Exits boost PE fund return multiples; VC vintages with potential to be realized
December 15, 2015
Powered by data from the PitchBook Platform and sponsored by R.R. Donnelley, our 4Q 2015 PE & VC Benchmarking Report examines more than a decade of global fund performance, utilizing metrics such as IRRs, fund return multiples and fund cash flows. Here are some highlights, with returns data through 1Q 2015:
Looking back to 2001, PE and debt funds have displayed the most consistency in terms of median IRRs, with older vintages for both outperforming significantly.
VC funds have displayed improvement, with a high of 21.1% median IRR seen thus far in 2010 vintages.
PE funds sized over $1 billion have outperformed across three-to-10 year horizons, while vehicles sized between $250 million and $1 billion have fared better across one-to-three year horizons.
Newer PE vintages, such as 2012, saw an average DPI of 0.18x as well as a TVPI of 1.17x. Older vintages, such as 2005, saw an average DPI of 1.10x, compared to just 0.72x from our previous report with data through 4Q 2014.
Though total distributions in 1Q 2015 remained substantial, VC investors have called close to $19 billion from their backers–already more than half of the total seen in 2014.