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44 BVCA Private Equity and Venture Capital Performance Measurement Survey 2011
Appendix V – Since-inception range of returns by vintage year band
and investment stage
Continued
1992 to 1994 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 36 5 8 10 7 6 36 5 8 10 7 6 36 5 8 10 7 6
Pooled average 27.9 15.7 17.5 15.1 39.2 18.4 243.9 172.6 166.6 175.3 295.5 220.4 244.5 176.4 169.4 175.3 295.5 221.8
10th percentile 41.6 n/a n/a 32.6 n/a n/a 256.3 n/a n/a 308.7 n/a n/a 256.4 n/a n/a 308.7 n/a n/a
25th percentile 21.3 17.9 11.8 17.8 51.6 21.8 216.2 195.8 151.0 193.4 264.2 248.0 216.2 199.2 155.3 193.4 264.4 248.0
Median 11.8 13.5 6.9 12.4 27.9 11.7 152.5 159.9 127.7 154.8 222.6 149.2 154.8 159.9 130.3 154.8 222.6 152.9
75th percentile 4.8 0.6 -4.5 8.0 11.7 1.7 119.6 92.9 77.7 130.7 139.6 105.0 120.7 99.8 80.3 130.8 139.6 107.1
90th percentile -3.0 n/a n/a 4.2 n/a n/a 74.6 n/a n/a 119.5 n/a n/a 84.3 n/a n/a 119.5 n/a n/a
Inter-decile range 44.6 n/a n/a 28.4 n/a n/a 181.7 n/a n/a 189.2 n/a n/a 172.1 n/a n/a 189.2 n/a n/a
Range of returns 65.3 21.6 49.6 29.8 51.6 35.7 426.4 146.5 164.0 201.7 353.7 220.0 417.9 132.7 160.0 201.7 353.7 211.5
1993 to 1995 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 38 4 7 10 9 8 38 4 7 10 9 8 38 4 7 10 9 8
Pooled average 27.9 12.6 20.8 13.6 30.7 36.5 230.9 152.4 172.4 166.7 226.6 330.7 231.3 157.8 175.6 166.7 226.7 331.5
10th percentile 43.2 n/a n/a 32.0 n/a n/a 269.9 n/a n/a 308.7 n/a n/a 270.0 n/a n/a 308.7 n/a n/a
25th percentile 15.8 n/a 11.9 14.8 46.5 19.7 203.4 n/a 153.8 169.5 256.7 256.4 203.4 n/a 159.5 169.5 256.8 256.4
Median 9.5 n/a 4.4 9.5 11.7 11.6 142.3 n/a 116.4 142.9 148.8 149.2 142.3 n/a 121.7 142.9 149.0 152.9
75th percentile 2.0 n/a 2.0 3.0 1.9 -7.3 106.9 n/a 106.0 114.5 106.4 63.5 108.1 n/a 112.9 114.5 106.4 63.5
90th percentile -7.1 n/a n/a -1.2 n/a n/a 62.5 n/a n/a 96.8 n/a n/a 66.1 n/a n/a 96.8 n/a n/a
Inter-decile range 50.3 n/a n/a 33.2 n/a n/a 207.4 n/a n/a 211.9 n/a n/a 203.9 n/a n/a 211.9 n/a n/a
Range of returns 91.9 n/a 48.9 35.0 67.6 91.9 505.6 n/a 164.0 224.7 399.9 505.6 497.1 n/a 160.0 224.7 399.3 497.1