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Preqin Private Equity Benchmarks: Buyout Benchmark Report

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Preqin Private Equity Benchmarks: Buyout Benchmark Report Preqin Private Equity Benchmarks: Buyout Benchmark Report As of 31st March 2014 alternative assets. intelligent data. Preqin Private Equity Benchmarks: Buyout 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: Buyout Benchmark Report As of 31st March 2014 Report Produced on 9th October 2014 Median Benchmark - Buyout All Regions - As of 31st March 2014 .................................................p4. Median Benchmark - Buyout North America - As of 31st March 2014 ...........................................p6. Median Benchmark - Buyout Europe - As of 31st March 2014 ........................................................p8. Weighted Benchmark - Buyout All Regions - As of 31st March 2014 ............................................p10. Pooled Benchmark - Buyout All Regions .........................................................................................p12. Horizon IRRs - As of 31st March 2014 ................................................................................................p14. List of Constituent Funds ....................................................................................................................p18. 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 Buyout Market Benchmark is based on performance data for 991 buyout funds of vintages 1993 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: Buyout Benchmark Report Preqin Median Benchmarks: Buyout 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 9 1.5 0.0 70.0 0.89 0.70 0.00 n/m n/m n/m n/m n/m 2013 39 13.9 0.0 95.0 1.00 0.97 0.86 n/m n/m n/m n/m n/m 2012 45 30.0 0.0 93.8 1.19 1.03 0.88 n/m n/m n/m n/m n/m 2011 45 51.3 3.5 101.3 1.24 1.11 0.98 13.8 10.3 4.7 50.0 -27.9 2010 37 65.4 16.3 101.1 1.50 1.27 1.10 21.8 15.5 8.0 44.5 -29.5 2009 31 79.7 35.5 107.0 1.72 1.46 1.23 24.4 16.7 8.9 36.0 -5.5 2008 64 87.5 47.6 92.9 1.73 1.47 1.22 20.8 13.0 7.7 44.1 -20.1 2007 93 92.3 56.9 83.9 1.64 1.46 1.27 16.1 10.9 7.8 43.0 -11.5 2006 79 94.0 65.9 80.3 1.78 1.49 1.20 14.2 8.3 4.3 35.0 -20.7 2005 81 97.7 99.2 44.0 1.79 1.51 1.23 15.1 10.9 6.7 76.9 -24.5 2004 36 95.8 161.5 31.5 2.31 1.92 1.64 29.4 17.8 10.9 79.8 -16.8 2003 33 100.0 157.1 18.3 2.60 1.82 1.49 32.9 20.8 9.9 56.0 -49.9 2002 29 97.0 169.0 11.6 2.21 1.87 1.31 33.6 21.3 11.1 72.0 -10.4 2001 31 97.8 204.0 2.2 2.83 2.15 1.69 41.3 28.3 13.1 64.4 -9.2 2000 69 97.8 182.9 0.2 2.39 1.92 1.60 26.5 19.2 11.3 41.6 -10.9 1999 46 98.4 151.4 0.0 1.90 1.54 0.91 17.0 10.1 4.0 35.7 -25.1 1998 56 99.1 149.8 0.0 1.94 1.54 1.21 18.0 9.4 1.8 31.9 -100.0 1997 50 100.0 163.7 0.0 2.15 1.64 1.10 18.8 10.6 2.6 84.0 -21.6 1996 31 97.6 180.1 0.0 2.41 1.80 0.87 22.5 13.1 -0.6 147.4 -19.6 1995 29 100.0 160.7 0.0 2.30 1.61 1.14 29.6 12.7 2.9 59.9 -19.9 1994 41 100.0 188.9 0.0 2.42 1.89 1.51 36.9 20.5 11.9 92.2 -22.6 1993 17 100.0 213.4 0.0 3.33 2.14 1.39 30.2 16.9 7.8 66.1 0.8 Source: Preqin Performance Analyst Preqin Median Benchmarks: Buyout All Regions is calculated using data for 991 funds of vintages between 1993 and 2014 with performance as of 31st March 2014 and includes liquidated funds. Preqin holds performance data for 1,622 buyout funds. All returns are net of management fees, expenses and carry. 4 © 2014 Preqin Ltd. / www.preqin.com 5 March 2014 March RatiosbyVintageasof31st Buyout AllRegions-MedianCalled,DistributionsandResidualValue Net IRR since Inception (%) 2014 Buyout AllRegions-MedianNetIRRsandQuartileBoundariesbyVintageasof31stMarch % 10 15 20 25 30 35 40 45 100 125 150 175 200 -5 0 5 25 50 75 0 Q1 2014PreqinPrivateEquityBenchmarks:BuyoutBenchmarkReport 1996 1996 Called-up to Committed Capital (%) Distributions to Paid-in Capital(%) Top Quartile IRRBoundary 1997 1997 1998 1998 1999 1999 2000 2000 2001 2001 2002 2002 2003 Median IRR 2004 2003 2005 2004 Residual Value toPaid-in Capital (%) 2006 2005 Bottom Quartile IRR Boundary 2007 2006 2008 © 2014 PreqinLtd./ www.preqin.com 2007 2009 2010 Source: Preqin Performance Analyst Source: PreqinPerformance Source: Preqin Performance Analyst Source: PreqinPerformance 2008 2011 2009 2012 2010 2013 2011 2014 Q1 2014 Preqin Private Equity Benchmarks: Buyout Benchmark Report Preqin Median Benchmarks: Buyout North America as of 31st March 2014 Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Vintage Called Dist Value Funds Q1 Median Q3 Q1 Median Q3 Max Min (%) (%) DPI (%) RVPI 2014 6 2.6 0.0 41.9 n/a 0.42 n/a n/m n/m n/m n/m n/m 2013 24 14.0 0.0 89.3 1.04 0.98 0.86 n/m n/m n/m n/m n/m 2012 23 35.2 1.4 93.8 1.32 1.06 0.95 n/m n/m n/m n/m n/m 2011 22 51.4 3.7 111.2 1.27 1.15 1.07 16.6 11.1 7.1 50.0 -12.3 2010 20 59.8 20.8 103.5 1.59 1.35 1.12 23.4 17.2 8.0 41.7 -7.6 2009 15 79.7 39.8 99.1 1.78 1.46 1.33 28.2 19.7 13.0 36.0 0.8 2008 33 86.5 59.7 92.0 1.89 1.56 1.25 24.0 17.5 9.4 44.1 -20.1 2007 49 92.4 63.6 88.9 1.76 1.48 1.33 17.7 11.5 7.9 30.1 -10.6 2006 39 94.6 70.2 83.3 1.73 1.52 1.27 14.2 9.7 5.5 35.0 -20.7 2005 45 96.4 88.2 51.7 1.84 1.51 1.27 13.8 10.4 5.4 58.5 -24.5 2004 18 97.0 128.0 39.0 2.03 1.77 1.45 18.2 13.2 8.8 28.1 -16.8 2003 18 102.5 124.9 20.7 2.33 1.63 1.32 26.7 14.3 7.2 39.5 -49.9 2002 15 99.5 107.0 18.3 2.07 1.53 1.07 25.5 18.4 4.3 35.4 -10.4 2001 14 98.9 193.0 6.9 2.81 2.09 1.65 31.2 22.2 13.1 41.1 -9.2 2000 44 97.9 182.9 6.0 2.31 1.92 1.60 22.0 13.9 10.9 41.6 -7.7 1999 24 98.4 154.1 1.7 2.00 1.56 0.99 15.9 10.1 -1.6 29.8 -25.1 1998 34 99.5 136.4 0.0 1.75 1.37 0.89 14.4 6.5 -2.5 24.3 -33.1 1997 30 100.0 158.3 0.0 2.04 1.59 1.08 14.8 10.7 1.6 33.6 -21.6 1996 19 97.6 180.1 0.0 2.41 1.80 0.78 27.2 11.0 -4.4 147.4 -19.6 1995 17 100.0 160.7 0.0 2.30 1.61 1.21 29.1 12.7 5.1 59.9 -8.6 1994 29 100.0 186.7 0.0 2.25 1.87 1.49 33.6 19.0 11.0 92.2 -22.6 1993 14 100.0 230.0 0.0 3.45 2.30 1.48 44.5 20.6 9.0 66.1 2.7 Source: Preqin Performance Analyst Preqin Median Benchmarks: Buyout North America is calculated using data for 561 funds of vintages between 1992 and 2013 with performance as of 31st December 2013 and includes liquidated funds.
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