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Unlocking residual value: Venture capital fund performance [datagraphic]

September 15, 2017

In 2015, venture capitalists returned massive sums of capital to their investors, capping off several years of strong growth in distributions. However, that may have represented a high-water mark, with cash flows skewing sharply downward in 2016.

The turning of the cycle: Private equity fund performance [datagraphic]

September 15, 2017

Capitalizing on a booming M&A environment and welcoming public markets, in the first few years of the 2010s PE fund managers returned billions to their investors. After cresting from 2014 to 2015, however, distributions have begun to decline, as PE-backed exit volume diminishes.

Tracking the persistence of PE fund performance

July 18, 2017

Private equity manager selection plays a pivotal role in securing fund returns for limited partners. Yet, as the PE industry continues to take in massive capital inflows, stakes have grown higher...

Examining the maturation of the buyout industry

June 16, 2017

A topic that has become increasingly prevalent of late: the maturation of the buyout industry and what that entails for its future.

PE’s historical performance still attracts in an uncertain market

June 9, 2017

Comparing the returns of different strategies is difficult enough, given the typical disparities in approach. Assessing private equity’s performance relative to that of public markets is even more challenging...

Older PE fund vintages looking to finish strong

June 2, 2017

PE fund vintages from 2007 to 2009 still have median RVPI multiples exceeding at least 0.50x, even though it has been just shy of a decade since the eldest of those funds closed.

Is the cyclicality of the PE industry coming to bear?

May 26, 2017

As more youthful PE funds weren’t able to snag favorably priced assets, their momentum and time taken to post DPI figures similar to those of 2009 look set to be slower and longer.

Eventual liquidation of unicorn companies will provide needed realization for venture funds

April 10, 2017

If the IPO window opens wider in 2017, it could provide a better exit avenue for many venture-backed unicorns, leading to much-needed liquidity for plenty of VC funds.

Plenty of value yet to be realized in older PE vintages

April 7, 2017

In the world of private equity, the long-persisting effects of the financial crisis are still evident. This is clear particularly when examining fund returns from certain, most affected vintages...

On a long horizon, returns converge for PE funds of all sizes

March 31, 2017

Given the impact of the financial crisis, it makes sense that no matter the size of the fund, at the longest time horizon—10 years—IRRs have by and large converged. But in the shorter term...

Recent PE vintages still outpacing public indices

March 24, 2017

Private equity funds of pre-2006 vintages exhibit significant outperformance of public indices, when employing the Russell 3000 Index for public market equivalents calculations. Since then, however...

PE & VC fund managers grappling to realize value

March 16, 2017

Against a backdrop of elevated dry powder figures and healthy fundraising for both private equity and venture capital, the sheer mass of distributions to limited partners that have prompted...

PE outperformance to persist?

December 16, 2016

Only two private equity fund vintages are still underperforming relative to public indices, net of all fees, as calculated by PitchBook using the Russell 3000 Index. Funds in those particular vintages can safely be assumed to be...

How long will recent PE fund vintages keep returning at a fast clip?

December 2, 2016

One of the ongoing narratives presented by recent PE fund returns data has been the recovery of vintages most impacted by the recession. The average DPI multiple of 2007 and 2008 vintages have benefited considerably from the past few years’ selling frenzy.

Size doesn't matter in PE fund performance over the long term

November 29, 2016

Despite the dueling claims that smaller PE fund managers lack sophistication or sufficient scale, or that larger fund managers lack the nimbleness, operational focus and expertise necessary to improve portfolio companies, returns across different sizes of funds are...

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