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PitchBook's 1Q 2016 Global PE & VC Global
Benchmarking & Fund Performance Report

This workbook contains the corresponding charts and tables from

the 1Q 2016 Global PE & VC Benchmarking & Fund Performance
Report. All data is as of 9/30/2015 per the standard LP reporting
cycle. Please feel free to contact us if you have any questions,
comments or suggestions for improving this data set.

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Contents
Cover
PE & VC KS PME Benchmarks 5
KS PME Case Study: Energy 6
Global IRRs by Fund Type 7
Global Quartiles & Benchmarks 8
Global PE IRRs 9
Global PE Fund Return Multiples 10
Global PE Fund Cash Flows 11
US PE Cash Flows 12
Global VC IRRs 13
Global VC Fund Return Multiples 14
Global VC Fund Cash Flows 15
g investors, companies and advisors.

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 PE KS PME benchmark by vintage
2002 2003 2004 2005 2006 2007
PE KS-PME Benchmark 1.38 1.44 1.28 1.13 0.99 0.98

PME calculated using Russell 30

VC KS PME benchmark by vintage

2002 2003 2004 2005 2006 2007
VC KS-PME Benchmark 0.92 0.89 0.69 0.95 0.81 0.97

PME calculated using Russell 20

Index
 2008 2009 2010 2011 2012
0.93 0.87 0.93 0.95 0.93

PME calculated using Russell 3000 Index

2008 2009 2010 2011 2012

1.01 0.91 1.22 1.04 1.07

PME calculated using Russell 2000 Growth

Index
 Global energy-focused PE fund KS PME benchmark by vinta
2003 2004 2005 2006 2007
B2C Focused Funds KS-PME Benchmark 1.64 1.10 1.09 0.84 0.99

PME calculated using Russell 2000 Growth Index

Global average energy-focused PE fund return multiples by

2003 2004 2005 2006 2007
Average of DPI 1.75x 1.59x 0.95x 0.94x 0.79x
Average of RVPI 0.12x 0.02x 0.27x 0.22x 0.45x
Average of TVPI 1.84x 1.60x 1.16x 1.22x 1.25x

1.84x

1.60x

1.22x 1.25x
1.16x 1.12x
0.22x 0.45x
1.75x 0.55x
1.59x

0.95x 0.94x
0.79x
0.55x

Average of RVPI Average of DPI

benchmark by vintage
2008 2009 2010 2011 2012
0.73 1.03 0.78 0.93 0.86

Growth Index

return multiples by vintage

2008 2009 2010 2011 2012
0.55x 0.70x 0.50x 0.14x 0.17x
0.55x 0.56x 0.77x 1.06x 0.87x
1.12x 1.39x 1.22x 1.08x 1.18x

1.39x
1.25x 1.22x
1.18x
1.12x 1.08x
0.45x 0.56x
0.77x
0.55x
1.06x
0.87x
0.79x 0.70x
0.55x 0.50x
0.14x 0.17x

Average of DPI Average of TVPI

 Global horizon IRR by fund type
1-Year 3-Year 5-Year 10-Year
PE Funds 8% 12% 12% 13%
VC Funds 7% 9% 9% 5%
Debt Funds 7% 11% 11% 9%
Fund of Funds 11% 12% 12% 8%

Global median IRR by fund type and vintage year

2001 2002 2003 2004 2005 2006
PE Funds 20.8% 17.5% 13.4% 11.5% 8.3% 7.5%
VC Funds 2.4% 3.6% 3.4% 0.9% 4.6% 5.4%
Debt Funds 10.4% 15.6% 6.9% 10.7% 6.3% 5.2%
Fund of Funds 9.6% 9.0% 9.2% 7.8% 7.5% 7.9%

PE Funds VC Funds Debt Funds

2007 2008 2009 2010 2011 2012
9.4% 10.8% 12.0% 9.5% 10.0% 10.7%
6.7% 9.3% 12.9% 20.5% 13.9% 12.0%
8.1% 11.5% 11.0% 10.7% 10.0% 9.3%
9.1% 10.6% 10.9% 10.3% 10.7% 8.7%

Debt Funds Fund of Funds

 Global PE IRR quartiles by vintage year
2005 2006 2007 2008 2009 2010
75th Percentile 12.4% 10.9% 14.0% 16.3% 17.2% 15.0%
Median 8.3% 7.5% 9.4% 10.8% 12.0% 9.5%
25th Percentile 3.0% 3.2% 4.9% 6.5% 7.6% 4.9%

2001 2002 2003 2004 2005 2006

Filler 2 Negative 35% 29% 26% 19% 12% 11%
Filler 3 21% 18% 13% 12% 8% 8%
Filler 2 11% 9% 8% 5% 3% 3%
25th Percentile 11% 9% 8% 5% 3% 3%
Median 21% 18% 13% 12% 8% 8%
75th Percentile 35% 29% 26% 19% 12% 11%

Filler 2 Filler 3 Filler 2 Negative 25th Percentile Median 75

Global VC IRR quartiles by vintage year

2005 2006 2007 2008 2009 2010
75th Percentile 11.3% 11.2% 16.5% 18.5% 20.3% 33.5%
Median 4.6% 5.4% 6.7% 9.3% 12.9% 20.5%
25th Percentile -0.1% -4.8% 0.3% 0.5% 6.3% 10.0%

2001 2002 2003 2004 2005 2006

Filler 2 Negative 6% 9% 6% 6% 11% 11%
Filler 3 2% 4% 3% 1% 5% 5%
Filler 2 -4% -4% -6% -9% 0% -5%
25th Percentile -4% -4% -6% -9% 0% -5%
Median 2% 4% 3% 1% 5% 5%
75th Percentile 6% 9% 6% 6% 11% 11%

Filler 2 Filler 3 Filler 2 Negative 25th Percentile Median 75

 2011 2012
17.3% 19.2%
10.0% 10.7%
3.8% 5.6%

2007 2008 2009 2010 2011 2012

14% 16% 17% 15% 17% 19%
9% 11% 12% 10% 10% 11%
5% 7% 8% 5% 4% 6%
5% 7% 8% 5% 4% 6%
9% 11% 12% 10% 10% 11%
14% 16% 17% 15% 17% 19%

Median 75th Percentile

2011 2012
20.5% 23.0%
13.9% 12.0%
4.1% 3.1%

2007 2008 2009 2010 2011 2012

17% 19% 20% 33% 20% 23%
7% 9% 13% 21% 14% 12%
0% 1% 6% 10% 4% 3%
0% 1% 6% 10% 4% 3%
7% 9% 13% 21% 14% 12%
17% 19% 20% 33% 20% 23%

Median 75th Percentile

 Global PE horizon IRR by size bucket
1-Year 3-Year 5-Year 10-Year
Under $250M 6% 12% 11% 11%
$250M-$500M 10% 11% 12% 12%
$500M-$1B 8% 13% 11% 14%
$1B+ 7% 12% 13% 14%

Under $250M $250M-$500M $500M-$1B $1B+

PE horizon IRR by region

1-Year 3-Year 5-Year 10-Year
U.S. PE Funds 9% 12% 13% 12%
European PE Funds 8% 11% 11% 22%
Rest of World PE Funds 2% 8% 7% 33%

U.S. PE Funds European PE Funds Rest of World PE Funds

 Global average PE DPI multiples over time by vintage
1 2 3 4 5 6 7
2004 0.08x 0.15x 0.34x 0.42x 0.52x 0.69x 0.90x
2005 0.08x 0.11x 0.18x 0.22x 0.34x 0.50x 0.67x
2006 0.06x 0.08x 0.11x 0.18x 0.31x 0.47x 0.65x
2007 0.07x 0.08x 0.15x 0.25x 0.39x 0.54x 0.73x
2008 0.04x 0.11x 0.22x 0.33x 0.48x 0.68x 0.83x
2009 0.09x 0.15x 0.22x 0.39x 0.62x 0.75x
2010 0.07x 0.13x 0.23x 0.37x 0.49x

2004 2005 2006 2007 2008 2009

Global average PE fund return multiples by vintage

2002 2003 2004 2005 2006 2007 2008
Average of DPI 1.64x 1.58x 1.36x 1.12x 0.97x 0.84x 0.78x
Average of RVPI 0.04x 0.08x 0.11x 0.28x 0.40x 0.54x 0.58x
Average of TVPI 1.75x 1.59x 1.50x 1.41x 1.40x 1.45x 1.42x

1.75x
1.59x
1.50x
0.11x
1.41x 1.45x 1.42x 1.42x
1.40x
0.28x
0.40x
0.54x 0.58x 0.70x

1.64x 1.58x
1.36x
1.12x
0.97x
0.84x 0.78x
0.69x
1.58x
1.36x
1.12x
0.97x
0.84x 0.78x
0.69x

Average of RVPI Average of DPI Ave

 8 9 10
1.04x 1.21x 1.27x
0.82x 1.04x 1.13x
0.83x 0.95x
0.87x

2008 2009 2010

2009 2010 2011 2012

0.69x 0.40x 0.20x 0.12x
0.70x 0.87x 0.97x 1.00x
1.42x 1.28x 1.20x 1.17x

1.42x 1.42x
1.28x
1.20x 1.17x
0.58x 0.70x

0.87x

0.97x
1.00x

0.78x
0.69x
0.40x
0.20x
0.12x
 0.97x
1.00x

0.78x
0.69x
0.40x
0.20x
0.12x

e of DPI Average of TVPI

 Global PE funds' net cash flows
Total Contributions Total Distributions Net Cash Flow
(Billions, USD) (Billions, USD) (Billions, USD)

2001 ($54.5) $26.3 ($28.2)

2002 ($77.6) $32.0 ($45.7)
2003 ($78.1) $59.5 ($18.6)
2004 ($109.0) $142.5 $33.5
2005 ($137.6) $156.0 $18.4
2006 ($229.4) $177.9 ($51.5)
2007 ($307.8) $215.4 ($92.4)
2008 ($317.5) $121.5 ($196.0)
2009 ($166.2) $59.7 ($106.5)
2010 ($252.7) $172.5 ($80.3)
2011 ($257.5) $266.3 $8.8
2012 ($272.9) $325.9 $53.0
2013 ($228.3) $388.0 $159.6
2014 ($278.8) $463.6 $184.8
2015* ($224.8) $342.0 $117.3
*Through 9/30/2015

2001 2002 2003 2004 2005

Contributio ($54.5) ($77.6) ($78.1) ($109.0) ($137.6)
Distribution $26.3 $32.0 $59.5 $142.5 $156.0
Net Cash Fl ($28.2) ($45.7) ($18.6) $33.5 $18.4
*As of 3/31/2015

Contributions ($B) Distributions ($B) Net Cash F

 2006 2007 2008 2009 2010 2011 2012
($229.4) ($307.8) ($317.5) ($166.2) ($252.7) ($257.5) ($272.9)
$177.9 $215.4 $121.5 $59.7 $172.5 $266.3 $325.9
($51.5) ($92.4) ($196.0) ($106.5) ($80.3) $8.8 $53.0

ns ($B) Net Cash Flow ($B)

2013 2014 2015*
($228.3) ($278.8) ($224.8)
$388.0 $463.6 $342.0
$159.6 $184.8 $117.3
 U.S. PE funds' net cash flows
Total Contributions Total Distributions Net Cash Flow
(Billions, USD) (Billions, USD) (Billions, USD)

2001 ($39.9) $21.1 ($18.7)

2002 ($56.0) $19.4 ($36.6)
2003 ($54.4) $46.0 ($8.5)
2004 ($74.0) $106.3 $32.3
2005 ($93.5) $107.5 $14.0
2006 ($150.0) $122.0 ($28.0)
2007 ($199.8) $141.7 ($58.1)
2008 ($204.7) $76.8 ($127.9)
2009 ($100.0) $46.3 ($53.7)
2010 ($148.7) $127.5 ($21.2)
2011 ($147.9) $162.1 $14.2
2012 ($158.4) $234.6 $76.2
2013 ($139.7) $253.0 $113.4
2014 ($169.5) $307.0 $137.5
2015* ($131.4) $200.9 $69.4
*Through 9/30/2015

US PE Funds Annualized Cash Flow by Year ($B)

2001 2002 2003 2004
Contributions ($B) -39.8769455388 -55.9538559675 -54.4499421044 -73.9701684841
Distributions ($B) 21.1300223287 19.3721773551 45.9773746835 106.2720359782
Net Cash Flow ($ -18.74692321 -36.5816786124 -8.4725674209 32.3018674941
*As of 3/31/2015

Contributions ($B) Distributions ($B) N

 2005 2006 2007 2008 2009 2010 2011
-93.511880008 -150.040879755 -199.780332839 -204.719483434 -100.03682165 -148.66961171 -147.901603752
107.4746466116 122.0468665914 141.6692331321 76.7710339387 46.3171257361 127.4556364748 162.065462219
13.9627666036 -27.9940131638 -58.1110997064 -127.948449496 -53.7196959143 -21.2139752349 14.1638584671

butions ($B) Net Cash Flow ($B)

 2012 2013 2014 2015*
-158.429610673 -139.670306818 -169.508604277 -131.429372932
234.6206449766 253.0414430276 307.0047789283 200.8610254493
76.191034304 113.3711362095 137.4961746508 69.4316525176
 Global VC horizon IRR by size bucket
1-Year 3-Year 5-Year 10-Year
Under $100M 0% 3% 3% -1%
$100M-$250M 6% 7% 9% 6%
$250M-$500M 11% 11% 11% 6%
$500M+ 6% 13% 13% 5%

Under $100M $100M-$250M $250M-$500M $500M+

VC horizon IRR by region

1-Year 3-Year 5-Year 10-Year
U.S. VC Funds 6.9% 8.3% 9.7% 5.7%
Rest of World VC Funds 8.9% 10.3% 8.5% 4.6%

U.S. VC Funds Rest of World VC Funds

 Global median VC IRR by vintage
2001 2002 2003 2004 2005 2006
VC Top Quartile 6.2% 8.8% 6.3% 5.6% 11.3% 11.2%
VC Top Decile 11.4% 14.4% 13.7% 10.5% 16.6% 16.2%

VC Top Quartile
2007 2008 2009 2010 2011 2012
16.5% 18.5% 20.3% 33.5% 20.5% 23.0%
28.0% 27.3% 23.3% 47.5% 48.5% 50.6%

VC Top Decile
 Global average VC DPI multiples over time by vintage
2004 2005 2006 2007 2008 2009
1 0.04x 0.02x 0.01x 0.00x 0.02x 0.01x
2 0.04x 0.12x 0.03x 0.02x 0.04x 0.04x
3 0.06x 0.09x 0.05x 0.08x 0.10x 0.08x
4 0.07x 0.11x 0.08x 0.12x 0.21x 0.13x
5 0.11x 0.15x 0.16x 0.24x 0.31x 0.32x
6 0.14x 0.27x 0.22x 0.34x 0.40x 0.41x
7 0.23x 0.32x 0.33x 0.60x 0.47x
8 0.28x 0.44x 0.47x 0.71x
9 0.35x 0.61x 0.53x
10 0.39x 0.74x

2004 2005 2006 2007 2008 2009 2010

Global median VC fund return multiples by vintage

2001 2002 2003 2004 2005 2006
Median of DPI 0.8x 0.9x 0.8x 0.4x 0.6x 0.4x
Median of RVPI 0.1x 0.2x 0.2x 0.5x 0.6x 0.7x
Median of TVPI 1.1x 1.2x 1.2x 1.0x 1.3x 1.4x

1.52x
1.40x
1.35x
1.27x
1.24x
1.17x
1.13x
1.05x
0.16x 0.85x
0.22x 0.59x
0.13x
0.69x 0.97x

0.45x

0.92x
0.81x 0.83x
0.63x 0.56x
0.40x 0.43x
0.32x
 0.16x 0.85x
0.22x 0.59x
0.13x
0.69x 0.97x

0.45x

0.92x
0.81x 0.83x
0.63x 0.56x
0.40x 0.43x
0.32x

Median of RVPI Median of DPI

 2010
0.03x
0.08x
0.11x
0.30x
0.48x

2009 2010

2007 2008 2009 2010 2011 2012

0.6x 0.3x 0.3x 0.4x 0.0x 0.0x
0.8x 1.0x 1.1x 1.2x 1.1x 1.2x
1.4x 1.5x 1.6x 1.6x 1.3x 1.2x

1.60x 1.62x
1.52x
1.40x
1.35x
1.26x
1.21x

0.85x 1.16x
1.12x
0.69x 0.97x

1.14x 1.17x

0.56x
0.43x 0.43x
0.32x 0.32x
 0.85x 1.16x
1.12x
0.69x 0.97x

1.14x 1.17x

0.56x
0.43x 0.43x
0.32x 0.32x
0.03x

Median of DPI Median of TVPI

 Global VC funds' net cash flows
Total Contributions Total Distributions Net Cash Flow
(Billions, USD) (Billions, USD) (Billions, USD)

2001 ($31.7) $13.2 ($18.5)

2002 ($26.5) $12.2 ($14.3)
2003 ($25.3) $32.0 $6.7
2004 ($30.5) $9.2 ($21.3)
2005 ($31.0) $13.7 ($17.3)
2006 ($40.8) $26.6 ($14.1)
2007 ($43.8) $32.5 ($11.2)
2008 ($43.5) $13.1 ($30.4)
2009 ($33.5) $14.5 ($19.0)
2010 ($39.6) $27.0 ($12.6)
2011 ($46.4) $32.3 ($14.0)
2012 ($42.8) $38.9 ($3.9)
2013 ($43.2) $41.6 ($1.6)
2014 ($34.8) $55.6 $20.8
2015* ($40.8) $46.4 $5.6
*Through 9/30/2015

Total Contributions (Billions, USD) Total Distributions (Billions, USD)

ons (Billions, USD) Net Cash Flow (Billions, USD)