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

More documents

Recommendations

Info

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
BVCA Private Equity and Venture Capital Performance Measurement Survey 2011 43 Appendix V – Since-inception range of returns by vintage year band and investment stage 1990 to 1992 vintage funds IRR (% p.a.) DPI TVPI Subtotal Early Stage Develop- Mid MBO Large MBO Generalist Subtotal Early Stage Develop- Mid MBO Large MBO Generalist Subtotal Early Stage Develop- Mid MBO Large MBO Generalist mentmentment No. of funds 34 4 10 10 8 2 34 4 10 10 8 2 34 4 10 10 8 2 Pooled average 13.8 9.9 19.8 21.2 9.5 24.8 166.3 163.0 207.7 192.7 143.2 261.5 166.3 163.0 207.7 192.7 143.2 261.5 10th percentile 34.4 n/a 30.9 40.0 n/a n/a 254.6 n/a 281.3 315.6 n/a n/a 254.6 n/a 281.3 315.6 n/a n/a 25th percentile 23.7 n/a 11.8 33.2 23.2 n/a 201.8 n/a 159.3 220.7 184.8 n/a 201.8 n/a 159.3 220.7 184.8 n/a Median 14.7 n/a 4.2 22.8 19.3 n/a 161.6 n/a 121.0 197.8 152.9 n/a 161.6 n/a 121.0 197.8 152.9 n/a 75th percentile 7.8 n/a -8.6 10.5 10.7 n/a 134.5 n/a 60.8 142.3 141.4 n/a 134.5 n/a 60.8 142.3 141.4 n/a 90th percentile -7.9 n/a -19.5 6.1 n/a n/a 65.1 n/a 53.2 121.0 n/a n/a 65.1 n/a 53.2 121.0 n/a n/a Inter-decile range 42.3 n/a 50.5 n/a n/a n/a 189.5 n/a 228.1 194.6 n/a n/a 189.5 n/a 228.1 194.6 n/a n/a Range of returns 61.3 n/a 53.7 34.7 38.8 n/a 272.7 n/a 240.9 206.5 110.2 n/a 272.7 n/a 240.9 206.5 110.2 n/a 1991 to 1993 vintage funds IRR (% p.a.) DPI TVPI Subtotal Early Stage Develop- Mid MBO Large MBO Generalist Subtotal Early Stage Develop- Mid MBO Large MBO Generalist Subtotal Early Stage Develop- Mid MBO Large MBO Generalist mentmentment No. of funds 31 5 9 7 6 4 31 5 9 7 6 4 31 5 9 7 6 4 Pooled average 19.5 15.3 1.6 21.5 21.7 20.4 191.0 175.8 106.2 186.5 181.0 241.9 191.1 176.3 106.4 186.5 181.0 242.1 10th percentile 31.5 n/a n/a n/a n/a n/a 242.5 n/a n/a n/a n/a n/a 242.5 n/a n/a n/a n/a n/a 25th percentile 22.0 16.9 10.0 35.9 24.7 n/a 198.2 193.1 145.1 226.8 202.3 n/a 198.2 193.1 145.1 226.8 202.3 n/a Median 13.0 12.5 -6.6 26.3 21.5 n/a 151.6 159.9 68.3 198.2 180.9 n/a 151.6 159.9 68.3 198.2 180.9 n/a 75th percentile 2.5 0.6 -8.6 11.0 17.0 n/a 108.4 92.9 59.7 151.6 144.7 n/a 108.4 99.8 59.7 151.6 144.7 n/a 90th percentile -8.6 n/a n/a n/a n/a n/a 58.4 n/a n/a n/a n/a n/a 58.4 n/a n/a n/a n/a n/a Inter-decile range 40.1 n/a n/a n/a n/a n/a 184.1 n/a n/a n/a n/a n/a 184.1 n/a n/a n/a n/a n/a Range of returns 61.3 21.6 33.7 31.8 11.5 n/a 292.5 146.5 102.8 185.8 78.2 n/a 284.0 132.7 102.8 185.8 78.2 n/a
Page 1 and 2: BVCA Private Equity and Venture Cap
Page 3 and 4: Contents Overall performance Forewo
Page 5 and 6: Highlights In the midst of continue
Page 7 and 8: While post 1996-vintage venture fun
Page 9 and 10: Across all vintage years, BVCA fund
Page 11 and 12: Since-inception IRR (%) - venture f
Page 13 and 14: marketplace for private equity fund
Page 15 and 16: Since-inception return - IRR (% p.a
Page 17 and 18: Medium to long-term IRR by investme
Page 19 and 20: Since-inception return to Dec 2011
Page 21 and 22: Since-inception return to Dec 2011
Page 23 and 24: Range of returns (IRR and multiple)
Page 25 and 26: Range of returns (multiple) by inve
Page 29 and 30: Range of returns (IRR and multiple)
Page 33 and 34: By vintage year to year end Decembe
Page 35 and 36: Appendix I - Methodology The Survey
Page 37 and 38: Appendix II - Glossary of terms Cap
Page 43: Appendix IV - Range of returns (IRR
Page 47 and 48: 1994 to 1996 vintage funds Subtotal
Page 49 and 50: 1996 to 1998 vintage funds BVCA Pri
Page 55 and 56: The NAV required to produce the pre
Page 57 and 58: Loudwater Investment Partners Ltd L
Page 59 and 60: Does this allow for greater breakdo
Page 63 and 64: Disclaimer The data within this rep

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

Create successful ePaper yourself

Delete template?

Save as template?