BVCA Performance Measurement Survey 2008<br />
Slide 2<br />What is included?<br />Includes<br />‘Independent’ UK based private equity funds<br />Third party funds raise...
Slide 3<br />Methodology<br />Sterling based IRR – time and money-weighted return, net of costs and fees<br />Fund multipl...
Slide 4<br />Long-Term Message<br />IRR since inception – the most common measurement of private equity returns<br />Fund ...
Slide 5<br />Return Measurement Periods for a 1994 Vintage Fund<br />Return since inception<br />Area of fund’s<br />life ...
Slide 6<br />UK Private Equity - Time Periods to December 2008<br />
Slide 7<br />UK Private Equity v Principal Comparators<br />
Slide 8<br />UK Private Equity vs FTSE Indices<br />
Slide 9<br />UK Private Equity Return(Since Inception % p.a.)<br />
For the full report and more reports like this please go to:<br />Slide 10<br />www.bvca.co.uk/Research<br />
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British Private Equity and Venture Capital Performance Measurement Survey 2008

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The BVCA published the 2008 Performance Measurement Survey Report in conjunction with PricewaterhouseCoopers LLP and Capital Dynamics. The report shows that, although private equity suffered alongside the public equity market in 2008, the industry continues to produce stable outperformance over the long term.

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British Private Equity and Venture Capital Performance Measurement Survey 2008

  1. 1. BVCA Performance Measurement Survey 2008<br />
  2. 2. Slide 2<br />What is included?<br />Includes<br />‘Independent’ UK based private equity funds<br />Third party funds raised by ‘Captives’<br />Excludes<br />Excludes ‘Captives’ balance sheet investments<br />VCTs and PEITs<br />The most complete country-specific survey in the world<br />
  3. 3. Slide 3<br />Methodology<br />Sterling based IRR – time and money-weighted return, net of costs and fees<br />Fund multiple – total, distributed and residual value as a percentage of paid-in capital<br />Cash flows on a daily basis and valuations of funds annually<br />Principal comparators, supplied by The WM Company (WM), are gross, time-weighted returns<br />
  4. 4. Slide 4<br />Long-Term Message<br />IRR since inception – the most common measurement of private equity returns<br />Fund multiple is a further important measure<br />One year figure is very volatile – at best, indicates only if the year was good or bad<br />If since inception not appropriate, use longer-term (i.e. 10-year) data<br />
  5. 5. Slide 5<br />Return Measurement Periods for a 1994 Vintage Fund<br />Return since inception<br />Area of fund’s<br />life not covered<br />by 10 year return<br />1 year return<br />3 year return<br />5 year return<br />10 year return<br />
  6. 6. Slide 6<br />UK Private Equity - Time Periods to December 2008<br />
  7. 7. Slide 7<br />UK Private Equity v Principal Comparators<br />
  8. 8. Slide 8<br />UK Private Equity vs FTSE Indices<br />
  9. 9. Slide 9<br />UK Private Equity Return(Since Inception % p.a.)<br />
  10. 10. For the full report and more reports like this please go to:<br />Slide 10<br />www.bvca.co.uk/Research<br />

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