preqin private equity benchmarks

Click here to load reader

Post on 31-Oct-2021

1 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

Q4_2013_All_Private_Equity_BenchmarkAs of 31st December 2013
alternative assets. intelligent data.
This publication is not included in the CLA Licence so you must not copy any portion of it without the permission of the publisher.
All rights reserved. The entire contents of the report are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in the report is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of the report.
While reasonable efforts have been used to obtain information from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. Does not make any representation or warranty that the information or opinions contained in the report are accurate, reliable, up-to-date or complete.
Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within the report or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.
Preqin Private Equity Benchmarks: All Private Equity Benchmark Report
As of 31st December 2013
Report Produced on 21st July 2014
Preqin Private Equity Benchmarks ® are calculated using performance information available from our online Performance Analyst database, the world’s most extensive, transparent database of private equity fund performance. Users of the online database have access to all of the underlying fund performance data used to calculate these benchmarks. With performance for over 7,000 private equity funds, the Performance Analyst online database is regularly updated and fully searchable. Further information can be found at www.preqin.com/pa.
All the performance figures used to generate the Preqin Private Equity Market Benchmarks are net position to investor – i.e. all commitments, contributions, distributions, remaining values and IRRs are all based on the net position for the institutional investor before tax but after the management fees and carry of the general partner.
The Preqin All Private Equity Market Benchmark is based on performance data for 4,562 funds of vintages 1982 to 2013 as of 31st December 2013.
Preqin gathers fund returns information from a very wide and diverse range of sources, including public institutions via freedom of information legislations, published reports of a number of listed fund of funds vehicles and GP voluntary contributions. The sheer extent of the data sources that we now use provides many opportunities to crosscheck and verify data for an individual partnership from different sources, and increases our confidence in the data.
A growing number of GPs have concluded that it is in their best interests to voluntarily share information on their partnerships: given that many prospective investors are seeing this information, it is better that they should have access to the most current and accurate figures possible. Even where data comes direct from the GP, however, our aim is still to show the net position for LPs, after management fees and carry. We are again very grateful to the significant number of GPs who now share data with us in this way; currently 1,000 GPs are contributing data on their funds. If you would like further details on contributing information on your firm please contact us at [email protected]
Preqin Private Equity Benchmarks: All Private Equity Benchmark Report
As of 31st December 2013
Report Produced on 21st July 2014
Median Benchmark - All Private Equity All Regions - As of 31st December 2013 .........................p4.
Median Benchmark - All Private Equity North America - As of 31st December 2013 ..................p6.
Median Benchmark - All Private Equity Europe - As of 31st December 2013 ................................p8.
Median Benchmark - All Private Equity Asia ...................................................................................p10.
Weighted Benchmark - All Private Equity All Regions - As of 31st December 2013 ....................p12.
Pooled Benchmark - All Private Equity All Regions .........................................................................p14.
Horizon IRRs - As of 31st December 2013 .........................................................................................p16.
List of Constituent Funds ....................................................................................................................p20.
Q4 2013 Preqin Private Equity Benchmarks: All Private Equity Benchmark Report
4 © 2014 Preqin Ltd. / www.preqin.com
Preqin Median Benchmarks: All Private Equity All Regions is calculated using data for 4,562 funds of vintages between 1982 and 2013 with performance as of 31st December 2013 and includes liquidated funds. Preqin holds performance data for more than 7,000 private equity funds. All returns are net of management fees, expenses and carry.
Preqin Median Benchmarks: All Private Equity All Regions as of 31st December 2013
Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%)
Vintage No. Funds
Value (%) RVPI Q1 Median Q3 Q1 Median Q3 Max Min
2013 160 12.7 0.0 94.9 1.03 0.96 0.84 n/m n/m n/m n/m n/m 2012 182 30.0 0.0 100.8 1.19 1.07 0.95 n/m n/m n/m n/m n/m 2011 255 47.4 3.6 104.5 1.27 1.13 1.02 n/m n/m n/m n/m n/m 2010 190 71.2 14.4 104.0 1.42 1.27 1.12 19.0 13.3 8.0 81.3 -95.1 2009 161 82.0 24.3 100.0 1.55 1.33 1.15 20.0 13.6 6.7 448.0 -15.1 2008 341 86.6 30.0 93.6 1.48 1.31 1.14 16.3 11.2 6.4 46.0 -25.3 2007 378 91.3 38.5 86.3 1.51 1.33 1.12 12.7 8.4 4.2 58.2 -50.9 2006 351 94.7 49.4 75.3 1.50 1.30 1.08 10.1 6.9 2.1 32.8 -100.0 2005 298 97.3 72.1 54.7 1.62 1.35 1.03 12.6 7.4 3.5 105.5 -100.0 2004 169 98.9 100.0 40.0 1.74 1.44 1.08 15.0 8.7 2.5 79.8 -26.0 2003 144 99.1 129.6 27.4 1.93 1.57 1.30 21.6 12.8 7.2 239.7 -49.9 2002 134 100.0 132.0 14.4 2.04 1.58 1.26 26.0 12.7 6.9 93.0 -47.2 2001 174 100.0 149.0 11.0 2.15 1.61 1.29 25.1 13.0 6.4 94.0 -19.4 2000 263 99.1 133.0 9.2 2.00 1.46 1.01 19.2 10.4 1.4 138.0 -96.0 1999 173 100.0 140.6 0.3 1.83 1.42 0.92 15.4 9.2 1.0 154.7 -40.6 1998 178 100.0 143.2 0.0 1.90 1.45 1.10 17.1 9.7 2.6 1015.7 -100.0 1997 161 100.0 159.3 0.0 2.33 1.63 1.22 24.1 12.8 4.8 267.8 -45.7 1996 113 100.0 165.0 0.0 2.19 1.67 1.26 25.5 13.2 6.5 188.4 -33.3 1995 103 100.0 186.8 0.0 2.48 1.87 1.38 29.2 17.9 9.4 447.4 -22.0 1994 89 100.0 188.3 0.0 2.59 1.88 1.35 36.5 18.3 10.1 94.1 -22.6 1993 82 100.0 232.4 0.0 3.40 2.32 1.53 42.7 21.7 10.9 105.7 -29.1 1992 65 100.0 176.8 0.0 2.54 1.77 1.34 28.7 18.6 7.9 87.2 -49.9 1991 40 100.0 222.4 0.0 3.01 2.23 1.74 33.0 23.4 11.9 346.4 -0.5 1990 64 100.0 207.6 0.0 2.56 2.08 1.42 25.3 16.8 8.4 74.4 -35.9 1989 70 100.0 227.2 0.0 3.26 2.27 1.55 30.5 16.0 10.9 198.5 -42.1 1988 47 100.0 221.1 0.0 3.11 2.21 1.78 30.1 15.7 10.5 54.5 -9.3 1987 42 100.0 210.2 0.0 3.30 2.10 1.36 20.3 14.5 7.2 31.3 -12.4 1986 37 100.0 193.7 0.0 2.47 1.94 1.43 16.2 12.0 5.7 279.7 -4.9 1985 35 100.0 218.6 0.0 3.00 2.19 1.51 17.8 13.0 8.5 40.7 4.0 1984 27 100.0 216.0 0.0 2.93 2.16 1.58 14.7 12.5 7.5 96.2 1.7 1983 21 100.0 175.5 0.0 2.89 1.76 1.53 25.4 10.9 5.5 51.6 -3.5 1982 15 100.0 191.3 0.0 3.06 1.91 1.70 15.8 9.7 7.0 64.3 -1.6
Source: Preqin Performance Analyst
Q4 2013 Preqin Private Equity Benchmarks: All Private Equity Benchmark Report
5 © 2014 Preqin Ltd. / www.preqin.com
All Private Equity All Regions - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st December 2013
0
20
40
60
80
100
120
140
160
180
19 96
19 97
19 98
19 99
20 00
20 01
20 02
20 03
20 04
20 05
20 06
20 07
20 08
20 09
20 10
20 11
20 12
20 13
%
Source: Preqin Performance Analyst
All Private Equity All Regions - Median Net IRRs and Quartile Boundaries by Vintage as of 31st December 2013
0
5
10
15
20
25
30
35
Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary
N e
t IR
R s
in c
e In
c e
p tio
Source: Preqin Performance Analyst
Q4 2013 Preqin Private Equity Benchmarks: All Private Equity Benchmark Report
6 © 2014 Preqin Ltd. / www.preqin.com
Preqin Median Benchmarks: All Private Equity North America is calculated using data for 3,089 funds of vintages between 1982 and 2013 with performance as of 31st December 2013 and includes liquidated funds. Preqin holds performance data for more than 4,700 North American private equity funds. All returns are net of management fees, expenses and carry.
Preqin Median Benchmarks: All Private Equity North America as of 31st December 2013
Vintage No. Funds
Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) Called
(%) Dist
(%) RVPI Q1 Median Q3 Q1 Median Q3 Max Min
2013 101 11.8 0.0 95.9 1.03 0.96 0.86 n/m n/m n/m n/m n/m 2012 121 33.7 0.1 102.0 1.19 1.08 0.98 n/m n/m n/m n/m n/m 2011 151 51.0 6.3 106.1 1.30 1.17 1.07 n/m n/m n/m n/m n/m 2010 130 73.0 16.0 103.0 1.44 1.29 1.15 19.1 13.4 8.7 74.5 -95.1 2009 103 83.9 29.0 101.0 1.58 1.37 1.23 20.7 15.6 10.0 77.7 -15.0 2008 212 87.8 36.5 92.0 1.50 1.34 1.19 17.0 12.0 7.3 46.0 -24.1 2007 216 92.4 46.5 87.0 1.56 1.35 1.18 13.9 9.3 5.2 58.2 -34.2 2006 230 96.0 50.3 73.1 1.51 1.31 1.10 10.0 6.9 1.9 32.8 -100.0 2005 184 97.3 67.4 63.5 1.63 1.35 1.08 11.0 7.2 3.1 49.0 -61.6 2004 123 99.6 91.5 41.3 1.70 1.39 1.04 13.3 8.4 1.2 75.0 -26.0 2003 95 100.0 122.2 24.0 1.88 1.55 1.29 20.6 12.5 6.9 57.6 -49.9 2002 85 100.0 124.0 18.3 1.83 1.54 1.07 23.7 10.6 3.6 78.8 -47.2 2001 115 100.0 138.8 16.0 2.06 1.58 1.27 23.6 11.8 5.6 94.0 -19.4 2000 184 99.0 131.6 12.6 1.96 1.46 1.06 17.6 9.4 1.5 138.0 -96.0 1999 127 100.0 135.9 0.7 1.79 1.41 0.91 13.6 8.3 -1.6 154.7 -40.6 1998 131 100.0 139.6 0.0 1.83 1.40 0.94 16.1 9.0 0.2 514.3 -46.1 1997 111 100.0 159.3 0.0 2.41 1.63 1.23 24.1 13.1 4.8 267.8 -21.6 1996 93 100.0 162.4 0.0 2.14 1.63 1.25 26.2 11.1 5.4 188.4 -33.3 1995 80 100.0 188.5 0.0 2.54 1.90 1.44 32.9 19.6 10.1 447.4 -22.0 1994 68 100.0 186.4 0.0 2.42 1.87 1.34 32.8 18.1 9.7 94.1 -22.6 1993 66 100.0 232.4 0.0 3.40 2.32 1.59 40.6 22.8 12.3 105.7 -29.1 1992 48 100.0 174.4 0.0 2.70 1.75 1.18 29.8 18.6 9.9 87.2 -49.9 1991 28 100.0 237.3 0.0 3.64 2.38 1.82 47.7 21.7 12.5 346.4 -0.5 1990 46 100.0 222.1 0.0 2.74 2.22 1.62 26.5 17.2 8.7 74.4 -35.9 1989 59 100.0 233.0 0.0 3.32 2.33 1.60 31.9 14.8 10.7 198.5 -42.1 1988 40 100.0 246.5 0.0 3.30 2.47 1.78 31.2 20.3 11.5 54.5 1.2 1987 35 100.0 215.2 0.0 3.67 2.15 1.43 20.3 14.7 6.1 31.3 -12.4 1986 32 100.0 194.8 0.0 2.47 1.95 1.43 16.5 11.0 5.7 279.7 -4.9 1985 26 100.0 214.6 0.0 3.00 2.15 1.51 17.5 13.0 8.3 40.7 4.0 1984 21 100.0 209.3 0.0 3.04 2.09 1.58 16.4 13.1 7.5 96.2 6.0 1983 18 100.0 181.3 0.0 2.89 1.81 1.44 30.4 10.9 5.0 51.6 -3.5 1982 10 100.0 184.0 0.0 2.59 1.84 1.72 25.3 9.3 7.0 64.3 -1.6
Source: Preqin Performance Analyst
Q4 2013 Preqin Private Equity Benchmarks: All Private Equity Benchmark Report
7 © 2014 Preqin Ltd. / www.preqin.com
All Private Equity North America - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st December 2013
0
20
40
60
80
100
120
140
160
180
200
19 95
19 96
19 97
19 98
19 99
20 00
20 01
20 02
20 03
20 04
20 05
20 06
20 07
20 08
20 09
20 10
20 11
20 12
20 13
%
Source: Preqin Performance Analyst
All Private Equity North America - Median Net IRRs and Quartile Boundaries by Vintage as of 31st December 2013
-5
0
5
10
15
20
25
30
35
Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary
N e
t IR
R s
in c
e In
c e
p tio
Source: Preqin Performance Analyst
Q4 2013 Preqin Private Equity Benchmarks: All Private Equity Benchmark Report
8 © 2014 Preqin Ltd. / www.preqin.com
Preqin Median Benchmarks: All Private Equity Europe is calculated using data for 917 funds of vintages between 1990 and 2013 with performance as of 31st December 2013 and includes liquidated funds. Preqin holds performance data for more than 2,100 European private equity funds. All returns are net of management fees, expenses and carry.
Preqin Median Benchmarks: All Private Equity Europe as of 31st December 2013
Vintage No. Funds
Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) Called
(%) Dist
(%) RVPI Q1 Median Q3 Q1 Median Q3 Max Min
2013 33 13.9 0.0 94.0 1.08 0.94 0.75 n/m n/m n/m n/m n/m 2012 39 28.9 0.0 100.0 1.20 1.01 0.81 n/m n/m n/m n/m n/m 2011 47 42.0 0.9 98.1 1.16 1.06 0.94 n/m n/m n/m n/m n/m 2010 39 65.1 5.1 101.5 1.35 1.22 0.99 18.6 9.7 3.0 38.0 -21.4 2009 41 77.5 18.9 94.9 1.42 1.17 1.04 20.6 8.8 5.2 448.0 -15.1 2008 75 83.3 22.8 94.7 1.46 1.25 1.10 14.8 9.0 6.9 44.2 -25.3 2007 95 89.8 29.2 83.9 1.41 1.22 0.96 9.4 6.7 0.0 53.7 -50.9 2006 79 90.7 42.6 82.2 1.48 1.26 1.01 9.1 5.8 0.1 29.0 -34.9 2005 73 95.6 60.6 52.5 1.54 1.29 0.97 14.5 7.6 4.7 76.9 -100.0 2004 30 96.4 109.7 43.0 1.87 1.48 1.25 18.9 9.3 5.5 79.8 -18.2 2003 40 96.8 138.0 29.1 2.15 1.59 1.30 25.4 13.7 7.9 239.7 -1.0 2002 35 96.0 154.7 13.0 2.15 1.68 1.36 32.0 18.6 10.7 72.0 -13.0 2001 44 99.4 153.7 5.2 2.13 1.64 1.33 25.5 14.0 9.3 70.0 -7.6 2000 51 99.4 144.1 3.0 2.26 1.66 1.08 26.3 13.6 5.5 34.0 -13.7 1999 37 98.5 145.0 0.0 1.95 1.50 1.08 17.1 12.2 2.5 39.6 -14.1 1998 28 100.0 148.0 0.0 1.85 1.48 1.19 18.0 8.2 3.4 31.3 -3.0 1997 39 100.0 166.8 0.0 2.26 1.67 1.14 27.2 11.6 3.2 168.5 -45.7 1996 13 100.0 187.1 0.0 2.51 1.87 1.01 22.0 19.0 11.0 63.0 -17.7 1995 16 100.0 170.0 0.0 2.35 1.70 1.06 28.5 17.5 3.0 76.2 -19.9 1994 17 100.0 210.0 0.0 3.17 2.12 1.67 55.0 24.9 11.7 58.0 10.1 1993 11 100.0 275.4 0.0 7.85 2.75 1.49 57.0 25.2 13.0 69.4 0.8 1992 13 100.0 206.1 0.0 2.40 2.06 1.46 34.5 22.0 9.2 53.6 4.8 1991 9 100.0 248.0 0.0 2.88 2.48 2.04 27.5 25.3 24.8 33.0 11.9 1990 13 100.0 165.6 0.0 2.35 1.66 1.38 25.0 16.8 8.0 72.0 -3.5
Source: Preqin Performance Analyst
Q4 2013 Preqin Private Equity Benchmarks: All Private Equity Benchmark Report
9 © 2014 Preqin Ltd. / www.preqin.com
All Private Equity Europe - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st December 2013
0
20
40
60
80
100
120
140
160
180
19 97
19 98
19 99
20 00
20 01
20 02
20 03
20 04
20 05
20 06
20 07
20 08
20 09
20 10
20 11
20 12
20 13
%
Source: Preqin Performance Analyst
All Private Equity Europe - Median Net IRRs and Quartile Boundaries by Vintage as of 31st December 2013
-10
0
10
20
30
40
50
60
Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary
N e
t IR
R s
in c
e In
c e
p tio
Source: Preqin Performance Analyst
Q4 2013 Preqin Private Equity Benchmarks: All Private Equity Benchmark Report
10 © 2014 Preqin Ltd. / www.preqin.com
Preqin Median Benchmarks: All Private Equity Asia is calculated using data for 468 funds of vintages between 1997 and 2013 with performance and includes liquidated funds. Preqin holds performance data for more than 500 Asian private equity funds. All returns are net of management fees, expenses and carry.
Preqin Median Benchmarks: All Private Equity Asia
Vintage No. Funds
Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) Called
(%) Dist
(%) RVPI Q1 Median Q3 Q1 Median Q3 Max Min
2013 28 14.4 0.0 93.0 1.13 0.94 0.83 n/m n/m n/m n/m n/m 2012 29 40.5 0.0 96.5 1.17 1.01 0.94 n/m n/m n/m n/m n/m 2011 57 54.0 0.2 103.3 1.26 1.07 1.00 19.6 10.0 1.2 61.0 -14.0 2010 20 79.9 14.4 112.3 1.34 1.28 1.07 21.6 13.9 7.9 73.3 -12.3 2009 21 80.3 9.8 96.1 1.36 1.12 0.99 14.6 7.6 0.5 24.7 -19.7 2008 69 88.0 22.6 87.3 1.31 1.13 1.02 13.2 6.9 2.0 44.0 -36.1 2007 65 92.8 29.4 92.1 1.47 1.31 1.01 11.3 8.4 3.0 22.7 -19.5 2006 48 94.1 68.8 57.7 1.46 1.27 1.00 13.8 6.9 0.4 50.0 -19.2 2005 40 100.0 108.1 30.8 1.81 1.41 0.98 21.4 8.5 3.5 105.5 -17.9 2004 18 99.1 105.9 1.0 1.94 1.30 0.90 25.7 7.3 1.3 29.4 -12.7 2003 10 100.0 156.5 2.5 2.41 1.64 1.29 29.1 14.7 10.1 59.2 1.9 2002 8 100.0 193.5 0.0 2.18 1.94 1.13 n/a 11.9 n/a 93.0 -4.0 2001 10 100.0 234.2 1.0 3.60 2.35 1.87 38.4 26.8 20.3 57.1 16.2 2000 20 96.0 154.3 0.0 2.16 1.57 1.19 26.2 18.1 7.3 34.0 -4.1 1999 9 99.0 170.8 0.5 2.62 1.84 1.15 17.6 14.3 4.0 27.0 0.5 1998 7 100.1 184.2 0.0 n/a 1.84 n/a n/a 14.0 n/a 16.4 -9.8 1997 9 94.2 154.8 0.0 2.20 1.55 1.43 24.0 8.6 7.3 63.7 6.2
Source: Preqin Performance Analyst
Q4 2013 Preqin Private Equity Benchmarks: All Private Equity Benchmark Report
11 © 2014 Preqin Ltd. / www.preqin.com
All Private Equity Asia - Median Called, Distributions and Residual Value Ratios by Vintage
0
50
100
150
200
250
300
1998 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
%
Source: Preqin Performance Analyst
All Private Equity Asia - Median Net IRRs and Quartile Boundaries by Vintage
0
5
10
15
20
25
30
35
40
45
Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary
N e
t IR
R s
in c
e In
c e
p tio
Source: Preqin Performance Analyst
Q4 2013 Preqin Private Equity Benchmarks: All Private Equity Benchmark Report
12 © 2014 Preqin Ltd. / www.preqin.com
Preqin Weighted Benchmarks: All Private Equity - All Regions, North America, Europe and Asia are calculated using performance data as of 31st December 2013 for 4,164 private equity funds of vintages between 1992 and 2013.
Preqin Weighted Benchmarks: All Private Equity - All Regions, North America, Europe and Asia as of 31st December 2013
Vintage All Regions North America Europe Asia
Weighted Multiple (X) IRR (%) Weighted
Multiple (X) IRR (%) Weighted Multiple (X) IRR (%) Weighted
Multiple (X) IRR (%)
2013 0.98 n/m 0.97 n/m 0.93 n/m 1.06 n/m 2012 1.13 n/m 1.15 n/m 1.12 n/m 1.06 n/m 2011 1.16 n/a 1.25 n/a 1.14 n/a 1.10 n/a 2010 1.34 16.0 1.30 14.4 1.22 14.3 1.53 21.3 2009 1.35 13.9 1.41 15.5 1.28 12.3 1.17 7.5 2008 1.36 10.7 1.39 11.2 1.30 9.8 1.25 9.5 2007 1.36…