The document is a December 2015 Alpha Benchmark Report from PERACS. It provides performance metrics for private equity funds globally and in various regions based on PERACS' proprietary methodology. The report includes PERACS multiples, alphas, and rates of return for global PE, North America PE, Europe PE, global buyout, North America buyout, global venture, and North America venture funds from 2000 to 2012 based on single vintage years and 3-year rolling averages. It also provides the maximum, first quartile, median, third quartile, and minimum values for each metric by vintage year.
150+ Strategy Frameworks & Templates by a McKinsey AlumStratechi.com
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Mit dem Stimmt Workshop Baukasten erhalten Sie das Wissen aus 1500 Workshops und 15 Jahren Beratertätigkeit für gelungene Workshops. Was gehört zu einer fundierten Vorbereitung, Zeitmanagement, Methoden und Kennenlernübungen.
150+ Strategy Frameworks & Templates by a McKinsey AlumStratechi.com
Visit https://www.stratechi.com/strategy-frameworks/ to download the 150+ page Compendium of Frameworks PowerPoint template created by a McKinsey Alum. The deck is loaded with many of the top frameworks including the BCG Matrix, McKinsey’s Three Horizons of Growth, SWOT Analysis, PESTLE Analysis, Porter’s Five Forces, Ansoff’s Growth Matrix, Business Model, Value Chain, Agile Framework, Conditions of Great Strategy, Prioritization Matrix, Customer Journey, Profit Tree, Change Management Model, 4Ps of Marketing, 8Ps of Marketing, 5Ws and 1H, SMART Goals, Stratechi’s People Strategy Framework, Sustainable Competitive Advantage, Net Promoter, Minto Pyramid Principle, Change Management Model, Will Skill Matrix, Project Management Triangle, Voice of the Customer, Conditions for a High-Performing Team, Sources of Synergy, the Customer Value Wedge, Six Sigma, ECSR Framework, Process Maturity Framework, First 100 Days, Roadmaps, Org Charts, Employee Journey, Stratechi’s Growth Matrix, Customer Dimensions, Types of Strategy, Lean Improvement Tools, Six Sigma, Process Maturity Framework, Strategy icons, tons of charts and worksheets, and much, much more.
Overview of Metrics used in Scaled Agile Framework (SAFe) 4.5. Quickly identifies the metrics, models, and measures associated with SAFe's Portfolio, Large Solution, Program, and Team levels. Begins with the impetus for SAFe, market conditions, definition of agile and portfolio management, and then a quick overview of SAFe based performance measurement.
Mit dem Stimmt Workshop Baukasten erhalten Sie das Wissen aus 1500 Workshops und 15 Jahren Beratertätigkeit für gelungene Workshops. Was gehört zu einer fundierten Vorbereitung, Zeitmanagement, Methoden und Kennenlernübungen.
Catalogo Regalos para Bodas, Bautizos, ComunionesGrupo Animacion
Tienda de Regalos para eventos, fiestas, aniversarios, Bodas, Bautizos, Primeras Comuniones, celebraciones, bodas de plata, bodas de oro, recuerdos y obsequios a buen precio
Bases Físicas De La Radioterapia
La radioterapia se basa en el empleo de las radiaciones ionizantes y su interacción con las células y, por ende, con la materia viva. La absorción de energía transferida a la materia biológica se traduce en:
-
Excitaciones:los electrones de los átomos ascienden a un nivel más energético.
-
Ionizaciones:por el desprendimiento uno o más electrones orbitales, se provoca una emisión de energía ionizante por parte del átomo.
Las radiaciones que más nos interesan son aquellas que son capaces del ionizar el medio sobre el que actúan, se clasifican en: electromagnéticas y corpusculares.
La radiación electromagnética no tiene masa, y lleva aparejado un campo eléctrico y otro magnético representándose, en física cuántica, como cuantos de energía denominados fotones. Los diferentes niveles de energía de los fotones conforman el espectro electromagnético. Los dos tipos de energía electromagnética de mayor interés terapéutico son los rayos X y la radiación gamma. Los rayos X se producen cuando un electrón acelerado choca contra el átomo arrancando un electrón e ionizándolo. Para compensar la inestabilidad los electrones saltan a capas orbitales más cercanas creando una cascada de emisión de energía sobrante en forma de rayos X hasta conseguir la estabilidad atómica.
Las radiaciones corpusculares (y la radiación gamma) se producen por la desintegración nuclear de átomos inestables (radiactivos), sobre todo cuando el número de neutrones es inferior al de protones. Los núcleos de los elementos radiactivos emiten diferentes tipos de corpúsculos, neutrones, protones, partículas alfa, muones, piones,.. La radiación gamma se ocasiona por el reajuste electrónico del núcleo, después de un proceso de desintegración de algunos átomos, emitiendo un fotón de alta energía, denominado radiación gamma. Actualmente se utilizan energías que van desde los 4 a los 25 MV (megavoltios) de los aceleradores lineales y de 1.25 MV de las unidades de cobalto.
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Conferencia dictada en los Encuentros SUMMA, SUMMA Contemporary Art Fair. Madrid, 12 de Septiembre, 2015.
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After I switched from C# (a curly-brace heavy object-oriented language) to F# (a whitespace-sensitive functional language) a few years ago, I started to wonder about the history of programming languages and how they evolve. How does a feature in one language influence a feature in another language -- for instance, where did type providers come from? In this talk, I cover the history of MLs from approximately the dawn of time, eventually focusing on F# specifically.
R. Villano - Colophon libro farmacopee regno na (it en)Raimondo Villano
COLOPHON (IT & EN) of book “Pharmacopoeias from the Ducky of Naples to Kingdom of the Two Sicilies” - Work in the Study Group Pharmacopoeias - International Society for the History of Pharmacy ISHP (Berna, Switzerland) directed by Prof. Dr. François Ledermann (President Em. ISHP) and supported by: Italian Academy for the History of Pharmacy (Piacenza, Italia); Institut for the History of Pharmacy at the University of Berna (Berna, Switzerland); International Society for the History of Pharmacy ISHP (Vienna, Austria) - Chiron, CDD 615 VIL pha 2013, LCC DG 831, p. 34, April 2013.
Catalogo Regalos para Bodas, Bautizos, ComunionesGrupo Animacion
Tienda de Regalos para eventos, fiestas, aniversarios, Bodas, Bautizos, Primeras Comuniones, celebraciones, bodas de plata, bodas de oro, recuerdos y obsequios a buen precio
Bases Físicas De La Radioterapia
La radioterapia se basa en el empleo de las radiaciones ionizantes y su interacción con las células y, por ende, con la materia viva. La absorción de energía transferida a la materia biológica se traduce en:
-
Excitaciones:los electrones de los átomos ascienden a un nivel más energético.
-
Ionizaciones:por el desprendimiento uno o más electrones orbitales, se provoca una emisión de energía ionizante por parte del átomo.
Las radiaciones que más nos interesan son aquellas que son capaces del ionizar el medio sobre el que actúan, se clasifican en: electromagnéticas y corpusculares.
La radiación electromagnética no tiene masa, y lleva aparejado un campo eléctrico y otro magnético representándose, en física cuántica, como cuantos de energía denominados fotones. Los diferentes niveles de energía de los fotones conforman el espectro electromagnético. Los dos tipos de energía electromagnética de mayor interés terapéutico son los rayos X y la radiación gamma. Los rayos X se producen cuando un electrón acelerado choca contra el átomo arrancando un electrón e ionizándolo. Para compensar la inestabilidad los electrones saltan a capas orbitales más cercanas creando una cascada de emisión de energía sobrante en forma de rayos X hasta conseguir la estabilidad atómica.
Las radiaciones corpusculares (y la radiación gamma) se producen por la desintegración nuclear de átomos inestables (radiactivos), sobre todo cuando el número de neutrones es inferior al de protones. Los núcleos de los elementos radiactivos emiten diferentes tipos de corpúsculos, neutrones, protones, partículas alfa, muones, piones,.. La radiación gamma se ocasiona por el reajuste electrónico del núcleo, después de un proceso de desintegración de algunos átomos, emitiendo un fotón de alta energía, denominado radiación gamma. Actualmente se utilizan energías que van desde los 4 a los 25 MV (megavoltios) de los aceleradores lineales y de 1.25 MV de las unidades de cobalto.
La encrucijada del mercado del arte - The dilemma of the art marketMarta Perez Ibañez
Conferencia dictada en los Encuentros SUMMA, SUMMA Contemporary Art Fair. Madrid, 12 de Septiembre, 2015.
Lecture during SUMMA Talks, SUMMA Contemporary Art Fair. Madrid, September 12, 2015.
History of F#, and the ML family of languages. Rachel Reese
After I switched from C# (a curly-brace heavy object-oriented language) to F# (a whitespace-sensitive functional language) a few years ago, I started to wonder about the history of programming languages and how they evolve. How does a feature in one language influence a feature in another language -- for instance, where did type providers come from? In this talk, I cover the history of MLs from approximately the dawn of time, eventually focusing on F# specifically.
R. Villano - Colophon libro farmacopee regno na (it en)Raimondo Villano
COLOPHON (IT & EN) of book “Pharmacopoeias from the Ducky of Naples to Kingdom of the Two Sicilies” - Work in the Study Group Pharmacopoeias - International Society for the History of Pharmacy ISHP (Berna, Switzerland) directed by Prof. Dr. François Ledermann (President Em. ISHP) and supported by: Italian Academy for the History of Pharmacy (Piacenza, Italia); Institut for the History of Pharmacy at the University of Berna (Berna, Switzerland); International Society for the History of Pharmacy ISHP (Vienna, Austria) - Chiron, CDD 615 VIL pha 2013, LCC DG 831, p. 34, April 2013.
Analysis of recent transactions in Internet Machinery Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
Analysis of recent transactions in Biotechnology Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
Analysis of recent transactions in System Software Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
Priva is a leader in climate control for Horticulture and Building automation environments. To implement their growth strategy with the right propositions, they ran an updated portfolio management process during 2013, supported by Bicore expert consultancy and using Bicore’s FLIGHTMAP solution.
Analysis of recent transactions in Healthcare Equipments Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
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PwC Presents: VC Investing – Major trends from Q3 2014Proformative, Inc.
As we predicted in our last Proformative VC update, 2014 is turning into an exciting year for venture capital, with increased investing activity and headline-grabbing exits. Please join representatives from PwC’s Emerging Company Services Group as they provide an overview of recent venture capital investment trends, interpreting findings from the PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters.
Market Risk And Return PowerPoint Presentation Slides SlideTeam
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Analysis of recent transactions in Apparel Retail Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
Analysis of recent transactions in Packaged Food & Meat Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
Mercer Capital's Business Development Companies Quarterly Newsletter | Q3 2014Mercer Capital
"Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs."
Reading in the future, it is the third forecasting study concerning IAG, it is addressing the best forecasting scenario approach for setting targets and developing the level of key performance indicators for Airlines, as Load Factor, ASK, and RPK, as demonstrated by airline investors monthly /annually reports.
While the message of this study is to highlight the benefits of Setting Goals and Targets, thus airlines can developed an effective KPI System instead of looking backward – using month by month approach - to compare current performance with past performance instead of achieving targets.
Analysis of recent transactions in Healthcare Facilities Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
Analysis of recent transactions in Solar Energy Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
Analysis of recent transactions in Automobile parts & equipments Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
2. ALPHA BENCHMARK REPORT 2DECEMBER 2015 x PERACS
TABLE OF CONTENTS
MESSAGE FROM THE FOUNDER 3
THE PERACS METHODOLOGY 4
ABOUT PERACS 5
GLOBAL PE
u GLOBAL PE PERACS MULTIPLE 6
u GLOBAL PE PERACS ALPHA 7
u GLOBAL PE PERACS RATE OF RETURN 8
NORTH AMERICA PE
u NORTH AMERICA PE PERACS MULTIPLE 9
u NORTH AMERICA PE PERACS ALPHA 10
u NORTH AMERICA PE PERACS RATE OF RETURN 11
EUROPE PE
u EUROPE PE PERACS MULTIPLE 12
u EUROPE PE PERACS ALPHA 13
u EUROPE PE PERACS RATE OF RETURN 14
GLOBAL BUYOUT
u GLOBAL BUYOUT PERACS MULTIPLE 15
u GLOBAL BUYOUT PERACS ALPHA 16
u GLOBAL BUYOUT PERACS RATE OF RETURN 17
NORTH AMERICA BUYOUT
u NORTH AMERICA BUYOUT PERACS MULTIPLE 18
u NORTH AMERICA BUYOUT PERACS ALPHA 19
u NORTH AMERICA BUYOUT PERACS RATE OF RETURN 20
GLOBAL VENTURE
u GLOBAL VENTURE PERACS MULTIPLE 21
u GLOBAL VENTURE PERACS ALPHA 22
u GLOBAL VENTURE PERACS RATE OF RETURN 23
NORTH AMERICA VENTURE
u NORTH AMERICA VENTURE PERACS MULTIPLE 24
u NORTH AMERICA VENTURE PERACS ALPHA 25
u NORTH AMERICA VENTURE PERACS RATE OF RETURN 26
3. ALPHA BENCHMARK REPORT 3DECEMBER 2015 x PERACS
MESSAGE FROM THE FOUNDER
PERACS provides customized and formula-
ic PE track record analytics and validation
services to PE investors. It is our goals to
bring increased accuracy and efficiency to
the fundraising and fund due diligence pro-
cesses for industry players.
Professor Oliver Gottschalg,
Founder, PERACS
The work being conducted by PERACS on fund performance, persistence and quantifying
the true value of Alpha for private equity performance, is increasingly becoming a must-
have component for GPs and LPs in fund analytics.The inherent bias of IRR as a measure
of performance continues to be an industry standard that perpetuates the top performer
myths. Track record certification allows true top quartile performers to talk openly with in-
vestors and backup that talk with facts. PERACS Alpha™ measures PE returns in an accu-
rate and unbiased fashion making it possible to quantify the extent to which performance
is attributable to broad market trends, financial leverage, sector choices or operational
outperformance.
This, the inaugural PERACS Alpha Benchmark Report, will provide you with the necessary
industry standard against which to compare fund performance to a relevant peer group on
a quarterly basis.
For more information see PERACS.com
4. ALPHA BENCHMARK REPORT 4DECEMBER 2015 x PERACS
The PERACS Alpha™ provides a computationally robust and analytically
accurate first indication of the ‘alpha’ of a private equity investment,
that is, its outperformance relative to a broad public market index.This
measure serves as a (non-risk-adjusted) proxy for the opportunity cost
of having invested in private equity.
The PERACS Alpha™ calculates the annualized performance of a
PE investment relative to the public market returns by i) discounting
all of the fund’s cash flows back to the date of the first cash flow of the
fund, using the actual returns of a broad public market index, such as
the MSCI World Index over the relevant time period, as the discount
rate ii) calculating the PERACS Multiple, the ratio of the present value
of all inflows over the present value of all outflows, to obtain a present
value version of the total return multiple (TVPI or MOIC) iii) deriving the
duration of the fund as the time period between (a) the capital weighted
average date of all takedowns and (b) the capital weighted average
date of all distributions and the remaining NAV.
PERACS uses the duration to annualise the PERACS multiple by
calculating:
[PERACS Alpha = (PERACS Multiple^(1/duration)) -1]
THE PERACS METHODOLOGY
For purposes of its analysis and results, PERACS™ has relied exclusively upon data available through Preqin, without independent verification by PERACS™; PERACS™ disclaims any
responsibility or liability whatsoever for the accuracy or completeness of such information, including any misrepresentations or errors arising from, or as a result of, any such information.
Its companion, the PERACS Rate of Return (PRR), uses a similar
approach to measure absolute annual returns. It does so by taking
the multiple (TVPI or MOIC) and using the investment duration (the
difference between the capital weighted average date of all realizations
and the capital weighted average date of all investments) to calculate
the compounded annual return (over the duration of the investment)
which led to value appreciation.
[PERACS Annualized Rate of Return = (Multiple^(1/Duration in
years))-1]
3-Year Rolling Average Vintage Year:
Inspired by the empirical observation that PE funds are often more sim-
ilar in terms of when they do their deals to the funds raised in the years
immediately prior to and immediately following their own vintage year,
than their direct vintage year peers, we calculate a benchmark based
on rolling 3-year vintage cycles. i.e. the 2005 benchmark considers all
funds raised in 2004, 2005 or 2006.
Single Vintage Year:
Calculations from the year in which a private equity fund makes its first
investment.
5. ALPHA BENCHMARK REPORT 5DECEMBER 2015 x PERACS
PERACS is a leading provider of independent track record performance certification services for
alternative investments; driven by the pioneering research over the past decade by the company’s
world recognized founder, Professor Oliver Gottschalg. More than 20% of global private equity
fundraising volume utilizes PERACS™ as the performance standard of choice.
The company’s proprietary PE Due Diligence Analytics™ is an exceptionally powerful statistical
method for identifying key attributes of a fund’s performance, its risk profile, and its strategic
differentiators. This comprehensive set of standardized, quantitative metrics is generated at the deal,
fund and portfolio level, cumulatively and continuously, for periodic reporting.
General Partners use PERACS to demonstrate competitive positioning, not only for internal use
but to enhance fundraising effectiveness and efficiency and for ongoing investor communication.
Limited Partners use PERACS to provide unique perspective into portfolio risk and return profile with
application in portfolio design, investment decision support and optimizing performance.
ABOUT PERACS
6. ALPHA BENCHMARK REPORT 6DECEMBER 2015 x PERACS
GLOBAL PE PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
3.11x 3.11x 3.11x 12.47x 12.47x 12.47x 5.28x 5.28x 5.28x 3.37x 3.63x 3.63x 3.63x
1.47x 1.43x 1.47x 1.53x 1.53x 1.48x 1.44x 1.40x 1.36x 1.32x 1.26x 1.20x 1.15x
1.08x 1.11x 1.20x 1.22x 1.24x 1.25x 1.23x 1.19x 1.16x 1.13x 1.09x 1.05x 1.02x
0.68x 0.75x 0.83x 0.96x 1.02x 1.02x 1.02x 1.00x 0.99x 0.96x 0.94x 0.94x 0.92x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.12x 0.17x 0.25x 0.37x 0.29x 0.25x
324 308 224 207 275 395 515 566 480 397 368 438 504
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.83x 3.11x 2.56x 2.69x 12.47x 4.88x 3.57x 5.28x 3.37x 2.53x 2.88x 3.63x 2.38x
1.40x 1.47x 1.45x 1.47x 1.58x 1.47x 1.44x 1.40x 1.33x 1.32x 1.29x 1.20x 1.15x
1.01x 1.20x 1.15x 1.25x 1.27x 1.24x 1.26x 1.19x 1.13x 1.13x 1.12x 1.06x 1.02x
0.66x 0.77x 0.83x 1.03x 0.97x 1.02x 1.02x 1.03x 0.99x 0.93x 0.97x 0.94x 0.93x
0.10x 0.13x 0.17x 0.01x 0.25x 0.08x 0.12x 0.17x 0.25x 0.47x 0.37x 0.43x 0.29x
139 98 71 55 81 139 175 201 190 89 118 161 159
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
1.50x
1.00x
0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
7. ALPHA BENCHMARK REPORT 7DECEMBER 2015 x PERACS
GLOBAL PE PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
61.07% 46.63% 46.63% 58.44% 58.44% 58.44% 52.40% 56.08% 56.08% 59.32% 380.04% 380.04% 380.04%
9.18% 9.18% 9.27% 9.41% 9.19% 9.17% 9.15% 9.21% 9.72% 9.90% 10.19% 9.76% 9.77%
1.41% 2.05% 3.71% 4.53% 4.74% 5.12% 5.08% 4.86% 4.64% 4.22% 3.65% 3.28% 1.46%
-6.28% -4.83% -3.14% -0.70% 0.44% 0.37% 0.45% -0.01% -0.41% -1.42% -2.74% -3.43% -6.24%
-98.35% -98.35% -56.04% -56.04% -68.76% -68.76% -68.76% -44.27% -36.48% -37.93% -37.93% -94.51% -94.51%
324 308 224 207 275 395 515 566 480 397 368 438 504
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.31% 46.63% 42.18% 22.64% 58.44% 51.05% 20.16% 52.40% 56.08% 36.21% 59.32% 380.04% 61.88%
7.61% 10.41% 9.97% 7.95% 9.84% 9.16% 8.89% 9.40% 9.49% 10.30% 10.80% 9.74% 9.35%
0.14% 3.71% 3.20% 4.75% 4.81% 4.48% 5.46% 4.90% 4.14% 4.31% 4.90% 3.28% 1.43%
-6.10% -4.60% -2.94% 0.47% -0.65% 0.66% 0.31% 0.82% -0.49% -2.92% -1.06% -3.90% -4.99%
-98.35% -35.25% -23.94% -56.04% -40.72% -68.76% -44.27% -36.48% -23.16% -23.26% -37.93% -36.04% -94.51%
139 98 71 55 81 139 175 201 190 89 118 161 159
10.00%
0.00%
-10.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
8. ALPHA BENCHMARK REPORT 8DECEMBER 2015 x PERACS
GLOBAL PE PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.62x 0.62x 0.62x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.73x 4.50x 4.50x 4.50x
0.13x 0.15x 0.16x 0.14x 0.13x 0.12x 0.13x 0.15x 0.17x 0.19x 0.20x 0.20x 0.19x
0.05x 0.07x 0.09x 0.09x 0.08x 0.08x 0.09x 0.10x 0.11x 0.13x 0.12x 0.11x 0.09x
-0.02x -0.01x 0.03x 0.03x 0.03x 0.03x 0.04x 0.05x 0.06x 0.07x 0.06x 0.05x 0.00x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.12x 0.17x 0.25x 0.37x 0.29x 0.25x
324 308 224 207 275 395 515 566 480 397 368 438 504
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.33x 0.62x 0.55x 0.27x 0.63x 0.51x 0.25x 0.63x 0.67x 0.48x 0.73x 4.50x 0.77x
0.13x 0.17x 0.17x 0.13x 0.13x 0.11x 0.12x 0.15x 0.18x 0.21x 0.20x 0.20x 0.18x
0.04x 0.08x 0.09x 0.09x 0.08x 0.08x 0.08x 0.10x 0.13x 0.13x 0.14x 0.12x 0.10x
-0.02x 0.00x 0.02x 0.04x 0.03x 0.04x 0.04x 0.06x 0.07x 0.05x 0.07x 0.05x 0.02x
-0.99x -0.34x -0.22x -0.56x -0.34x -0.68x -0.40x -0.32x -0.17x -0.15x -0.32x -0.26x -0.94x
139 98 71 55 81 139 175 201 190 89 118 161 159
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
0.50x
0.00x
-0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
9. ALPHA BENCHMARK REPORT 9DECEMBER 2015 x PERACS
NORTH AMERICA PE PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
3.11x 3.11x 3.11x 12.47x 12.47x 12.47x 5.28x 5.28x 5.28x 3.37x 3.63x 3.63x 3.63x
1.37x 1.36x 1.42x 1.50x 1.49x 1.47x 1.45x 1.44x 1.43x 1.37x 1.30x 1.23x 1.16x
1.01x 1.05x 1.16x 1.20x 1.25x 1.26x 1.25x 1.24x 1.19x 1.17x 1.13x 1.07x 1.03x
0.64x 0.69x 0.78x 0.87x 1.02x 1.02x 1.06x 1.04x 1.04x 1.01x 1.01x 0.97x 0.94x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.37x 0.37x 0.29x
252 232 157 145 188 277 342 365 288 239 205 250 281
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.83x 3.11x 2.18x 2.58x 12.47x 4.88x 2.70x 5.28x 3.37x 2.53x 2.23x 3.63x 2.38x
1.33x 1.38x 1.41x 1.47x 1.57x 1.44x 1.46x 1.47x 1.38x 1.40x 1.29x 1.22x 1.16x
0.98x 1.11x 1.11x 1.24x 1.24x 1.25x 1.28x 1.24x 1.18x 1.15x 1.15x 1.09x 1.03x
0.65x 0.76x 0.79x 1.03x 0.92x 1.10x 1.02x 1.07x 1.01x 1.01x 1.01x 1.01x 0.94x
0.10x 0.13x 0.17x 0.01x 0.25x 0.08x 0.23x 0.17x 0.32x 0.47x 0.37x 0.57x 0.43x
69 69 50 38 57 93 127 122 116 50 73 82 95
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
1.50x
1.00x
0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
10. ALPHA BENCHMARK REPORT 10DECEMBER 2015 x PERACS
NORTH AMERICA PE PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
61.07% 46.63% 46.63% 58.44% 58.44% 58.44% 52.40% 56.08% 56.08% 56.08% 380.04% 380.04% 380.04%
6.99% 6.56% 7.26% 8.16% 9.04% 9.20% 9.82% 10.61% 11.20% 11.02% 11.74% 11.06% 10.58%
0.24% 1.04% 3.01% 3.48% 4.73% 5.22% 5.64% 5.65% 5.73% 5.77% 5.77% 4.42% 2.61%
-6.47% -5.17% -4.47% -2.05% 0.53% 0.48% 1.49% 1.16% 1.20% 0.40% 0.41% -2.00% -5.12%
-98.35% -98.35% -56.04% -56.04% -68.76% -68.76% -68.76% -44.27% -36.48% -37.93% -37.93% -40.83% -83.19%
252 232 157 145 188 277 342 365 288 239 205 250 281
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
24.58% 46.63% 42.18% 22.64% 58.44% 51.05% 17.67% 52.40% 56.08% 36.21% 46.17% 380.04% 61.88%
6.17% 6.62% 7.18% 7.81% 9.22% 9.17% 9.22% 11.60% 10.23% 11.42% 11.74% 11.71% 10.06%
-0.43% 2.27% 2.17% 4.42% 4.61% 5.12% 5.64% 6.22% 5.56% 6.11% 6.49% 5.03% 3.17%
-6.32% -4.97% -4.44% 0.56% -1.68% 1.96% 0.37% 1.72% 0.42% 0.55% 0.38% 0.51% -4.58%
-98.35% -35.25% -23.94% -56.04% -40.72% -68.76% -44.27% -36.48% -23.16% -17.15% -37.93% -26.15% -40.83%
113 69 50 38 57 93 127 122 116 50 73 82 95
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
10.00%
0.00%
-10.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
11. ALPHA BENCHMARK REPORT 11DECEMBER 2015 x PERACS
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
NORTH AMERICA PE PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.62x 0.62x 0.62x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.67x 4.50x 4.50x 4.50x
0.12x 0.12x 0.12x 0.12x 0.12x 0.12x 0.14x 0.16x 0.19x 0.20x 0.21x 0.21x 0.19x
0.04x 0.05x 0.07x 0.08x 0.08x 0.08x 0.09x 0.11x 0.13x 0.14x 0.14x 0.13x 0.10x
-0.03x -0.01x 0.00x 0.01x 0.04x 0.03x 0.06x 0.07x 0.08x 0.08x 0.08x 0.07x 0.00x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.37x 0.37x 0.29x
252 232 157 145 188 277 342 365 288 239 205 250 281
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.31x 0.62x 0.48x 0.27x 0.63x 0.51x 0.22x 0.63x 0.67x 0.48x 0.54x 4.50x 0.77x
0.12x 0.12x 0.12x 0.12x 0.13x 0.12x 0.13x 0.17x 0.19x 0.21x 0.21x 0.22x 0.19x
0.03x 0.07x 0.08x 0.07x 0.08x 0.08x 0.09x 0.11x 0.14x 0.15x 0.15x 0.14x 0.10x
-0.03x 0.00x 0.01x 0.04x 0.02x 0.05x 0.03x 0.08x 0.09x 0.08x 0.08x 0.09x 0.04x
-0.99x -0.34x -0.22x -0.56x -0.34x -0.68x -0.40x -0.32x -0.17x -0.10x -0.32x -0.21x -0.32x
113 69 50 38 57 93 127 122 116 50 73 82 95
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
0.50x
0.00x
-0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
12. ALPHA BENCHMARK REPORT 12DECEMBER 2015 x PERACS
EUROPE PE PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2005 2006 2007 2008 2009 2010 2011 2012
3.57x 3.57x 3.57x 1.80x 1.56x 1.55x 1.55x 1.55x
1.43x 1.34x 1.31x 1.21x 1.23x 1.12x 1.12x 1.08x
1.17x 1.11x 1.07x 1.04x 1.06x 0.99x 0.99x 0.98x
0.97x 0.88x 0.90x 0.86x 0.91x 0.81x 0.82x 0.81x
0.48x 0.23x 0.23x 0.23x 0.54x 0.57x 0.57x 0.25x
47 73 80 74 50 52 54 67
2005 2006 2007 2008 2009 2010 2011 2012
2.29x 3.57x 1.80x 1.56x 1.33x 1.51x 1.55x 1.29x
1.24x 1.41x 1.25x 1.19x 1.07x 1.43x 1.08x 1.08x
1.11x 1.24x 1.05x 1.06x 0.93x 1.31x 0.98x 0.97x
0.88x 1.01x 0.80x 1.02x 0.81x 1.13x 0.81x 0.81x
0.53x 0.48x 0.23x 0.54x 0.74x 1.08x 0.57x 0.59x
21 22 30 28 16 6 30 18
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
2.00x
1.50x
1.00x
0.50x
2005 2006 2007 2008 2009 2010 2011 2012
13. ALPHA BENCHMARK REPORT 13DECEMBER 2015 x PERACS
EUROPE PE PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2005 2006 2007 2008 2009 2010 2011 2012
28.44% 28.44% 20.16% 19.76% 17.74% 26.37% 26.37% 26.37%
8.16% 7.28% 7.25% 6.20% 6.66% 6.17% 6.51% 5.88%
3.19% 2.12% 2.08% 1.25% 1.82% -0.65% -0.49% -1.47%
-0.69% -3.34% -2.77% -4.26% -3.01% -7.97% -8.79% -9.58%
-16.56% -22.45% -22.55% -22.55% -22.55% -24.08% -29.33% -74.85%
47 73 80 74 50 52 54 67
2005 2006 2007 2008 2009 2010 2011 2012
28.44% 20.16% 19.76% 17.74% 10.18% 15.04% 26.37% 19.69%
5.67% 8.44% 6.88% 6.36% 3.36% 14.30% 4.55% 5.55%
2.12% 4.41% 1.56% 1.82% -2.63% 11.11% -1.32% -2.83%
-3.34% 0.28% -5.90% 0.48% -7.20% 5.62% -9.50% -10.46%
-16.56% -14.04% -22.45% -22.55% -10.01% 3.41% -24.08% -29.33%
21 22 30 28 16 6 30 18
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
20.00%
10.00%
0.00%
-10.00%
2005 2006 2007 2008 2009 2010 2011 2012
14. ALPHA BENCHMARK REPORT 14DECEMBER 2015 x PERACS
EUROPE PE PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2005 2006 2007 2008 2009 2010 2011 2012
0.30x 0.30x 0.30x 0.30x 0.30x 0.38x 0.38x 0.38x
0.11x 0.11x 0.12x 0.13x 0.15x 0.14x 0.15x 0.13x
0.06x 0.06x 0.08x 0.08x 0.10x 0.07x 0.07x 0.06x
0.04x 0.01x 0.02x 0.01x 0.05x -0.01x -0.02x -0.03x
0.48x 0.23x 0.23x 0.23x 0.54x 0.57x 0.57x 0.25x
47 73 80 74 50 52 54 67
2005 2006 2007 2008 2009 2010 2011 2012
0.30x 0.25x 0.26x 0.30x 0.19x 0.22x 0.38x 0.26x
0.08x 0.11x 0.11x 0.14x 0.13x 0.22x 0.12x 0.14x
0.06x 0.07x 0.07x 0.10x 0.05x 0.20x 0.06x 0.05x
0.00x 0.05x 0.00x 0.07x 0.01x 0.13x -0.02x -0.04x
--0.11x -0.12x -0.18x -0.17x -0.03x 0.11x -0.17x -0.23x
21 22 30 28 16 6 30 18
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
0.50x
0.00x
-0.50x
2005 2006 2007 2008 2009 2010 2011 2012
15. ALPHA BENCHMARK REPORT 15DECEMBER 2015 x PERACS
GLOBAL BUYOUT PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.83x 2.83x 2.58x 3.42x 4.77x 4.77x 4.77x 3.57x 2.69x 2.69x 2.87x 2.87x 2.87x
1.74x 1.74x 1.59x 1.59x 1.54x 1.50x 1.42x 1.39x 1.33x 1.30x 1.24x 1.18x 1.13x
1.37x 1.34x 1.31x 1.32x 1.30x 1.29x 1.24x 1.20x 1.15x 1.13x 1.08x 1.05x 1.02x
1.10x 1.10x 1.12x 1.13x 1.14x 1.14x 1.08x 1.05x 1.01x 1.00x 0.96x 0.95x 0.93x
0.37x 0.48x 0.01x 0.01x 0.01x 0.23x 0.23x 0.23x 0.23x 0.25x 0.37x 0.37x 0.29x
133 127 109 108 173 266 359 393 337 288 275 323 373
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.83x 2.49x 2.32x 2.58x 3.42x 4.77x 3.57x 2.21x 2.69x 2.05x 1.80x 2.87x 1.83x
1.96x 1.52x 1.65x 1.57x 1.59x 1.44x 1.47x 1.38x 1.32x 1.29x 1.25x 1.16x 1.15x
1.40x 1.31x 1.30x 1.32x 1.36x 1.24x 1.30x 1.19x 1.13x 1.13x 1.11x 1.05x 1.03x
1.10x 1.18x 1.08x 1.14x 1.20x 1.11x 1.14x 1.05x 1.02x 0.96x 0.99x 0.95x 0.95x
0.76x 0.48x 0.60x 0.01x 0.27x 0.52x 0.23x 0.23x 0.25x 0.47x 0.37x 0.57x 0.59x
50 43 34 32 42 99 125 135 133 69 86 120 117
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
2.00x
1.50x
1.00x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
16. ALPHA BENCHMARK REPORT 16DECEMBER 2015 x PERACS
GLOBAL BUYOUT PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
46.63% 46.63% 46.63% 42.18% 51.05% 51.05% 51.05% 36.75% 36.75% 36.75% 380.04% 380.04% 380.04%
15.10% 15.71% 13.43% 12.19% 9.33% 9.49% 9.06% 9.10% 8.95% 9.35% 9.35% 9.36% 9.62%
8.20% 7.28% 6.64% 6.55% 5.74% 5.70% 5.28% 5.08% 4.40% 4.14% 3.56% 3.21% 1.43%
2.61% 2.56% 2.80% 3.15% 2.69% 2.73% 1.84% 1.34% 0.50% -0.05% -1.92% -2.99% -5.38%
-25.44% -16.44% -47.57% -47.57% -47.57% -44.27% -44.27% -44.27% -22.55% -37.93% -37.93% -40.83% -83.19%
133 127 109 108 173 266 359 393 337 288 275 323 373
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.31% 46.63% 42.18% 22.64% 28.06% 51.05% 20.16% 33.86% 36.75% 25.03% 34.75% 380.04% 55.30%
16.49% 14.55% 13.44% 8.29% 10.65% 8.83% 9.42% 8.73% 8.96% 9.77% 9.36% 8.68% 9.51%
9.08% 6.93% 6.29% 6.17% 7.30% 5.12% 5.93% 4.83% 4.14% 4.31% 3.84% 2.94% 2.12%
2.62% 3.71% 1.23% 3.12% 4.45% 2.09% 3.07% 1.52% 0.57% -1.35% -0.63% -2.84% -4.86%
-3.76% -16.44% -12.71% -47.57% -40.72% -16.56% -44.27% -22.45% -22.55% -17.15% -37.93% -26.15% -40.83%
50 43 34 32 42 99 125 135 133 69 86 120 117
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
10.00%
0.00%
-10.00%
20.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
17. ALPHA BENCHMARK REPORT 17DECEMBER 2015 x PERACS
GLOBAL BUYOUT PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.62x 0.62x 0.62x 0.48x 0.51x 0.51x 0.51x 0.47x 0.47x 0.47x 4.50x 4.50x 4.50x
0.20x 0.22x 0.20x 0.16x 0.13x 0.13x 0.13x 0.15x 0.16x 0.18x 0.19x 0.19x 0.18x
0.12x 0.13x 0.12x 0.10x 0.09x 0.09x 0.09x 0.10x 0.12x 0.13x 0.12x 0.11x 0.09x
0.06x 0.08x 0.08x 0.07x 0.06x 0.06x 0.06x 0.07x 0.07x 0.08x 0.07x 0.05x 0.00x
0.37x 0.48x 0.01x 0.01x 0.01x 0.23x 0.23x 0.23x 0.23x 0.25x 0.37x 0.37x 0.29x
133 127 109 108 173 266 359 393 337 288 275 323 373
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.33x 0.62x 0.48x 0.27x 0.32x 0.51x 0.25x 0.38x 0.47x 0.35x 0.44x 4.50x 0.55x
0.21x 0.23x 0.22x 0.14x 0.13x 0.12x 0.13x 0.15x 0.17x 0.18x 0.19x 0.19x 0.19x
0.14x 0.12x 0.12x 0.10x 0.10x 0.08x 0.09x 0.10x 0.13x 0.13x 0.12x 0.11x 0.10x
0.08x 0.08x 0.07x 0.07x 0.08x 0.05x 0.06x 0.07x 0.08x 0.08x 0.08x 0.06x 0.02x
0.00x -0.07x -0.03x -0.47x -0.34x -0.08x -0.40x -0.18x -0.17x -0.10x -0.32x -0.21x -0.32x
50 43 34 32 42 99 125 135 133 69 86 120 117
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
0.50x
0.00x
-0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
18. ALPHA BENCHMARK REPORT 18DECEMBER 2015 x PERACS
NORTH AMERICA BUYOUT PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.83x 2.83x 2.58x 3.42x 3.42x 3.42x 3.04x 2.70x 2.69x 2.69x 2.87x 2.87x 2.87x
1.73x 1.74x 1.56x 1.62x 1.57x 1.53x 1.44x 1.42x 1.39x 1.34x 1.27x 1.20x 1.15x
1.34x 1.31x 1.31x 1.39x 1.32x 1.32x 1.27x 1.25x 1.18x 1.16x 1.13x 1.06x 1.03x
1.08x 1.08x 1.12x 1.14x 1.18x 1.19x 1.14x 1.09x 1.06x 1.03x 1.01x 0.97x 0.95x
0.37x 0.60x 0.01x 0.01x 0.01x 0.23x 0.23x 0.23x 0.46x 0.37x 0.37x 0.37x 0.29x
107 103 81 83 123 188 238 253 204 176 155 195 224
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.83x 2.49x 2.18x 2.58x 3.42x 3.04x 2.70x 2.21x 2.69x 1.67x 1.80x 2.87x 1.83x
1.89x 1.47x 1.53x 1.61x 1.62x 1.44x 1.50x 1.41x 1.36x 1.37x 1.26x 1.20x 1.15x
1.36x 1.25x 1.26x 1.36x 1.49x 1.25x 1.32x 1.22x 1.17x 1.15x 1.15x 1.08x 1.04x
1.07x 1.16x 1.02x 1.18x 1.25x 1.17x 1.20x 1.07x 1.06x 1.03x 1.01x 1.01x 0.95x
0.76x 0.62x 0.60x 0.01x 0.27x 0.78x 0.23x 0.52x 0.46x 0.47x 0.37x 0.57x 0.69x
44 30 29 22 32 69 87 82 84 38 54 63 78
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
1.50x
1.00x
2.00x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
19. ALPHA BENCHMARK REPORT 19DECEMBER 2015 x PERACS
NORTH AMERICA BUYOUT PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
46.63% 46.63% 46.63% 42.18% 51.05% 51.05% 51.05% 36.75% 36.75% 36.75% 380.04% 380.04% 380.04%
13.21% 13.42% 13.09% 12.26% 10.07% 10.41% 10.07% 10.10% 10.01% 9.94% 10.06% 9.68% 9.51%
6.90% 6.62% 5.85% 7.32% 6.05% 6.23% 5.91% 5.82% 5.40% 5.60% 5.06% 3.97% 2.61%
1.56% 1.49% 2.50% 2.92% 3.66% 3.86% 3.08% 2.34% 1.92% 0.99% 0.50% -1.71% -5.05%
-25.44% -12.71% -47.57% -47.57% -47.57% -44.27% -44.27% -44.27% -17.15% -37.93% -37.93% -40.83% -83.19%
107 103 81 83 123 188 238 253 204 176 155 195 224
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
24.58% 46.63% 42.18% 22.64% 28.06% 51.05% 17.67% 33.86% 36.75% 25.03% 34.75% 380.04% 55.30%
14.51% 12.70% 13.09% 10.52% 11.17% 9.20% 10.86% 10.02% 9.81% 11.22% 9.79% 9.68% 9.51%
7.61% 5.35% 5.55% 6.68% 8.68% 5.47% 6.23% 5.17% 5.56% 6.11% 5.55% 4.37% 3.42%
1.39% 3.60% 0.39% 3.60% 4.69% 3.55% 4.07% 1.96% 2.09% 1.11% 0.39% 0.66% -3.62%
-3.76% -8.64% -12.71% -47.57% -40.72% -8.06% -44.27% -14.73% -16.40% -17.15% -37.93% -26.15% -40.83%
44 30 29 22 32 69 87 82 84 38 54 63 78
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
20.00%
10.00%
0.00%
-10.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
20. ALPHA BENCHMARK REPORT 20DECEMBER 2015 x PERACS
NORTH AMERICA BUYOUT PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
0.50x
0.00x
-0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.62x 0.62x 0.62x 0.48x 0.51x 0.51x 0.51x 0.47x 0.47x 0.47x 4.50x 4.50x 4.50x
0.17x 0.20x 0.17x 0.16x 0.13x 0.13x 0.14x 0.16x 0.18x 0.19x 0.21x 0.20x 0.19x
0.12x 0.12x 0.11x 0.11x 0.09x 0.09x 0.10x 0.12x 0.13x 0.14x 0.14x 0.12x 0.10x
0.06x 0.07x 0.07x 0.07x 0.07x 0.07x 0.07x 0.08x 0.09x 0.09x 0.08x 0.07x 0.00x
0.37x 0.60x 0.01x 0.01x 0.01x 0.23x 0.23x 0.23x 0.46x 0.37x 0.37x 0.37x 0.29x
107 103 81 83 123 188 238 253 204 176 155 195 224
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.31x 0.62x 0.48x 0.27x 0.32x 0.51x 0.22x 0.38x 0.47x 0.35x 0.44x 4.50x 0.55x
0.21x 0.19x 0.20x 0.14x 0.13x 0.12x 0.14x 0.15x 0.18x 0.21x 0.20x 0.21x 0.19x
0.13x 0.12x 0.10x 0.10x 0.11x 0.08x 0.10x 0.11x 0.14x 0.15x 0.14x 0.13x 0.11x
0.06x 0.08x 0.06x 0.07x 0.08x 0.06x 0.07x 0.08x 0.10x 0.10x 0.08x 0.09x 0.04x
0.00x -0.03x -0.03x -0.47x -0.34x -0.05x -0.40x -0.09x -0.12x -0.10x -0.32x -0.21x -0.32x
44 30 29 22 32 69 87 82 84 38 54 63 78
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
21. ALPHA BENCHMARK REPORT 21DECEMBER 2015 x PERACS
GLOBAL VENTURE PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
3.11x 3.11x 3.11x 12.47x 12.47x 12.47x 5.28x 5.28x 5.28x 3.37x 3.63x 3.63x 3.63x
1.05x 1.07x 1.20x 1.18x 1.26x 1.31x 1.48x 1.51x 1.58x 1.49x 1.45x 1.33x 1.26x
0.75x 0.77x 0.86x 0.92x 0.98x 1.01x 1.16x 1.19x 1.21x 1.19x 1.18x 1.16x 1.04x
0.49x 0.55x 0.58x 0.62x 0.62x 0.63x 0.73x 0.80x 0.86x 0.84x 0.89x 0.91x 0.90x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.60x 0.43x 0.25x
158 145 86 68 74 97 122 130 104 72 58 64 69
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.44x 3.11x 2.56x 1.72x 12.47x 4.88x 1.87x 5.28x 3.37x 2.53x 2.23x 3.63x 2.38x
0.93x 1.13x 1.17x 1.22x 1.12x 1.40x 1.34x 1.71x 1.47x 1.49x 1.50x 1.36x 1.18x
0.74x 0.86x 0.77x 0.99x 0.93x 1.01x 1.01x 1.34x 1.19x 1.13x 1.24x 1.18x 0.99x
0.51x 0.58x 0.60x 0.51x 0.69x 0.62x 0.63x 0.96x 0.69x 0.85x 1.00x 0.98x 0.84x
0.10x 0.13x 0.17x 0.01x 0.25x 0.08x 0.27x 0.17x 0.32x 0.60x 0.77x 0.77x 0.43x
77 44 24 18 26 30 41 51 38 15 19 24 21
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
1.50x
1.00x
0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
22. ALPHA BENCHMARK REPORT 22DECEMBER 2015 x PERACS
GLOBAL VENTURE PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
61.07% 20.33% 20.33% 58.44% 58.44% 58.44% 52.40% 56.08% 56.08% 56.08% 85.56% 85.56% 85.56%
0.81% 1.22% 3.06% 3.03% 4.14% 6.00% 9.39% 11.14% 13.65% 13.65% 20.07% 21.44% 13.58%
-4.75% -4.52% -2.12% -1.47% -0.23% 0.12% 3.54% 4.84% 5.67% 6.31% 8.06% 7.58% 3.32%
-12.32% -9.49% -9.30% -9.44% -8.22% -8.45% -7.28% -6.28% -4.01% -4.69% -4.19% -4.86% -6.56%
-98.35% -98.35% -56.04% -56.04% -68.76% -68.76% -68.76% -36.48% -36.48% -23.16% -13.03% -29.73% -74.85%
158 145 86 68 74 97 122 130 104 72 58 64 69
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
17.90% 18.64% 20.33% 10.21% 58.44% 31.80% 16.10% 52.40% 56.08% 36.21% 46.17% 85.56% 61.88%
-0.96% 2.15% 3.00% 3.41% 2.12% 7.76% 6.74% 14.55% 11.14% 13.60% 24.32% 17.64% 13.58%
-4.81% -2.25% -3.50% -0.06% -1.06% 0.34% 0.25% 7.65% 5.02% 3.37% 8.17% 8.43% -1.48%
-9.51% -7.27% -9.67% -8.77% -6.56% -7.79% -10.26% -1.02% -9.48% -4.33% -0.27% -0.77% -11.03%
-98.35% -35.25% -23.94% -56.04% -19.05% -68.76% -22.50% -36.48% -23.16% -13.03% -11.47% -12.64% -29.73%
77 44 24 18 26 30 41 51 38 15 19 24 21
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
20.00%
10.00%
0.00%
-10.00%
-20.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
23. ALPHA BENCHMARK REPORT 23DECEMBER 2015 x PERACS
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
GLOBAL VENTURE PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.57x 0.25x 0.25x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.67x 1.03x 1.03x 1.03x
0.05x 0.05x 0.07x 0.07x 0.08x 0.10x 0.15x 0.17x 0.20x 0.22x 0.30x 0.32x 0.23x
-0.02x 0.00x 0.03x 0.03x 0.03x 0.03x 0.08x 0.09x 0.12x 0.13x 0.17x 0.16x 0.10x
-0.11x -0.06x -0.05x -0.04x -0.05x -0.05x -0.03x -0.01x 0.03x 0.03x 0.04x 0.04x 0.00x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.60x 0.43x 0.25x
158 145 86 68 74 97 122 130 104 72 58 64 69
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.21x 0.24x 0.25x 0.12x 0.63x 0.37x 0.22x 0.63x 0.67x 0.48x 0.54x 1.03x 0.77x
0.03x 0.07x 0.08x 0.07x 0.05x 0.09x 0.11x 0.20x 0.20x 0.24x 0.34x 0.27x 0.22x
-0.01x 0.03x 0.01x 0.04x 0.03x 0.03x 0.03x 0.13x 0.13x 0.11x 0.17x 0.18x 0.07x
-0.07x -0.03x -0.05x -0.04x -0.03x -0.05x -0.06x 0.05x -0.02x 0.03x 0.09x 0.08x -0.02x
-0.99x -0.34x -0.22x -0.56x -0.14x -0.68x -0.18x -0.32x -0.17x -0.06x -0.05x -0.05x -0.23x
77 44 24 18 26 30 41 51 38 15 19 24 21
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
0.50x
0.00x
-0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
24. ALPHA BENCHMARK REPORT 24DECEMBER 2015 x PERACS
NORTH AMERICAN VENTURE PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
3.11x 3.11x 3.11x 12.47x 12.47x 12.47x 5.28x 5.28x 5.28x 3.37x 3.63x 3.63x 3.63x
1.06x 1.06x 1.20x 1.17x 1.27x 1.31x 1.50x 1.55x 1.65x 1.56x 1.45x 1.34x 1.27x
0.76x 0.77x 0.86x 0.90x 1.02x 1.01x 1.16x 1.19x 1.26x 1.21x 1.18x 1.14x 1.04x
0.48x 0.54x 0.58x 0.61x 0.63x 0.63x 0.76x 0.71x 0.86x 0.82x 0.91x 0.92x 0.92x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.60x 0.43x 0.43x
145 129 76 62 65 89 104 112 84 63 50 55 57
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
1.91x 3.11x 1.47x 1.72x 12.47x 4.88x 1.87x 5.28x 3.37x 2.53x 2.23x 3.63x 2.38x
0.93x 1.15x 1.16x 1.23x 1.13x 1.42x 1.31x 1.88x 1.58x 1.45x 1.50x 1.39x 1.18x
0.77x 0.91x 0.73x 1.09x 0.92x 1.09x 0.95x 1.36x 1.22x 1.15x 1.24x 1.18x 0.99x
0.51x 0.63x 0.58x 0.58x 0.69x 0.63x 0.63x 0.97x 0.65x 0.86x 1.00x 0.95x 0.90x
0.10x 0.13x 0.17x 0.01x 0.25x 0.08x 0.27x 0.17x 0.32x 0.60x 0.77x 0.84x 0.43x
69 39 21 16 25 24 40 40 32 12 19 19 17
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
1.50x
1.00x
0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
25. ALPHA BENCHMARK REPORT 25DECEMBER 2015 x PERACS
NORTH AMERICAN VENTURE PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
61.07% 18.64% 18.64% 58.44% 58.44% 58.44% 52.40% 56.08% 56.08% 56.08% 85.56% 85.56% 85.56%
0.97% 1.15% 3.09% 3.06% 4.22% 6.00% 9.37% 11.29% 15.06% 14.93% 20.07% 21.51% 13.65%
-4.66% -4.42% -2.12% -1.72% 0.46% 0.12% 4.18% 5.07% 7.73% 6.57% 7.88% 6.91% 1.88%
-12.41% -9.51% -9.01% -9.96% -7.94% -8.45% -7.24% -8.08% -4.23% -7.05% -4.10% -4.46% -5.17%
-98.35% -98.35% -56.04% -56.04% -68.76% -68.76% -68.76% -36.48% -36.48% -23.16% -13.03% -29.73% -34.17%
145 129 76 62 65 89 104 112 84 63 50 55 57
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
10.50% 18.64% 6.34% 10.21% 58.44% 31.80% 16.10% 52.40% 56.08% 36.21% 46.17% 85.56% 61.88%
-0.96% 2.25% 2.91% 3.67% 2.35% 8.56% 6.23% 15.16% 13.65% 12.30% 24.32% 19.99% 13.58%
-4.68% -1.45% -4.52% 1.77% -1.26% 1.75% -1.10% 8.48% 5.41% 5.59% 8.17% 7.95% -1.48%
-9.96% -6.33% -10.23% -9.70% -6.74% -7.48% -10.39% -0.64% -10.97% -4.23% -0.27% -2.22% -10.24%
-98.35% -35.25% -23.94% -56.04% -19.05% -68.76% -22.50% -36.48% -23.16% -13.03% -11.47% -11.33% -29.73%
69 39 21 16 25 24 40 40 32 12 19 19 17
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
20.00%
10.00%
0.00%
-10.00%
-20.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
26. ALPHA BENCHMARK REPORT 26DECEMBER 2015 x PERACS
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.57x 0.24x 0.24x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.67x 1.03x 1.03x 1.03x
0.05x 0.05x 0.07x 0.07x 0.08x 0.10x 0.15x 0.17x 0.21x 0.25x 0.30x 0.32x 0.24x
-0.01x 0.00x 0.03x 0.02x 0.03x 0.03x 0.08x 0.09x 0.14x 0.16x 0.17x 0.16x 0.09x
-0.11x -0.06x -0.05x -0.05x -0.03x -0.04x -0.02x -0.02x 0.03x 0.01x 0.04x 0.04x 0.00x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.60x 0.43x 0.43x
145 129 76 62 65 89 104 112 84 63 50 55 57
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.14x 0.24x 0.10x 0.12x 0.63x 0.37x 0.22x 0.63x 0.67x 0.48x 0.54x 1.03x 0.77x
0.03x 0.07x 0.08x 0.07x 0.06x 0.09x 0.11x 0.21x 0.21x 0.23x 0.34x 0.29x 0.22x
-0.01x 0.03x 0.01x 0.05x 0.02x 0.06x 0.03x 0.14x 0.13x 0.14x 0.17x 0.17x 0.07x
-0.08x -0.02x -0.06x -0.05x -0.03x -0.03x -0.06x 0.05x -0.04x 0.03x 0.09x 0.06x 0.00x
-0.99x -0.34x -0.22x -0.56x -0.14x -0.68x -0.18x -0.32x -0.17x -0.06x -0.05x -0.03x -0.23x
69 39 21 16 25 24 40 40 32 12 19 19 17
NORTH AMERICAN VENTURE PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
0.50x
0.00x
-0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
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