By contrast, the 2008 vintage's return was hurt primarily by write-downs in energy company investments. The 2011 vintage's return benefited from write-ups in all but one sector (mining), with the largest dollar increases coming from investments in consumer, health care, information technology (IT) and energy companies. This, of course, is what limited partners are looking for in the long run and it is good to see private equity living up to expectations," said Keirsten Lawton, co-head of US Private Equity Research. Q2 was the 14th consecutive quarter for this trend and over that period the ratio has been approximately 2:1. "Distributions have outpaced contributions in each of the last five years. While Q2 contributions and distributions were up significantly over Q1, together the two quarters were down in both categories over the same period in 2014: contributions dropped 25% while distributions fell 12%.
On the distribution side, the two largest vintages, 20, together distributed $19.5 billion. Funds raised in 20 were responsible for just over half of total contributions for the quarter. For comparison, the public index with the strongest returns for these periods among the three named above, the Nasdaq Composite, rose 1.8% for the quarter and 5.3% for the half.Ĭontributions and distributions were both up sharply in Q2, though at the half-year mark, both lagged the same period in 2014įund managers in the PE benchmark called $18.3 billion from their investors in the second quarter, and returned $39.1 billion, representing quarter-over-quarter increases of 20.2% and 39.3%, respectively. Private Equity Index ® returned 3.8% and 6.5%. Over the same periods, respectively, the Cambridge Associates LLC U.S. Venture Capital Index ® gained 6.7% for the second quarter and 11.0% for the half. The same was true for the first half of calendar year 2015, with both benchmarks outperforming the same public equities indexes for the period.įor both the quarter and the half, venture capital produced stronger returns than private equity. Both classes of alternative assets generated returns that outpaced the S&P 500, the Russell 2000 ® small cap, and the Nasdaq Composite indexes, according to benchmarks published by Cambridge Associates LLC. BOSTON, MA-(Marketwired - Jan 11, 2016) - US private equity and venture capital funds generated solid returns in the quarter ending June 30, 2015.
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