20 Jun 2014

UK private equity returns 15.7% over last decade


The BVCA has today published its annual Performance Measurement Survey summary for 2013.

The survey, produced in association with PwC and Capital Dynamics, encompasses 515 UK-managed independent private equity and venture capital funds and finds that the combined ten-year internal rate of return (IRR) stood at 15.7% for 2013, against 7.8% for total pension fund assets and 8.8% for the FTSE All-Share over the same period.

Venture capital was arguably the star performer, recording a one-year return of 22.9% in 2013, with funds launched after 2002 generating a since inception IRR of 5.9%. This is the strongest performance from this group since the BVCA began measuring its performance.

Other highlights include:

  • The one-year IRR in 2013 for all funds covered in this survey was 19.2%. This compares with the return generated by total UK pension fund assets of 11% and FTSE All-Share of 20.8%;
  • The five-year IRR stands at 11.1% compared to 10.1% for pension funds and 14.3% for the FTSA All-Share;
  • Since inception fund performance recorded an IRR of 14.1%, marginally up on last year and still broadly in line with the 15% average over the last decade.


Notes to editor
  1. To view the Performance Measurement Survey please click here.

  2. The British Private Equity and Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has approximately 500 member firms, representing the vast majority of UK-based private equity and venture capital firms and their advisers.

  3. PwC firms help organisations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with close to 169,000 people who are committed to delivering quality in assurance, tax and advisory services. 


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