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Private Equity Benchmark Report

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Private Equity Benchmark Report Preqin Private Equity Benchmarks: All Private Equity Benchmark Report As of 31st March 2014 alternative assets. intelligent data. Preqin Private Equity Benchmarks: All Private Equity Benchmark Report As of 31st March 2014 Report Produced on 9th October 2014 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: All Private Equity Benchmark Report As of 31st March 2014 Report Produced on 9th October 2014 Median Benchmark - All Private Equity All Regions - As of 31st March 2014 .................................p4. Median Benchmark - All Private Equity North America - As of 31st March 2014 ..........................p6. Median Benchmark - All Private Equity Europe - As of 31st March 2014 .......................................p8. Median Benchmark - All Private Equity Asia ...................................................................................p10. Weighted Benchmark - All Private Equity All Regions - As of 31st March 2014 ...........................p12. Pooled Benchmark - All Private Equity All Regions .........................................................................p14. Horizon IRRs - As of 31st March 2014 ................................................................................................p16. List of Constituent Funds ....................................................................................................................p20. 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 underlying fund performance data used to calculate these benchmarks. With performance for over 7,100 private equity funds, the Performance Analyst online database is regularly updated and fully searchable. Further information can be found at www.preqin.com/pa. 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 All Private Equity Market Benchmark is based on performance data for 4,664 funds of vintages 1983 to 2014 as of 31st March 2014. 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 funds 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 have 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 1,000 GPs are contributing data on their funds. If you would like further details on contributing information on your firm please contact us at [email protected]. Q1 2014 Preqin Private Equity Benchmarks: All Private Equity Benchmark Report Preqin Median Benchmarks: All Private Equity All Regions as of 31st March 2014 Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Called Dist Value Vintage Q1 Median Q3 Q1 Median Q3 Max Min Funds (%) (%) DPI (%) RVPI 2014 36 3.9 0.0 90.0 1.00 0.91 0.36 n/m n/m n/m n/m n/m 2013 188 16.5 0.0 96.5 1.10 0.99 0.89 n/m n/m n/m n/m n/m 2012 197 35.0 0.0 100.5 1.19 1.07 0.96 n/m n/m n/m n/m n/m 2011 260 53.3 4.7 103.8 1.32 1.16 1.02 21.6 13.2 7.1 80.9 -27.9 2010 181 75.2 16.2 104.1 1.46 1.26 1.14 20.0 13.2 8.1 82.6 -29.5 2009 145 84.0 29.2 100.0 1.63 1.38 1.15 20.6 15.0 7.2 448.0 -20.4 2008 323 88.4 35.1 92.0 1.54 1.33 1.16 16.8 11.0 5.6 54.8 -23.6 2007 369 91.4 42.3 85.4 1.55 1.36 1.14 12.9 9.1 4.9 58.1 -45.3 2006 338 95.5 52.1 75.0 1.52 1.32 1.08 11.0 6.9 2.1 50.0 -100.0 2005 297 97.7 77.0 49.1 1.61 1.36 1.07 12.6 7.4 3.3 105.5 -100.0 2004 174 98.8 97.8 34.3 1.78 1.44 1.06 17.1 8.3 1.5 79.8 -38.2 2003 138 100.0 126.8 20.3 1.99 1.56 1.30 23.0 12.8 7.7 59.2 -49.9 2002 134 100.0 131.0 13.8 2.05 1.57 1.17 26.1 13.1 3.9 93.0 -47.2 2001 177 100.0 147.1 8.9 2.13 1.63 1.27 24.4 12.9 6.6 70.0 -19.3 2000 260 99.3 134.3 5.9 1.93 1.43 1.00 19.3 10.3 1.8 73.0 -96.0 1999 176 100.0 135.9 0.0 1.78 1.41 0.90 15.1 8.0 -1.3 154.7 -40.6 1998 185 100.0 143.0 0.0 1.88 1.45 1.11 17.1 9.7 3.1 1015.7 -100.0 1997 169 100.0 160.6 0.0 2.31 1.61 1.22 23.4 12.6 4.8 267.8 -45.7 1996 128 100.0 168.5 0.0 2.25 1.68 1.26 26.7 13.8 6.5 188.4 -33.3 1995 108 100.0 175.9 0.0 2.42 1.76 1.38 29.2 17.6 8.5 447.4 -22.0 1994 98 100.0 183.6 0.0 2.51 1.84 1.26 34.9 18.3 8.9 92.2 -22.6 1993 85 100.0 228.3 0.0 3.38 2.29 1.52 40.2 20.2 10.9 105.7 -29.1 1992 74 100.0 177.5 0.0 2.70 1.78 1.29 34.1 19.0 8.5 110.4 -49.9 1991 44 100.0 234.4 0.0 3.08 2.35 1.86 33.0 23.4 11.9 346.4 -0.5 1990 68 100.0 207.6 0.0 2.56 2.08 1.50 25.1 16.9 8.7 74.4 -35.9 1989 81 100.0 230.8 0.0 3.32 2.31 1.60 30.3 16.8 11.0 198.5 -42.1 1988 52 100.0 215.6 0.0 3.06 2.16 1.69 29.8 15.7 10.1 54.5 -9.3 1987 49 100.0 215.2 0.0 3.30 2.15 1.36 22.0 14.9 7.2 31.3 -12.4 1986 40 100.0 190.9 0.0 2.45 1.91 1.42 15.9 12.7 5.7 280.0 -4.9 1985 37 100.0 200.1 0.0 2.83 2.01 1.50 16.2 11.6 7.9 40.7 1.3 1984 30 100.0 205.2 0.0 2.85 2.05 1.58 13.9 12.4 7.5 45.7 1.7 1983 23 100.0 175.5 0.0 2.89 1.76 1.39 21.3 9.9 5.0 51.6 -3.5 Source: Preqin Performance Analyst Preqin Median Benchmarks: All Private Equity All Regions is calculated using data for 4,664 funds of vintages between 1983 and 2014 with performance as of 31st March 2014 and includes liquidated funds.
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