BVCA Private Equity and Venture Capital ... - BVCA admin

Range of returns (IRR and multiple) since inception –
investment stage and subcategory
Range of returns IRR (%) by investment stage and subcategory Since inception to December 2011
Pooled average
10th percentile
25th percentile
Median
75th percentile
90th percentile
% p.a.
80
60
40
20
0
-20
-40
-60
Pre-1996 vintage funds
Subtotal
Early
stage
Development
Mid-
MBO
Large
MBO
Generalist
% p.a.
80
60
40
20
0
-20
-40
-60
1996 vintage funds onwards
Subtotal
Venture
No. of funds 153 24 35 33 26 35 280 94 43 51 28 118 40 433 307 126 118 111 322
Pooled average 15.6 9.2 10.2 15.8 18.2 15.8 13.6 0.9 -1.3 4.0 15.3 12.5 15.4 14.3 13.6 14.7 16.3 1.5 15.3
10th percentile 27.0 19.5 16.9 33.2 44.5 24.3 34.3 11.0 8.7 19.0 40.4 43.2 35.3 31.5 28.2 35.8 42.5 16.6 35.7
25th percentile 17.6 15.4 11.9 22.0 26.3 15.3 17.3 3.8 3.7 4.2 17.5 21.4 23.8 17.3 15.8 20.4 23.8 9.5 20.9
Median 9.6 9.0 5.1 13.8 18.0 8.7 5.4 -5.6 -6.3 -5.6 -3.0 9.7 15.6 7.9 6.9 9.4 10.1 0.0 9.2
75th percentile 3.8 3.1 -6.6 5.5 9.4 2.5 -6.3 -14.1 -14.1 -14.2 -13.0 -0.6 7.5 -3.1 -4.9 -1.9 0.0 -10.4 0.0
90th percentile -6.9 -6.0 -11.0 1.5 0.8 -6.6 -15.5 -20.9 -19.7 -25.4 -34.4 -6.7 1.7 -13.5 -14.4 -8.7 -9.0 -19.6 -8.6
Inter-decile range 33.8 25.5 28.0 31.7 43.7 30.9 49.9 31.9 28.4 44.4 74.8 49.8 33.5 45.0 42.6 44.6 51.6 36.2 44.3
Range of returns 111.6 52.9 63.0 47.6 67.6 111.6 176.2 98.7 98.7 75.7 168.5 108.6 96.5 176.2 174.5 110.3 120.9 98.7 176.2
Venture
pre-2002
Venture
2002
onwards
Small
MBO
Mid
MBO
Large
MBO
% p.a.
80
60
40
20
0
-20
-40
-60
BVCA Private Equity and Venture Capital Performance Measurement Survey 2011 21
Subcategories (all vintages)
Total
UK
Non-UK Pan
European
Technology
Non
Technology