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Q2 2011 Buyout Bechmark.Indd Preqin Private Equity Benchmarks: Buyout Benchmark Report As of 30th June 2011 alternative assets. intelligent data. Preqin Private Equity Benchmarks: Buyout Benchmark Report As of 30th June 2011 Report Produced on 6th February 2012 This publication is not included in the CLA Licence so you must not copy any portion of it without the permission of the publisher. All rights reserved. The entire contents of the report are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in the report is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of the report. While reasonable efforts have been used to obtain information from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. Does not make any representation or warranty that the information or opinions contained in the report are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within the report or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication. Preqin Private Equity Benchmarks: Buyout Benchmark Report As of 30th June 2011 Report Produced on 6th February 2012 Median Benchmark - All Regions Buyout - As of 30th June 2011 ...................................................p4. Median Benchmark - North American Buyout - As of 30th June 2011 ..........................................p6. Median Benchmark - European Buyout - As of 30th June 2011 .....................................................p8. Weighted Benchmark - All Regions Buyout - As of 30th June 2011 ..............................................p10. Pooled Benchmark - All Regions Buyout .........................................................................................p12. Horizon IRRs - As of 30th June 2011....................................................................................................p14. List of Constituent Funds ....................................................................................................................p17. Preqin Private Equity Benchmarks ® are calculated using performance information available from our online Performance Analyst database, the world’s most extensive, transparent database of private equity fund performance. Users of the online database have access to all of the underlined fund performance data used to calculate these benchmarks. With performance for over 5,700 private equity funds, the Performance Analyst online database is regularly updated and fully searchable. Further information can be found at www.preqin.com. All the performance figures used to generate the Preqin Private Equity Market Benchmarks are net position to investor – i.e. all commitments, contributions, distributions, remaining values and IRRs are all based on the net position for the institutional investor before tax but after the management fees and carry of the General Partner. The Preqin Buyout Market Benchmark is based on performance data for 756 buyout funds of vintages 1991 to 2011 as of 30th June 2011 Preqin gathers fund returns information from a very wide and diverse range of sources, including public institutions via freedom of information legislations, published reports of a number of listed fund of fund vehicles and GP Voluntary contributions. The sheer extent of the data sources that we now use provides many opportunities to crosscheck and verify data for an individual partnership from different sources, and increases our confidence in the data. A growing number of GPs has concluded that it is in their best interests to voluntarily share information on their partnerships: given that many prospective investors are seeing this information, it is better that they should have access to the most current and accurate figures possible. Even where data comes direct from the GP, however, our aim is still to show the net position for LPs, after management fees and carry. We are again very grateful to the significant number of GPs who now share data with us in this way, currently 800 GPs are contributing data on their funds. If you would like further details on contributing information on your firm please contact us. Preqin Private Equity Benchmarks: Buyout Benchmark Report Preqin Median Benchmarks: All Regions Buyout as of 30th June 2011 Median Fund Mutliple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Vintage Called Dist (%) Value (%) Funds Q1 Median Q3 Q1 Median Q3 Max Min (%) DPI RVPI 2011 11 5.1 0.0 80.0 0.93 0.80 0.05 n/m n/m n/m n/m n/m 2010 28 20.6 0.0 96.7 1.07 0.98 0.91 n/m n/m n/m n/m n/m 2009 33 40.9 0.0 100.8 1.22 1.07 0.92 n/m n/m n/m n/m n/m 2008 66 48.4 5.5 98.5 1.32 1.10 0.98 21.9 7.0 -1.4 45.7 -24.3 2007 69 68.2 5.7 100.2 1.33 1.18 0.99 13.9 8.2 -0.5 54.5 -30.8 2006 74 87.2 12.7 93.7 1.29 1.15 0.98 10.3 6.1 -0.1 28.0 -29.6 2005 75 90.9 42.0 85.8 1.64 1.36 1.18 17.1 10.5 5.9 76.9 -12.1 2004 38 92.6 82.8 80.0 2.07 1.65 1.22 28.5 16.3 10.9 81.7 -7.7 2003 31 96.3 102.2 64.6 2.43 1.75 1.51 33.3 18.2 9.4 59.0 -60.4 2002 22 99.2 152.4 31.3 2.19 1.90 1.30 35.5 21.1 8.5 72.0 -2.0 2001 30 96.1 173.8 22.4 2.75 2.00 1.51 42.7 25.8 13.4 95.3 0.2 2000 60 97.1 156.9 21.7 2.25 1.82 1.50 25.3 19.2 11.9 57.5 -5.7 1999 35 98.5 134.6 7.8 2.03 1.54 1.05 17.0 11.0 6.0 37.4 -25.1 1998 38 99.3 146.3 1.0 1.88 1.50 0.99 17.5 9.1 -1.9 31.3 -100.0 1997 35 100.0 160.6 0.0 2.12 1.61 1.10 22.0 9.3 1.4 84.0 -9.5 1996 19 99.4 166.8 0.0 2.21 1.69 0.78 21.5 12.9 -1.8 147.4 -8.9 1995 24 100.0 148.7 0.0 2.18 1.50 1.14 30.0 10.4 3.3 59.9 -8.6 1994 27 100.0 180.0 0.0 2.36 1.80 1.49 33.0 20.5 10.1 92.2 -1.4 1993 16 100.0 201.5 0.0 2.88 2.02 1.38 23.2 16.7 7.7 58.0 0.8 1992 17 100.0 207.4 0.0 3.22 2.08 1.56 37.6 21.2 7.9 60.6 -49.9 1991 8 100.0 256.2 0.0 3.65 2.56 2.02 n/a 25.9 n/a 54.7 -0.5 Source: Preqin Preqin Median Benchmarks: All Regions Buyout is calculated using data for 756 funds of vintages between 1991 and 2011 with performance as of 30th June 2011 and includes liquidated funds. Preqin holds performance data for 1,317 buyout funds. All returns are net of management fees, expenses and carry. 4 © 2012 Preqin Ltd. www.preqin.com Median Bechmark - All Regions Buyout All Regions Buyout - Median Called, Distributed and Remaining Value by Vintage as of 30th June 2011 200 175 150 125 % 100 75 50 25 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Distributed to Paid-in Capital (%) Remaining Value to Paid-in Capital (%) Called-up to Committed Capital (%) Source: Preqin All Regions Buyout - Median Net IRR and Top and Bottom Quartile Boundaries by Vintage as of 30th June 2011 45 40 35 30 25 20 15 Net IRR since Inception (%) 10 5 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 -5 Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary Source: Preqin © 2012 Preqin Ltd. www.preqin.com 5 Preqin Private Equity Benchmarks: Buyout Benchmark Report Preqin Median Benchmarks: North American Buyout as of 30th June 2011 Median Fund Mutliple Quartiles(X) IRR Quartiles(%) IRR Max/Min (%) No. Vintage Dist(%) Value(%) Funds Called(%) Q1 Median Q3 Q1 Median Q3 Max Min DPI RVPI 2011 5 5.1 0.0 85.5 n/m 0.85 n/m n/m n/m n/m n/m n/m 2010 19 20.0 0.0 97.9 1.08 0.98 0.87 n/m n/m n/m n/m n/m 2009 17 40.9 1.0 100.0 1.22 1.07 0.99 n/m n/m n/m n/m n/m 2008 40 47.2 7.3 101.3 1.38 1.18 1.02 23.5 11.9 -0.3 45.7 -23.8 2007 40 69.0 7.1 97.0 1.33 1.22 1.01 13.1 8.3 0.1 29.5 -26.1 2006 41 86.8 11.3 101.4 1.31 1.16 1.06 10.4 6.3 2.2 18.8 -29.6 2005 45 93.0 29.4 93.3 1.60 1.34 1.14 13.5 8.8 4.0 42.0 -12.1 2004 23 91.9 65.2 85.8 1.78 1.58 1.16 18.1 12.8 6.0 29.7 -7.7 2003 22 96.7 80.2 54.3 2.14 1.68 1.21 23.3 15.2 6.3 53.3 -60.4 2002 13 98.7 102.2 28.2 1.95 1.73 1.12 24.5 14.0 4.7 36.0 -2.0 2001 16 96.4 153.0 41.4 2.64 1.90 1.27 39.2 22.9 10.8 95.3 0.2 2000 38 97.2 141.7 28.7 2.17 1.82 1.51 22.0 17.8 10.8 57.5 3.2 1999 23 100.0 126.4 11.1 2.02 1.55 1.05 14.8 10.5 0.4 28.4 -25.1 1998 23 100.0 114.0 1.4 1.74 1.39 0.85 15.4 6.9 -2.6 26.9 -33.1 1997 21 100.0 156.0 0.0 1.78 1.56 1.08 18.0 8.4 1.5 33.6 -9.5 1996 9 98.7 179.9 0.0 2.36 1.82 0.75 22.1 11.1 -5.1 147.4 -8.9 1995 16 100.0 148.7 0.0 2.23 1.53 1.21 28.9 10.2 5.1 59.9 -8.6 1994 18 99.6 171.3 0.0 2.17 1.72 1.41 25.4 19.0 7.2 92.2 -1.4 1993 13 100.0 219.7 0.0 3.20 2.20 1.48 26.7 19.1 8.9 58.0 2.7 1992 11 100.0 227.2 0.0 3.22 2.27 0.78 41.4 21.2 -0.9 60.6 -49.9 1991 4 100.0 364.9 0.0 n/a 3.65 n/a n/a 49.0 n/a 54.7 -0.5 Source: Preqin Preqin Median Benchmarks: North American Buyout is calculated using data for 457 funds of vintages between 1991 and 2011 with performance as of 30th June 2011 and includes liquidated funds.
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