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42 BVCA Private Equity and Venture Capital Performance Measurement Survey 2011
Appendix IV – Range of returns (IRR) medium to
long term – ten years
Range of returns – IRR (% p.a.) by investment stage and subcategory – ten years
Pre-1996 vintage funds 1996 vintage funds onwards Subcategories (all vintages)
Total Early Stage Development Mid-MBO Large MBO Generalist Total Venture Small MBO Mid-MBO Large MBO Total UK Non-UK Pan- Technology Non-
European
Technology
No. of funds 153 24 35 33 26 35 133 43 14 58 18 286 217 69 63 76 210
Pooled average 16.0 -0.4 -3.3 6.0 24.8 17.6 20.1 -3.6 29.4 17.5 24.7 19.9 13.4 22.5 23.2 -3.6 22.1
10th percentile 24.2 2.9 10.1 58.4 19.0 30.4 36.9 6.7 50.0 39.8 41.4 32.3 30.1 36.7 37.3 1.5 37.4
25th percentile 0.0 0.0 0.0 3.7 0.0 1.4 23.5 0.0 22.2 26.3 33.7 12.3 5.9 23.9 25.2 0.0 21.1
Median 0.0 0.0 0.0 0.0 0.0 0.0 5.4 -6.9 2.5 13.8 25.4 0.0 0.0 4.4 8.6 -2.6 0.0
75th percentile -7.0 -16.7 -0.4 -20.9 -4.9 -0.1 -6.1 -18.4 -3.6 3.2 11.7 -6.2 -7.5 -3.5 -0.1 -17.4 -0.9
90th percentile -30.1 -67.7 -34.1 -30.0 -32.6 -16.5 -18.8 -20.6 -57.9 -7.5 5.3 -21.0 -24.4 -14.7 -8.1 -20.9 -21.5
Inter-decile range 54.3 70.6 44.2 88.5 51.5 46.9 55.7 27.2 108.0 47.3 36.1 53.3 54.6 51.4 45.4 22.3 58.9
Range of returns 256.6 227.5 89.6 231.9 99.0 126.0 157.3 54.1 145.6 104.0 54.9 256.6 256.6 104.0 95.9 100.1 256.4
Range of returns (IRR) by vintage year (% p.a.) – ten years
Total 1980-84 1985-89 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
No. of funds 286 13 68 13 14 7 10 19 9 13 24 16 24 26 30
Pooled average 19.9 -98.4 4.4 -5.8 -2.3 33.6 18.3 41.8 4.8 12.5 10.9 19.5 14.9 20.0 26.3
10th percentile 32.3 0.0 11.7 21.8 18.9 n/a 77.3 43.2 n/a 30.4 23.4 55.3 26.0 31.1 47.2
25th percentile 12.3 0.0 0.0 0.0 0.0 56.7 12.9 8.0 4.8 20.7 12.3 37.5 21.1 21.8 36.0
Median 0.0 0.0 0.0 -3.9 -0.2 0.0 -0.1 -0.1 -19.0 5.0 -0.8 13.1 8.9 0.5 14.3
75th percentile -6.2 0.0 0.0 -23.6 -15.8 -61.3 -13.3 -21.5 -29.7 0.0 -3.9 -11.4 -6.8 -10.7 -6.0
90th percentile -21.0 -26.6 -15.6 -35.0 -69.8 n/a -81.0 -34.7 n/a -6.2 -20.5 -50.7 -10.9 -20.3 -19.5
Interdecile range 53.3 26.6 27.3 56.8 88.7 n/a 158.4 77.9 n/a 36.6 43.9 106.0 36.8 51.5 66.7
Range of returns 256.6 44.3 192.9 65.3 114.5 231.9 169.9 117.0 57.3 41.3 54.5 144.2 55.9 80.8 96.3