In the end, it comes down to the alpha that fund managers can deliver. So how is the performance of both private equity and venture capital looking?
Packed with the latest PitchBook datasets on PE and VC fund returns, this Global Benchmarking Report takes a look at the performance of these asset classes against public markets, IRR quartiles and horizons, industry cash flows and more.
A few key highlights from our analysts:
Paper gains continue to bolster VC performance significantly, with the top-decile IRR hurdle rate of 2013 vintage funds exceeding 55%
Cashflows were immense in the past few years—expect that to slacken as lower exit activity has hit both PE and VC
The spread between the top and bottom managers in PE continues to grow: vintage 2013 top-quartile funds are outperforming the bottom quartile by 16.3%, a post-crisis high