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Funds Performance Analysis - 2014 Vintage

What’ the right KPI to measure the performance of PE and VC Funds?


It depends on the time frame, but probably on a 10 years period, the DPI is the best way to measure performances.


Using PitchBook data, I analysed the performance of different Fund categories using the 2014 Vintage.


-       Best in class (not surprising) are North American PE Funds with a median DPI of 1.38x

-       Worst in class:

o   Global Funds of Funds category performs particularly bad, with a median DPI of 0.92x (after 10 years in business they still didn’t return at least the capital invested);

o   Non-US PE Funds, with a median DPI of 0.86x;

-       Both Debt Funds and Secondary Funds don’t seem a great investors category either, with a median DPI of just 1.1x and 1.05x;

-        Global PE and Global VC Funds have a similar median DPI, around 1.18x.


-       A 1$ invested in the ETF S&P 500 in 2014 would have return $2.7 (2.7x)..


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