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News and Information Article
NEW YORK, Jan. 29 /-FirstCall/ -- Private equity performance
was extremely steady in both the short and long term horizons for the
period ending September 30, 2006 according to Thomson Financial and the
National Venture Capital Association (NVCA). Compared with the period
ending Q2 2006, both the buyout and venture capital asset classes showed
very little fluctuation across all time horizons and continued to
outperform both the S&P 500 and NASDAQ markets in the long term.
For venture capital firms, short term performance showed a slight
decrease with the one year venture capital returns posting a 10.8% return
for Q3 2006, down from 13.7% in Q2 2006. Five year returns continued to
improve and inch towards positive territory at -1.0% in Q3 2006, up from
-3.7% in Q2 2006. This negative return continues to reflect the aftermath
of the Internet bubble burst. Ten and twenty year returns remained steady
at 20.5% and 16.5% respectively.
"Venture capital performance has remained very predictable for the last
several quarters with the five year return numbers gradually improving and
all other time horizons remaining extremely consistent," said Mark Heesen,
president of the NVCA. "As an industry, we appreciate this stability
because the numbers continue to outperform the public markets. The next
year should be very interesting as venture firms make decisions on
companies that have been in their portfolios for some time now. Those
decisions could very well impact this stability and send returns in either
direction."
One year buyout returns saw a very slight decrease as well, posting
23.6% for Q3 2006 compared to 26.2% for Q2 2006. Ten and twenty year buyout
returns were relatively steady at 8.8% and 13.2% respectively.
"Short-term buyout returns are under increasing downward pressure. This
pressure, coupled with the increase in five year and relative stability of
ten and twenty year returns, indicate that competition within this asset
class is causing turbulence in returns to investors," said Darrell Pinto,
director of Global PE Performance at Thomson Financial. "It is worth noting
that this volatility in short-term rates is most pronounced for funds less
than $500 million in size which posted an aggregated 37.2% one year return
in the quarter."
Thomson Financials US Private Equity Performance Index (PEPI)
Investment Horizon Performance through 09/30/2006
Fund Type 1 Yr 3 Yr 5 Yr 10 Yr 20 Yr
Early/Seed VC 2.90 5.50 -5.40 38.30 20.50
Balanced VC 10.70 12.80 1.80 16.80 14.60
Later Stage VC 27.80 10.50 2.70 9.40 13.90
All Venture 10.80 9.40 -1.00 20.50 16.50
Small Buyouts 11.30 9.40 5.00 6.00 25.20
Med Buyouts 37.20 12.30 6.10 10.90 15.30
Large Buyouts 23.10 16.40 8.30 8.30 12.40
Mega Buyouts 23.40 16.20 10.10 8.90 11.60
All Buyouts 23.60 15.60 9.20 8.80 13.20
Mezzanine -8.10 4.70 2.90 5.90 8.40
All Priv Equity 19.00 13.20 5.90 11.20 14.00
NASDAQ 5.50 7.80 8.70 7.10 11.40
S&P 500 9.70 9.90 5.20 7.50 9.70
Source: Thomson Financial/National Venture Capital Association
* The Private Equity Performance Index is based on the latest quarterly
statistics from Thomson Financials Private Equity Performance Database
analyzing the cashflows and returns for over 1860 US venture capital and
private equity partnerships with a capitalization of $678 billion.
Sources are financial documents and schedules from Limited Partners
investors and General Partners. All returns are calculated by Thomson
Financial from the underlying financial cashflows. Returns are net to
investors after management fees and carried interest. Buyout funds
sizes are defined as the following: Small: 0-250 $Mil, Medium: 250-500
$Mil, Large: 500-1000 $Mil, Mega: 1 Bil +
About Thomson Financial
Thomson Financial is a US$1.9 billion provider of information and
technology solutions to the worldwide financial community. Through the
widest range of products and services in the industry, Thomson Financial
helps clients in more than 70 countries make better decisions, be more
productive and achieve superior results. Thomson Financial is part of The
Thomson Corporation (http://www.thomson.com), a global leader in providing
integrated information solutions to business and professional customers.
Thomson provides value-added information, software tools and applications
to more than 20 million users in the fields of law, tax, accounting,
financial services, higher education, reference information, corporate
elearning and assessment, scientific research and healthcare. With revenues
of US$8.4 billion, The Thomson Corporation lists its common shares on the
New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
The National Venture Capital Association (NVCA) represents
approximately 480 venture capital and private equity firms. NVCAs mission
is to foster greater understanding of the importance of venture capital to
the U.S. economy, and support entrepreneurial activity and innovation.
According to a 2004 Global Insight study, venture-backed companies
accounted for 10.1 million jobs and $1.8 trillion in revenue in the United
States in 2003. The NVCA represents the public policy interests of the
venture capital community, strives to maintain high professional standards,
provides reliable industry data, sponsors professional development, and
facilitates interaction among its members. For more information about the
NVCA, please visit http://www.nvca.org.
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