008, 2009, and 2010 PE vintages to earlier counterparts over time, all are close to or reaching the lofty numbers of 2004 vintage funds.
U.S. PE net cash flow hit a record $117 billion in 2014.
U.S. VC distributions hit a record $34.3 billion last year, a number that helps explain the success of recent fundraising, as 91% of U.S. VC funds hit or exceeded their targets in 1H 2015.
All of the content in our reports library—covering M&A, PE and VC—is available to download for free: