1Q 2013 Private Equity & Venture Capital Benchmarking Report Presentation Slide Deck Try the PitchBook Platform:

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1Q 2013 Private Equity & Venture Capital Benchmarking Report Presentation Slide Deck Try the PitchBook Platform: Phone: Consult the Research Team: Phone:

Source:PitchBook The PitchBook Platform REQUEST A DEMO:

NAV Index

Source:PitchBook NAV Index Methodology PitchBook’s newly designed NAV Index tracks the quarter-to-quarter change in aggregate NAV for various assets classes. The quarterly change in NAV is calculated by applying the formula below to all funds tracked by PitchBook, then taking the median value for all funds. Quarterly Percentage Change = [(NAV at end of quarter + distributions during the quarter – contributions during the quarter) / NAV at beginning of quarter] – 1

Source:PitchBook Private Equity Has Consistently Outperformed Both VC and Public Markets since 2001 NAV Index for PE (dark blue), VC (light blue), S&P 500 (orange)

Source:PitchBook Since 2007, the Net Change in NAV for VC and the S&P 500 is Virtually the Same NAV Index for PE (dark blue), VC (light blue), S&P 500 (orange)

Multiple Fund Type IRRs

Source:PitchBook Buyout Funds Were the Top Performers in the Early 2000s, but Mezzanine Funds Have Outperformed in the Post-Crisis Era Global Average IRR by Vintage Year

Source:PitchBook The Performance of VC Funds Has Consistently Lagged Other Alternative Fund Types Over the Last Decade Global Median Horizon IRRs

Private Equity Fund Returns

Source:PitchBook Outside of the Most Recent 1-Year Period, Smaller PE Funds Have Underperformed the Rest of the Industry Median PE Horizon IRR by Fund Size

Source:PitchBook The Spread in Performance Between Fund Sizes Has Decreased in More Recent Vintages Median PE IRR by Fund Size and Vintage Year

Source:PitchBook Top Quartile Funds No Longer What They Used to Be Global PE IRR Quartiles by Vintage Year

Source:PitchBook Mid-Decade Funds Still Showing Effects of the Crisis Global Average PE Fund Return Multiples: DPI (dark blue), RVPI (light blue), TVPI (orange)

Source:PitchBook The Majority of PE Funds Have Done A Good Job in Preserving and Growing Their Value Global PE TVPI Quartiles by Vintage

Source:PitchBook Recent PE Funds are Taking Longer to Return Capital to Their Investors Global PE Median DPI by Vintage Year Over Time

Source:PitchBook U.S. PE Cashflows Turned Positive in 2011 as the Result of Strong Fund Distributions U.S. PE Funds Annualized Cashflow ($B) by Year *

Source:PitchBook European PE Performance Has Trailed the U.S. in the 1-, 3-, and 5-Year Horizon Periods Median Horizon IRR by Fund Location

Source:PitchBook The Last Several Years of European PE Vintages Have Struggled to Match Earlier Performance Average IRR by Vintage Year and Region

Source:PitchBook Global PE IRR League Table

Source:PitchBook Global PE IRR League Tables

Source:PitchBook Global PE IRR League Tables Continued

Venture Capital Fund Returns

Source:PitchBook Venture capital fund performance has been disappointing over the last decade, but returns have improved over the most recent 1-year and 3-year time periods.

Source:PitchBook $250 to $500 Million Funds Look to Be the Sweet Spot for Venture Fund Performance Global Median VC Horizon IRR by Fund Size

Source:PitchBook More Than a Quarter of All VC Funds Raised Since 2001 Currently Have a Negative IRR Global VC IRR Quartiles by Vintage 2 nd Quartile

Source:PitchBook Despite Slow Distributions, 2001 to 2010 Vintage VC Funds Have an Average TVPI of at Least 1.0x Global Average VC Fund Return Multiples By Vintage Year

Source:PitchBook Fund Selection Proves to Be Critical in Venture Investing, as Even Some 2 nd Quartile Funds are in the Red VC TVPI Quartiles by Vintage Year

Source:PitchBook The Median Venture Fund Does Not Cross the 1.0x DPI Threshold Even After 11 Years Median VC DPI by Vintage Over Time

Source:PitchBook Strong Distributions Have Kept U.S. VC Cashflows Positive For VC Fund LPs since 2010 U.S. VC Annualized Cashflow ($B) by Year

Source:PitchBook Global VC IRR League Table

Source:PitchBook Global VC IRR League Table

Source:PitchBook Global VC IRR League Table Continued

Source:PitchBook Performance Benchmarks by Fund Type

VIDEO: Better Intelligence & Fund Benchmarking with the PitchBook Platform Access the most robust database on PE and VC fund returns. Create fund benchmarks that match your fund’s peer group. Use our fully transparent data to validate your benchmark. In this video, you’ll learn how to: WATCH NOW: