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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
1994 to 1996 vintage funds Subtotal Early Stage Development BVCA Private Equity and Venture Capital Performance Measurement Survey 2011 45 IRR (% p.a.) DPI TVPI Mid MBO Large MBO Generalist Subtotal Early Stage Development Mid MBO Large MBO Generalist Subtotal Early Stage Development Mid MBO Large MBO Generalist Pre-1996 vintage funds No. of funds 28 1 5 9 8 5 28 1 5 9 8 5 28 1 5 9 8 5 Pooled average 31.1 15.6 23.1 16.4 30.7 55.0 236.8 167.7 180.2 173.6 226.6 388.5 237.3 174.5 183.5 173.7 226.7 389.6 10th percentile 51.8 n/a n/a n/a n/a n/a 335.0 n/a n/a n/a n/a n/a 335.0 n/a n/a n/a n/a n/a 25th percentile 16.2 n/a 27.1 15.3 49.1 46.0 219.4 n/a 190.3 178.7 260.4 398.1 219.4 n/a 193.2 178.7 260.6 398.1 Median 11.0 n/a 9.5 10.3 10.7 15.2 146.9 n/a 138.9 134.2 144.2 153.4 147.0 n/a 138.9 134.3 144.3 160.8 75th percentile 2.4 n/a 2.9 1.9 1.9 -3.6 108.6 n/a 109.4 109.6 106.0 93.3 114.5 n/a 117.3 109.6 106.0 93.3 90th percentile -2.6 n/a n/a n/a n/a n/a 92.8 n/a n/a n/a n/a n/a 92.8 n/a n/a n/a n/a n/a Inter-decile range 54.4 n/a n/a n/a n/a n/a 242.2 n/a n/a n/a n/a n/a 242.1 n/a n/a n/a n/a n/a Range of returns 91.9 n/a 40.2 35.0 67.6 91.9 496.9 n/a 120.9 224.7 399.9 496.9 496.9 n/a 113.9 224.7 399.3 496.9 IRR (% p.a.) DPI TVPI Subtotal 1996 vintage funds onwards Venture Small MBO Mid MBO Large MBO Subtotal Venture Small MBO Mid MBO Large MBO Subtotal Venture Small MBO Mid MBO Large MBO No. of funds 13 0 3 8 2 13 0 3 8 2 13 0 3 8 2 Pooled average 17.6 0.0 -11.0 13.1 22.6 188.2 0.0 28.5 163.7 219.4 189.6 0.0 30.7 164.8 221.2 10th percentile 41.0 n/a n/a n/a n/a 282.8 n/a n/a n/a n/a 283.0 n/a n/a n/a n/a 25th percentile 21.2 n/a n/a 18.0 n/a 197.6 n/a n/a 202.7 n/a 199.2 n/a n/a 202.7 n/a Median 10.0 n/a n/a 10.2 n/a 143.2 n/a n/a 146.7 n/a 144.6 n/a n/a 147.5 n/a 75th percentile -7.6 n/a n/a 5.2 n/a 51.5 n/a n/a 121.4 n/a 54.6 n/a n/a 122.5 n/a 90th percentile -66.0 n/a n/a n/a n/a 19.7 n/a n/a n/a n/a 20.0 n/a n/a n/a n/a Inter-decile range 106.9 n/a n/a n/a n/a 263.1 n/a n/a n/a n/a 263.0 n/a n/a n/a n/a Range of returns 150.7 n/a n/a 63.2 n/a 305.6 n/a n/a 259.5 n/a 305.6 n/a n/a 257.2 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 and 44: Appendix IV - Range of returns (IRR
Page 45: BVCA Private Equity and Venture Cap
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

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