Q1 11 PE Performance Release - FINAL

8/6/2019 Q1 11 PE Performance Release - FINAL

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US PRIVATE EQUITY PERFORMANCE MAKES GAINS DURING THE FIRSTQUARTER OF 2011; INCREASED EXITS BOLSTER YEAR-OVER-YEAR

IMPROVEMENTS

New York, NY, August 2, 2011 For the period ending March 31, 2011, US private equityperformance showed positive returns across most investment horizons and continuedpositive trajectory in the one-year and three-year time horizon for the period from the prioryear and the previous quarter, according to Thomson Reuters.

With improving stability in the broader capital markets and an impactful return for venturecapital and private equity IPOs - which accounted for nearly three-quarters of US IPOactivity in the first quarter of 2011 - returns for venture capital and buyout funds sawmarked improvements over the same time last year across nearly every time horizon.

One year returns, which are most affected by the current market environment, moved in apositive direction for venture capital registering an 9.0 percentage point increase from lastyear for venture capital funds (12.1%) and a slight .6 percentage point increase for buyoutfunds (21.0%). The longer-term 20-year time horizon held strongly positive for venturecapital funds with a slight increase from the first quarter of last year from 18.2% to 19.7%.In the buyouts category, small, medium and large buyout funds in the longer-term timehorizons continued to drive performance, with double-digit performance figures.

The all private equity returns outperformed the S&P 500, across nearly all time horizons,while the NASDAQ outperformed all private equity returns in the three-year time horizon

ending March 31, 2011.


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Page 2 of 3August 2, 2011

Thomson Reuters US Private Equity Performance Index (PEPI)Investment Horizon Performance through 3/31/2011Fund Type 1 Yr 3 Yr 5 Yr 10 Yr 20 Yr

Seed/Early VC 16.7 -1.0 1.1 -3.0 26.3

Balanced VC 32.8 6.4 9.7 4.0 18.2

Later Stage VC 18.2 1.5 5.3 2.4 15.7All Venture Capital 21.1 1.3 4.2 0.4 19.7

All Venture (through 12/31/2010) 16.2 0.1 4.5 -0.8 19.7

All Venture (through 3/31/2010) 12.1 0.9 5.1 -0.9 18.2

Small Buyouts 7.6 -0.8 1.9 3.4 13.1Medium Buyouts 22.9 2.4 6.4 5.1 11.7

Large Buyouts 15.4 3.7 5.9 5.6 11.6

Mega Buyouts 22.2 3.3 5.4 6.5 8.4All Buyouts 21.6 3.2 5.4 6.1 9.6

All Buyouts (through 12/31/2010) 18.7 1.5 4.6 5.2 9.4

All Buyouts (through 3/31/2010 21.0 -0.5 5.4 3.8 8.9

Mezzanine 7.6 0.9 2.5 3.1 6.7All Private Equity 19.9 3.3 5.7 5.0 12.1

NASDAQ 17.0 8.8 5.4 - -

S&P 500 15.6 3.5 3.2 3.8 8.0Source: Thomson Reuters

NASDAQ Composite Total Return Index Comparator DataFund Type 1 Yr 3 Yr 5 Yr 10 Yr 20 Yr

Seed/Early Stage 17.5 8.5 4.9 - -Later Stage 15.9 7.8 4.2 - -Balanced Stage 15.9 7.8 4.6 - -All Venture Capital 16.4 8.1 4.7 - -

Small Buyouts 17.3 7.8 4.4 - -Medium Buyouts 16.3 9.0 5.4 - -

Large Buyouts 14.8 8.0 4.4 - -Mega Buyouts 17.5 8.9 5.4 - -All Buyouts 17.3 8.8 5.2 - -

Mezzanine 16.7 7.7 4.5 - -All Private Equity 17.0 8.8 5.4 - -


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Page 3 of 3August 2, 2011

S&P 500 Composite Total Return Index Comparator DataFund Type 1 Yr 3 Yr 5 Yr 10 Yr 20 Yr

Seed/Early Stage 16.0 3.0 3.0 3.8 24.6Later Stage 14.5 2.2 2.8 3.5 11.9Balanced Stage 14.5 2.2 2.9 3.9 12.4All Venture Capital 15.0 2.6 2.9 3.8 16.4

Small Buyouts 15.8 2.3 2.7 3.0 11.6Medium Buyouts 15.0 3.6 3.8 4.0 10.6Large Buyouts 13.5 2.5 2.8 3.4 8.1Mega Buyouts 16.1 3.6 3.1 3.8 5.6All Buyouts 15.9 3.4 3.1 3.7 6.9

Mezzanine 15.6 2.3 2.6 3.6 6.7All Private Equity 15.6 3.5 3.2 3.8 8.0

Methodology: The Private Equity Performance Index is based on the latest quarterly statistics fromThomson Reuters' private Equity Performance Database analyzing the cash flows and returns forover 1,967 US venture capital and private equity partnerships with a capitalization of $886 billion.Sources are financial documents and schedules from Limited Partners investors and GeneralPartners. All returns are calculated by Thomson Reuters from the underlying financial cash flows.Returns are net to investors after management fees and carried interest. Buyout finds sizes aredefined as following: Small: 0-250m, Medium: 250-500m, Large: 500-1000m, Mega: 1b+.

Public Market Comparators allow users referencing the Thomson Reuters Private Equity

Performance Benchmark to view the alternative IRR if cash used to fund commitments andsubsequent distributions were invested in one the available public market indices. The S&P 500 TotalReturn and the NASDAQ Composite Total Return in the charts above show the effect of reinvestingdividends.

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operations in London and Eagan, Minnesota, Thomson Reuters employs 55,000 peopleand operates in over 100 countries. For more information, go towww.thomsonreuters.com .
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Q1 11 PE Performance Release - FINAL