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The BVCA, in conjunction with PwC, publishes the Performance Measurement Survey each year which compares private equity and venture capital's performance with other asset classes over different time periods.

For this, data is collected from all of our GP members on their aggregate fund performance and is used to produce the most comprehensive overview of the UK’s private equity and venture capital markets available. The survey captures the performance of UK managed funds, including independent funds, venture capital investments and MBOs, representing a vast majority of the UK PE industry and making the dataset and analysis rich and robust.

Performance Measurement Survey (PMS) - 2020


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Introduction

This report has been produced by the British Private Equity and Venture Capital Association (BVCA) to demonstrate the returns generated for investors by our members to 31 December 2020. The statistics in this report are the results of the BVCA’s Performance Measurement Survey, an annual survey of fund level cash flows and valuations collected from our members.

In 2020 we received responses from 119 members out of a total eligible pool of 158 members, a response rate of 75%. For comparison, in 2019 we received response from 117 members out of a total of 154 who were eligible. 

The Performance Measurement Survey looks at funds which invest in businesses at all stages of the growth lifecycle – from venture capital funds specialising in start-ups to large buyout funds investing in global corporations. We at the BVCA firmly believe that private equity and venture capital funds are an exciting and attractive investment opportunity for pension schemes and other investors and the results of this survey show us why.


Key points
  • A new metric looking at the performance of private equity and venture capital funds has revealed a strong industry return of 19.6% per annum over the last decade. This compares to an industry return since 1980 (the first year for which the British Private Equity and Venture Capital Association (BVCA) has data available) of 14.6% per annum.

  • These annual returns are equivalent to investors nearly doubling their money, getting a 1.9x return on capital invested over the past decade and 1.8x capital invested since 1980, including the value of unrealised investments as at 31 December 2020.

BVCA-Journal

JOURNALS
Achieving net zero – BVCA Autumn Journal 2021

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Further information

FOR FURTHER INFORMATION PLEASE CONTACT THE BVCA

 +44 (0)20 7492 0400

 research@bvca.co.uk