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PitchBook Benchmarks (as of Q2 2019)

2020

PitchBook Benchmarks (as of Q2 2019)

March 4, 2020

PitchBook Benchmarks (as of Q2 2019)
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PitchBook Benchmarks leverage a differentiated data collection process that results in one of the most robust fund performance datasets in the market. Further, we're able to provide visibility into the underlying funds and metrics used to construct each benchmark. Every edition includes a range of performance statistics across PE, VC, debt, real assets, fund-of-funds and secondaries strategies. In this edition, we continue a series exploring cash flow management, focusing this time on contribution profiles across private market strategies. Key takeaways include:
 
  • More than 80% of VC funds will call capital during any given quarter in the first three years of the investment period, compared to roughly two-thirds for traditional PE funds.
  • Private debt vehicles tend to experience the fastest drawdown rates of any private capital strategy, calling down more than 60% of their total commitment on average in the first two years. Real assets funds have the second-quickest drawdown rate of any strategy, with over half of committed capital called by Year 2 and over 80% by Year 4.
  • FoF understandably have taken longer to begin calling capital, but we’ve seen evidence that FoF are deploying capital more efficiently as the strategy has matured.
  • Secondaries funds remain in a state of flux, as the landscape for the strategy is constantly evolving with novel deal structures unlocking previously inaccessible opportunities.