PERFORMANCE

The stock markets and private equity fundraising are powerful harbingers of vintage year returns. What do current conditions imply about the performance of 2008 funds? Amanda Janis seeks clues from history.

GOOD TIMES, BAD TIMESAverage IRRs as of 31 March 2008 for all global buyout funds, by vintage year:

1990 18.28% 2000 17.52%
1991 29.12% 2001 26.89%
1992 14.13% 2002 25.60%
1993 19.75% 2003 34.55%
1994 16.42% 2004 28.68%
1995 11.80% 2005 20.24%
1996 11.74% ?? 7.07%
1997 8.78% ?? -8.59%
1998 6.39% ?oo8 Qi -14.01%
1999 10.55%