BVCA Private Equity and Venture Capital Performance - BVCA admin

Buyout funds at all stages raised from
1996 onwards experienced significant
improvement in their performance in 2010.
Small and Large MBOs, in particular, have
emerged from the 2008/09 crisis strongly.
Although the three-year returns remain
subdued for Mid and Large MBOs, all buyout
funds have produced strong double digit
returns over the five-year and ten-year period.
Venture capital funds also experienced
marked improvement in their performance
over the past year, an encouraging sign as
the sector plays a vital role in stimulating
Europe’s economic growth. While many
funds raised after the dotcom boom are
still at an early stage, they are showing the
potential to generate solid returns.
Summary of performance by investment stage and subcategory
1996 vintage funds onwards – IRR (% pa)
% pa
70
60
50
40
30
20
10
0
-10
9.8
34.9
14.6
2010
19.8 18.6
1.4
Three years Five years Ten years
Venture Small MBO Mid-MBO Large MBO Subtotal 1996 onwards
20.0
5.5
7.1 6.7
0.6
61.6
19.8
16.3 16.2
-2.5
20.2
17.4
14.8
13.5
BVCA Private Equity and Venture Capital Performance Measurement Survey 2010 5