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BVCA Private Equity and Venture Capital Performance Measurement Survey 2010

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BVCA Private Equity and Venture Capital Performance Measurement Survey 2010 1 BVCA Private Equity and Venture Capital Performance Measurement Survey 2015 Performance Measurement Survey 2015 2 BVCA Private Equity and Venture Capital Performance Measurement Survey 2015 British Private Equity & Venture Capital Dynamics PricewaterhouseCoopers LLP Capital Association (BVCA) 9th Floor 7 More London Riverside 5th Floor East 9 Colmore Row London Chancery House Birmingham SE1 2RT 53-64 Chancery Lane B3 2BT London Tel: 020 7583 5000 WC2A 1QS Tel: 012 1200 8800 www.pwc.co.uk Tel: 020 7492 0400 www.capital-dynamics.com [email protected] www.bvca.co.uk BVCABVCA PrivatePrivate EquityEquity andand VentureVenture CapitalCapital Performance Measurement Survey 2015 1 Contents Overall performance Foreword 2 Highlights 3 Returns by investment stage – IRR and multiple 12 Returns by vintage year (1996 onwards) and investment stage – IRR and multiple 18 Range of returns Range of returns (IRR and multiple) since inception – investment stage and subcategory 21 Range of returns (IRR and multiple) since inception – vintage year 24 Range of returns (IRR and multiple) since inception – investment stage (1996 onwards) and vintage year 27 Capital raised and realised By investment stage and subcategory 30 By vintage year 31 Appendices Appendix I Methodology 33 Appendix II Glossary of terms 35 Appendix III Principal comparators and asset class overview 37 Appendix IV Range of returns (IRR) medium to long-term 39 Appendix V Since-inception range of returns – vintage year band and investment stage 43 Appendix VI Worked examples 54 Appendix VII List of responding managers 56 Appendix VIII Frequently asked questions 58 2 BVCA Private Equity and Venture Capital Performance Measurement Survey 2015 Foreword Despite ongoing headwinds of economic and political uncertainty, the UK’s private equity and venture capital industry has continued to demonstrate its resilience, outperforming its competitors and delivering consistently high returns to investors. The BVCA Private Equity and Venture Capital This outperformance continues when we look Venture funds from 2002 onwards have performed The BVCA – The British Private Equity Performance Measurement Survey, produced at five year returns, where UK private equity particularly strongly, seeing their since-inception and Venture Capital Association – in association with PwC and Capital Dynamics, and venture capital generated an IRR of 10.2% returns increase to 7.0% in 2015, from 6.4% the is the most detailed and comprehensive study against returns for UK pension funds and the previous year. The growing strength of venture is the industry body for the UK private of its type. Drawing on a direct survey of the FTSE All-Share of 7.5% and 6.0% respectively. capital along with the continued high returns equity and venture capital industry. BVCA’s eligible members – 96% of whom The fund performance gap persists when looking from Small MBO funds highlight the importance Our membership of over 500 members responded this year – the survey contains at one and three-year returns. Such returns are of this industry in providing capital to developing represents the overwhelming majority information on 586 UK-managed funds, and we however, subject to considerable short-term firms and the key role this plays in the UK’s believe this makes it the most complete country- market volatility and private equity’s long-term economy recovering from the recent crisis. of UK-based private equity and venture specific survey on the performance of private horizon reduces its vulnerability to such volatility. capital providers and advisers as well equity and venture capital in the world. as fund investors. The BVCA has over The since-inception IRR is, however, the most 30 years of experience representing The ten-year annual internal rate of return appropriate metric to use when looking at the industry (which currently accounts (IRR) for the funds in the survey remains strong, performance. The grand total since inception for around 40% of the whole of the at 13.2%. This is marginally down on last year’s IRR for all the funds is 13.8%. This is within the corresponding figure (14.9%), but still far in historic performance band of around 13% and European market) to government, excess of the principal comparators such as UK 17%, and points to the enduring strength of the Alan Mackay the European Commission and pension funds and the FTSE All-Share, which industry and its ability to consistently deliver BVCA Chairman 2016-17, November 2016 Parliament, the media, regulatory produced returns over the same time frame high returns to investors. Venture capital funds and other statutory bodies at home, of 6.2% and 5.6% respectively. have had another strong year in 2015. The sector across Europe and around the world. has seen a steady upwards trend in performance in recent times and 2015 has the largest returns We promote the industry to entrepreneurs since 2003 and the tech bubble. and investors, as well as providing services and best-practice standards Damian Regan to our members. Private Equity Performance Assurance leader, PwC, November 2016 BVCA Private Equity and Venture Capital Performance Measurement Survey 2015 3 Highlights Despite the challenges that remain in the UK economy, such as low productivity and continued political uncertainty, the industry managed to capitalise on growth and generated one year IRRs for all funds covered in this survey of 8.7%. This compares favourably with Total UK Pension Fund Assets of 2.9% and FTSE All-Share of 1.0% for the same period. Caution should always be adopted when Summary of UK Private Equity Performance versus Principal Comparators interpreting one year annual returns. While they provide a succinct snapshot of whether or not % p.a. that particular year was good or bad, the corresponding returns often swing significantly from year to year, and the number does not reflect the actual return that investors receive. 14.2 In the case of 2015, UK private equity and 13.2 venture capital did comparatively very well. Over the five and especially the ten-year time 10.2 horizon, UK private equity and venture capital 8.7 8.5 7.3 7.5 sustained its performance. Over both the last 6.06.0 6.2 five and ten years, private equity returns, are on 5.6 average, well ahead of the similar numbers that 2.9 can be seen for UK Pension Fund Assets and the FTSE All-Share index, as measured by State 1.0 Street Global Services Performance Services. 2015 Three years Five years Ten years Total Private Equity Total Pension Funds Assets (State Street) FTSE All-Share 4 BVCA Private Equity and Venture Capital Performance Measurement Survey 2015 Highlights Continued The since-inception metric measures the Since Inception Performance by Investment Stage and Subcategories to December 2015 - IRR (% p.a.) performance of private equity over the full lifecycle of the fund. When surveying the totality Subcategories (all vintages) of all funds raised before 2011, they generate a Pre-1996 vintage funds 1996 vintage funds onwards net IRR of 13.8%, which is consistent with last year’s corresponding value and still well within % p.a. Early Develop- Mid- Large Generalist Subtotal Venture Small Mid- Large Subtotal UK Non- Pan- Technology Non- Grand total Stage ment MBO MBO pre-1996 MBO MBO MBO 1996 UK European Technology all funds the typical range. (N.B. Funds raised from 2012 onwards onwards are not included in the computation of since-inception returns as these funds are still at the early stage of their life cycle, and their 18.2 investment return during this period does not provide a significant indication of their 15.8 15.8 15.6 15.6 14.4 15.1 14.6 performance at liquidation). 14.0 13.8 13.2 13.5 The most recent funds – those which first drew 12.6 down their capital between 1996 and 2011 – continue to generate consistent and attractive 10.2 returns. The since-inception IRR generated by 9.1 this 365-strong group of funds was 13.2% p.a. as at December 2015. In recognition of the widespread changes within the UK industry, funds raised after 1996 were classified into 4.4 four investment stages: Venture, Small MBO, 3.7 Mid-MBO, and Large MBO. Consistent with a recent trend, the polar ends of the MBO investment space continue to outperform in an impressive fashion on a since-inception basis, with Large MBO focused funds (14.4% IRR) being outperformed by Small MBO funds (15.6% IRR). Mid-MBO-focused funds continue to perform slightly below their pre-global financial crisis levels, but still returned a very healthy 12.6% to December 2015. BVCA Private Equity and Venture Capital Performance Measurement Survey 2015 5 While post 1996-vintage venture funds still Summary of Performance by Investment Stage and Subcategories suffer from a number of temporary and structural issues, recent funds (those with 1996 vintage funds onwards - IRR (% pa) a post-2002 vintage) appear to be continuing to mature and show improved performance, % p.a. with IRRs to December 2015 on a since-inception basis standing at 7.0% per annum. Given that the majority of the pre-1996 vintage funds have either been wound up or retain only minimal residual values, the net since-inception 23.5 22.3 IRR of these funds has remained at 15.6% p.a. for a number of years and is unlikely to materially change in the future. 16.0 16.0 While performance over the short-term, namely 15.0 over the annual and three-year time horizon, 14.2 14.2 12.9 13.2 has been somewhat robust, analysing UK private 11.6 10.7 equity over the course of the last five years – 9.2 8.8 10.2 a period of remarkable change – and the last decade paints a more complete picture.
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