Академический Документы
Профессиональный Документы
Культура Документы
Private Investments
June 30, 2011
L L C
2
6
11
14
1-Quarter
4.51
2.32
1.42
(0.81)
0.16
(0.27)
0.12
(1.61)
0.10
(0.09)
YTD
10.07
2.61
8.59
7.50
6.28
4.55
6.37
6.21
6.02
6.08
1-Year
3-Year
5-Year
10-Year
15-Year
20-Year
25-Year
24.80
3.68
30.37
38.33
31.93
31.49
31.93
37.41
30.69
31.98
6.46
6.17
6.09
8.78
3.68
6.55
3.68
7.77
3.34
3.96
10.01
6.35
4.97
5.78
3.42
5.01
3.30
4.08
2.94
3.44
11.34
5.74
4.20
7.97
3.12
2.53
3.21
6.27
2.72
3.73
12.52
6.28
7.73
9.02
6.62
5.83
6.78
7.37
6.50
6.75
13.61
6.83
10.08
NA
NA
9.21
9.03
9.82
8.73
9.01
13.19
7.13
10.66
NA
NA
7.99
9.41
8.58
9.36
9.26
The Cambridge Associates LLC U.S. Private Equity Index is an end-to-end calculation based on data compiled from 899 U.S. private equity funds (buyout, growth equity, private equity energy and mezzanine
funds), including fully liquidated partnerships, formed between 1986 and 2011.
1 Pooled end-to-end return, net of fees, expenses, and carried interest.
Sources: Barclays Capital, Bloomberg L.P., Cambridge Associates LLC U.S. Private Equity Index, Frank Russell Company, Standard & Poor's, Thomson Datastream, The Wall Street Journal, and Wilshire
Associates, Inc.
*Capital change only.
End to End
Return
Quarter
Ending
End to End
Return
Quarter
Ending
End to End
Return
Quarter
Ending
End to End
Return
Quarter
Ending
End to End
Return
1986 Q1
1986 Q2
1986 Q3
1986 Q4
1987 Q1
1987 Q2
1987 Q3
1987 Q4
1988 Q1
1988 Q2
1988 Q3
1988 Q4
1989 Q1
1989 Q2
1989 Q3
1989 Q4
1990 Q1
1990 Q2
1990 Q3
1990 Q4
1991 Q1
1991 Q2
1991 Q3
1991 Q4
NA
4.22
(2.58)
0.79
3.59
1.24
1.54
(2.59)
2.12
3.52
3.19
2.68
2.18
3.63
1.97
2.07
0.49
4.67
(0.14)
0.41
2.73
1.25
2.27
3.69
1992 Q1
1992 Q2
1992 Q3
1992 Q4
1993 Q1
1993 Q2
1993 Q3
1993 Q4
1994 Q1
1994 Q2
1994 Q3
1994 Q4
1995 Q1
1995 Q2
1995 Q3
1995 Q4
1996 Q1
1996 Q2
1996 Q3
1996 Q4
1997 Q1
1997 Q2
1997 Q3
1997 Q4
2.04
0.83
2.36
9.07
3.12
5.80
6.21
7.21
1.19
2.71
1.90
7.11
3.79
3.83
4.75
11.35
5.32
6.32
6.41
8.15
0.49
9.04
7.48
10.08
1998 Q1
1998 Q2
1998 Q3
1998 Q4
1999 Q1
1999 Q2
1999 Q3
1999 Q4
2000 Q1
2000 Q2
2000 Q3
2000 Q4
2001 Q1
2001 Q2
2001 Q3
2001 Q4
2002 Q1
2002 Q2
2002 Q3
2002 Q4
2003 Q1
2003 Q2
2003 Q3
2003 Q4
8.23
6.04
(5.60)
6.55
4.55
10.20
3.35
16.00
13.51
(1.13)
(1.21)
(7.06)
(5.30)
1.89
(8.42)
0.20
(0.28)
(3.50)
(4.41)
0.16
(0.27)
6.67
4.62
10.49
2004 Q1
2004 Q2
2004 Q3
2004 Q4
2005 Q1
2005 Q2
2005 Q3
2005 Q4
2006 Q1
2006 Q2
2006 Q3
2006 Q4
2007 Q1
2007 Q2
2007 Q3
2007 Q4
2008 Q1
2008 Q2
2008 Q3
2008 Q4
2009 Q1
2009 Q2
2009 Q3
2009 Q4
2.93
3.64
2.03
15.26
1.93
8.52
6.88
7.29
5.17
4.16
4.11
13.08
5.63
8.09
1.20
3.72
(1.63)
1.22
(7.21)
(15.41)
(3.33)
4.66
5.78
5.65
2010 Q1
2010 Q2
2010 Q3
2010 Q4
2011 Q1
2011 Q2
4.08
1.69
5.18
7.63
5.39
4.51
The Cambridge Associates LLC U.S. Private Equity Index is an end-to-end calculation based on data compiled from 899 U.S. private equity funds (buyout, growth equity, private equity energy and
mezzanine funds), including fully liquidated partnerships, formed between 1986 and 2011
Pooled end-to-end return, net of fees, expenses, and carried interest.
Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.
End to End
Return
24.80
21.96
6.46
5.89
10.01
12.16
14.36
15.46
13.95
11.34
9.30
10.76
11.06
12.00
12.52
Years
16 Years
17 Years
18 Years
19 Years
20 Years
21 Years
22 Years
23 Years
24 Years
25 Years
One Year
Ended
6/30/2011
6/30/2010
6/30/2009
6/30/2008
6/30/2007
6/30/2006
6/30/2005
6/30/2004
6/30/2003
6/30/2002
6/30/2001
6/30/2000
6/30/1999
6/30/1998
6/30/1997
End to End
Return
24.80
19.13
(20.51)
3.84
34.34
27.13
30.95
23.54
2.41
(11.51)
(11.41)
33.79
16.77
35.75
26.16
One Year
Ended
6/30/1996
6/30/1995
6/30/1994
6/30/1993
6/30/1992
6/30/1991
6/30/1990
6/30/1989
6/30/1988
6/30/1987
End to End
Return
30.55
17.63
18.33
21.89
9.04
4.42
9.61
12.37
5.91
5.03
The Cambridge Associates LLC U.S. Private Equity Index is an end-to-end calculation based on data compiled from 899 U.S. private equity funds (buyout, growth equity, private equity energy
and mezzanine funds), including fully liquidated partnerships, formed between 1986 and 2011.
Pooled end-to-end return, net of fees, expenses, and carried interest.
Vintage
Year
Pooled
Return
(%)
Arithmetic
Mean
(%)
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
19.00
10.63
15.97
22.89
14.52
32.04
30.66
25.96
8.90
20.66
10.35
6.73
7.05
14.76
15.53
29.67
20.47
17.50
10.87
7.19
5.27
9.68
8.26
12.82
13.15
14.00
20.31
15.01
32.21
27.54
18.04
12.03
16.17
9.60
5.32
9.53
12.35
13.80
25.34
16.63
15.87
10.84
8.20
7.10
6.44
3.82
Median
(%)
EqualWeighted
Pooled Return
(%)
Upper
Quartile
(%)
Lower
Quartile
(%)
Standard
Deviation
(%)
DPI
RVPI
TVPI
Number
of Funds
11.13
10.82
12.30
20.51
15.06
38.85
19.75
21.39
9.74
11.31
7.94
7.25
9.64
11.66
13.08
22.32
15.97
15.61
9.84
8.07
6.58
8.62
4.47
13.33
12.92
14.36
22.99
14.90
30.24
26.23
22.40
11.06
18.73
8.72
6.67
11.43
13.08
13.60
24.86
18.19
15.84
11.17
8.87
7.12
7.32
5.68
17.72
15.16
15.48
29.18
19.24
44.23
30.33
33.20
17.82
30.90
11.97
13.17
14.61
17.79
21.45
39.62
27.25
19.11
13.92
13.42
14.96
16.03
15.25
7.32
8.52
9.99
12.57
10.64
16.57
13.38
7.53
0.65
0.64
0.02
(1.54)
1.88
6.64
7.94
10.88
10.64
6.48
5.94
4.14
2.53
(0.54)
(8.49)
7.44
7.64
7.37
24.48
4.85
20.27
20.64
29.00
13.02
23.57
18.20
18.27
12.11
13.94
10.77
22.79
26.65
14.92
10.68
8.03
9.75
19.71
29.64
3.41
1.86
1.99
2.58
1.77
3.27
2.90
2.30
1.51
1.92
1.51
1.32
1.26
1.64
1.40
1.52
1.20
0.97
0.56
0.28
0.20
0.14
0.09
0.00
0.00
0.00
0.00
0.07
0.01
0.00
0.02
0.02
0.04
0.05
0.08
0.16
0.18
0.37
0.58
0.59
0.75
0.91
0.97
0.96
1.04
1.03
3.41
1.86
2.00
2.58
1.84
3.27
2.90
2.33
1.53
1.95
1.56
1.40
1.41
1.82
1.76
2.10
1.79
1.72
1.47
1.26
1.16
1.18
1.12
11
12
17
18
8
11
14
26
20
33
37
51
53
55
72
22
31
34
63
80
73
72
57
Notes: Based on data compiled from 870 U.S. private equity funds (buyout, growth equity, private equity energy and mezzanine funds), including fully liquidated partnerships, formed
between 1986 and 2008. Internal rates of return are net of fees, expenses and carried interest. Vintage year funds formed since 2008 are too young to have produced meaningful returns.
Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.
Pooled Return
Arithmetic Mean
Median
Upper Quartile
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
3.41
1.86
2.00
2.58
1.84
3.27
2.90
2.33
1.53
1.95
1.56
1.40
1.41
1.82
1.76
2.10
1.79
1.72
1.47
1.26
1.16
1.18
1.12
2.29
2.29
2.00
2.41
1.89
2.92
2.42
2.10
1.53
1.87
1.44
1.36
1.65
1.72
1.71
1.87
1.74
1.60
1.45
1.32
1.20
1.15
1.07
2.11
1.83
1.67
2.07
1.77
2.90
2.18
2.07
1.49
1.55
1.33
1.40
1.48
1.54
1.67
1.85
1.76
1.68
1.36
1.29
1.19
1.14
1.06
2.42
2.38
2.19
3.20
2.11
3.64
3.28
3.11
1.88
2.30
1.70
1.74
1.92
2.08
2.09
2.25
2.10
1.93
1.63
1.49
1.35
1.30
1.22
11
12
17
18
8
11
14
26
20
33
37
51
53
55
72
22
31
34
63
80
73
72
57
Notes: Based on data compiled from 870 U.S. private equity funds (buyout, growth equity, private equity energy and mezzanine funds), including fully liquidated
partnerships, formed between 1986 and 2008. Internal rates of return are net of fees, expenses and carried interest. Vintage year funds formed since 2008 are too young to
have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.
Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.
Pooled Return
Arithmetic Mean
Median
Upper Quartile
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
3.41
1.86
1.99
2.58
1.77
3.27
2.90
2.30
1.51
1.92
1.51
1.32
1.26
1.64
1.40
1.52
1.20
0.97
0.56
0.28
0.20
0.14
0.09
2.29
2.29
2.00
2.41
1.86
2.91
2.41
2.09
1.52
1.85
1.39
1.31
1.51
1.56
1.31
1.58
1.19
0.92
0.57
0.34
0.23
0.16
0.06
2.11
1.83
1.67
2.07
1.77
2.89
2.18
2.06
1.49
1.55
1.33
1.36
1.37
1.43
1.20
1.60
1.21
0.95
0.43
0.23
0.15
0.08
0.00
2.42
2.38
2.19
3.20
2.11
3.64
3.28
3.08
1.88
2.30
1.66
1.62
1.82
1.87
1.76
1.91
1.65
1.20
0.76
0.50
0.33
0.20
0.11
11
12
17
18
8
11
14
26
20
33
37
51
53
55
72
22
31
34
63
80
73
72
57
Notes: Based on data compiled from 870 U.S. private equity funds (buyout, growth equity, private equity energy and mezzanine funds), including fully liquidated
partnerships, formed between 1986 and 2008. Internal rates of return are net of fees, expenses and carried interest. Vintage year funds formed since 2008 are too young to
have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.
Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.
Pooled Return
Arithmetic Mean
Median
Upper Quartile
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
0.00
0.00
0.00
0.00
0.07
0.01
0.00
0.02
0.02
0.04
0.05
0.08
0.16
0.18
0.37
0.58
0.59
0.75
0.91
0.97
0.96
1.04
1.03
0.00
0.00
0.00
0.00
0.03
0.00
0.01
0.01
0.02
0.02
0.04
0.06
0.15
0.16
0.40
0.29
0.55
0.68
0.88
0.98
0.97
0.99
1.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.08
0.11
0.36
0.21
0.43
0.71
0.89
0.99
0.97
0.98
0.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.01
0.04
0.07
0.21
0.28
0.50
0.36
0.84
0.92
1.05
1.19
1.10
1.11
1.15
11
12
17
18
8
11
14
26
20
33
37
51
53
55
72
22
31
34
63
80
73
72
57
Notes: Based on data compiled from 870 U.S. private equity funds (buyout, growth equity, private equity energy and mezzanine funds), including fully liquidated
partnerships, formed between 1986 and 2008. Internal rates of return are net of fees, expenses and carried interest. Vintage year funds formed since 2008 are too young to
have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.
Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.
10
11
All Companies
Number of Companies
1998
(25.38) (11.85)
10.35
8.77
38.43 (36.14)
18.78 18.71
3.32
8.08
1.29 31.07
(13.40) (1.46)
21.27 19.64
21.49
6.05
95.50 22.68
13.78
7.97
17.09
1.07
96.39 20.15
18.28 18.56
27.62
523
1999
2000
2001
(1.63)
4.56
15.34
13.61
3.00
3.32
89.02
17.96
24.83
1.24
10.91
7.81
10.36
(2.71)
4.50
24.41
(1.15)
25.63
16.31
20.14
38.21
19.99
19.49
(7.83)
1.11
(2.70)
0.50
(2.00)
30.36 28.34
28.35 38.44
98.81 21.87
30.71 64.14
13.44 17.74
26.85 23.70
27.86 266.83
15.37 40.95
41.05
9.67
7.34 10.75
(0.28) 25.07
8.66 39.75
26.01 30.29
19.35 35.41
7.51
830
7.05
1,202
21.56
454
13.33
630
2002
33.61
414
2003
2004
2006
2007
2008
2009
2010
3.57
11.52
(7.70)
10.44
(1.46)
5.02
35.43
19.31
13.87
0.79
23.12
10.16
23.05
(4.13)
10.10
3.92
13.53
11.64
(9.38)
2.58
8.51
10.35
4.01
5.39
7.14
0.38
11.22
(4.26)
17.44
12.99
6.48
8.20
(3.23)
6.18
36.27
12.04
6.85
15.81
19.55
(1.00)
15.78
8.24
63.20
26.93
28.85
49.71
22.59
29.55
44.23
29.83
37.03
72.12
51.53
55.92
58.74
57.60
81.20
25.71
36.59
57.01
17.57
36.25
0.65
14.00
5.10
37.34
38.01
31.36
22.51
22.37
36.11
540
10.56
890
5.73
1,059
10.28
739
44.63
460
31.11
766
39.25
694
2005
22.36
774
12
Biotechnology/Biopharm/R&D
Health Care Devices
Health Care Services
Health Care Software/Systems
Pharmaceuticals
Internet-eBusiness
Internet-eCommerce
Telecom Network/Systems
Telecom Products
Telecom Services
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
44.62
41.76
8.90
9.59
55.13
(7.95)
33.75
16.85
(17.75)
40.88
(2.83)
20.20
19.40
4.89
20.24
4.23
7.03
29.64
(1.74)
36.62
27.15
9.57
20.49
59.16
6.46
(28.62)
2.47
22.50
(10.52)
60.08
52.84
61.40
19.79
68.76
22.34
(11.22)
84.97
20.70
31.09
5.83
13.58
17.79
21.78
26.58
29.00
8.52
6.16
21.19
20.52
44.16
7.02
4.14
13.22
68.96
7.95
7.56
2.89
10.86
30.69
18.12
16.12
27.11
32.32
23.45
38.70
29.42
4.38
10.68
19.24
12.11
44.66
26.30
7.42
45.65
50.20
(4.01)
1.81
(8.97)
30.76
1.99
18.61
7.83
1.73
(5.01)
8.01
9.16 36.37
23.48 132.38
13.07 29.50
6.05 18.74
17.97 17.92
6.58
69.99
27.34
71.42
17.95
(40.91) 180.81
(8.39) (9.66) (14.47) (3.39) 81.21 72.60
20.74 (89.76) (13.94) (2.43) (5.84) (1.09) (19.42) 63.33
75.91 28.20 25.14
(2.53)
6.23 26.56 12.38 56.26
125.49 (37.74) (25.55) (16.84)
5.67 (40.19) 85.70 43.27
74.03 16.16
0.42 (12.78) 14.35 16.53 27.97 100.16
13
The internal rate of return (IRR) is a since inception calculation that solves for the discount rate, which makes the net present value of an investment
equal to zero. The calculation is based on cash-on-cash returns over equal periods modified for the residual value of the partnerships equity or portfolio
companys NAV. The residual value attributed to each respective group being measured is incorporated as its ending value. Transactions are accounted
for on a quarterly basis, and annualized values are used for reporting purposes. Please note that all transactions are recorded on the 45th day or midpoint
of the quarter.
b. The end-to-end performance calculation is similar to the IRR, however it is measuring the return between two points in time. The calculation takes into
account the beginning NAV as the initial investment. The subsequent quarterly cash flows and the ending NAV for the specified time period (i.e. one
quarter, one year, etc.) are utilized in the same fashion as the IRR calculation. All returns greater than one year are annualized.
5. Additional Definitions:
a. Pooled return aggregates all cash flows and ending NAVs in a sample to calculate a dollar-weighted return.
b. Arithmetic mean averages the individual fund IRRs included in a vintage year.
c. Median is the middle fund IRR of the group of individual fund IRRs included in a vintage year.
d. Equal-weighted pooled return equally weights all cash flows and ending NAVs based on paid in capital to calculate a dollar-weighted return.
e. Upper/ lower quartile are the thresholds for the upper (top 25%) and lower (bottom 25%) quartiles based on the individual fund IRRs included in a
vintage year. Can be used in conjunction with the median to determine quartile placement.
f. Realization Ratios:
1) Distribution/ paid-in (DPI) measures the actual distributions received relative to contributed capital.
2) Residual value/ paid-in (RVPI) measures the amount of contributed capital still tied up in the equity of the fund.
3) Total value/paid-in (TVPI) measures the residual value plus distributions received to date relative to contributed capital.
* Realization ratios included in since inception IRR exhibits are based on actual pooled dollar values for each vintage year, not individual fund
averages.
6. Exhibits detailing data for portfolio companies are grouped by year of the funds initial investment in a company, as opposed to vintage year. Returns are
gross returns.
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