PitchBook Benchmarks As of Q4 2021 Venture Capital

VENTURE CAPITAL
PitchBook Benchmarks
AS OF Q4 2021
Venture Capital Benchmarks SEATTLE | SAN FRANCISCO | NEW YORK | LONDON
Contents
Introduction 3 4 Rest of world VC 31-37 8
Methodology 4-5 IRRs by vintage 32-33
Venture capital 7-9 PMEs by vintage 34
Horizon IRRs 8 Multiples by vintage 35-36
Equal-weighted horizon IRRs 9 Quarterly return 37
1 Global VC 10-16 5 VC < $250M 38-44 9
IRRs by vintage 11-12 IRRs by vintage 39-40
PMEs by vintage 13 PMEs by vintage 41
Multiples by vintage 14-15 Multiples by vintage 42-43
Quarterly return 16 Quarterly return 44
2 North America VC 17-23 6 VC $250M+ 45-51 10
IRRs by vintage 18-19 IRRs by vintage 46-47
PMEs by vintage 20 PMEs by vintage 48
Multiples by vintage 21-22 Multiples by vintage 49-50
Quarterly return 23 Quarterly return 51
3 Europe VC 24-30 7 11
IRRs by vintage 25-26
PMEs by vintage 27
Multiples by vintage 28-29
Quarterly return 30
PitchBook Benchmarks: Private Markets Data 2

SEAT TLE | SAN FRANCISCO | NEW YORK | LONDON
Introduction
PitchBook Benchmarks aim to help both LPs and GPs better understand fund Our goal is to provide the most transparent, comprehensive, and useful fund performance
performance relative to broader asset classes and other private market strategies. We data for private market professionals. We hope that our Benchmarks prove useful in your
present performance through several lenses—including internal rates of return (IRRs) practice, and we welcome any and all feedback that may arise as you make your way
and cash multiples—to provide a holistic view for assessing performance within and through our various benchmark groupings. Should there be any additional benchmark
between strategies, as well as across vintage years. Furthermore, the returns of private categories or data points you would like to see included in the future, please contact us
Strategy
market funds are measured relative to easily accessible public market substitutes using directly at benchmarks@pitchbook.com.
a public market equivalent (PME) metric. Private capital
Additional data and vintage years are
We have expanded PitchBook Benchmarks to include additional slices based on fund available in the Excel data packs: Private equity
strategy and geography, enabling performance comparisons with more representative
Venture capital
peer groups. We include dedicated PitchBook Benchmarks for North America, Europe, Global Europe North America Private equity
private equity, venture capital, real estate, real assets, private debt, funds of funds, and Real estate
secondaries. To easily access the supporting data in this PDF, be sure to download the
Real assets
accompanying Excel data packs. Real estate Real assets Private debt
Venture capital
Private debt
As transparency is fundamental to our benchmarking efforts, subscribers to the
PitchBook Platform can use the data packs to gain direct access to all the underlying Funds of funds
funds and performance metrics used to calculate our Benchmarks. Funds of funds Secondaries
Secondaries
Additional PitchBook Benchmark PDFs: S&P 500
MSCI All Count

Commitment pacing and cash flow models can be made available via custom request Global Europe North America Private equity
for PitchBook clients. MSCI World Sm
Morningstar Gl
PitchBook clients have access to all the underlying funds as well as additional Venture capital Real estate Real assets Private debt
benchmarking analysis using the Custom Benchmarks Tool. Morningstar US
Bloomberg Bar
Additional PitchBook research specific to fund returns can be found in our Fund Funds of funds Secondaries
Performance Evaluation analyst workspace.

Methodology
Fund classifications straight-line interpolation calculation is used to populate the missing data; interpolated data is used for
approximately 10% of reporting periods, a figure that has been steadily declining.
Private equity Real assets Private debt
Buyout Infrastructure core Direct lending Beginning with the PitchBook Benchmarks with data as of Q4 2019, we expanded our dataset to include
Growth/expansion Infrastructure value added Bridge financing funds with a reported IRR, even if the fund’s cash flow data does not meet the pooled calculation criteria.
Restructuring/turnaround Infrastructure opportunistic Distressed debt Strategy
In our Q2 2021 report, we made additional improvements to the inclusion criteria for reported IRRs, which
Diversified PE Infrastructure greenfield Credit special situations
caused some shifts in vintage year data counts compared with prior iterations.
Oil & gas Infrastructure debt Private capital
Venture capital Timber Venture debt
Metals/mining Real estate debt We strive to maintain consistency from edition to edition of PitchBook Benchmarks, but fund Private equity
Real estate Agriculture Mezzanine classifications will change occasionally, and new funds will be incorporated into the dataset as we gather
Venture capital
Real estate core more information.
Real estate core plus Funds of funds Real estate
Real estate value added All returns data in this report is net of fees and carry.
Real estate opportunistic Secondaries Real assets
Real estate distressed
Definitions and calculation methodologies
Note: Benchmark reports prior to the Q4 2021 release included Mezzanine under Private Equity.
Private debt
Fund count: Represents how many funds are included in a given sample. Note that some funds in Funds of funds
Data composition our dataset have a reported IRR but lack sufficient cash flow information to be included in pooled
Secondaries
calculations.
PitchBook’s fund returns data is primarily sourced from individual LP reports, serving as the baseline for S&P 500
our estimates of activity across an entire fund. For any given fund, return profiles will vary for LPs due to Median calculations: Shows the middle data point for a sample group.
MSCI All Count
a range of factors, including fee discounts, timing of commitments and inclusion of co-investments. This
granularity of LP-reported returns—all available on the PitchBook Platform—provides helpful insight to Public market index returns: Instances where the return of a public market index is cited, we have
MSCI World Sm
industry practitioners but results in discrepancies that must be addressed when calculating fund-level calculated the annualized return for the given period. All public indices are total return and denominated
returns. in US dollars. Morningstar Gl
Morningstar US
To be included in pooled calculations, a fund must have: (i) at least one LP report within two years Standard deviation: Calculates the dispersion of reported IRRs for a given peer group using the sample-
of the fund’s vintage, and (ii) LP reports in at least 45% of applicable reporting periods. To mitigate based standard deviation methodology. Bloomberg Bar
discrepancies among multiple LPs reporting, the PitchBook Benchmarks (iii) determine returns for
each fund based on data from all LP reports in a given period. For periods that lack an LP report, (iv) a

Vintage year: The vintage year is based on the year that a fund makes its first capital call. If the year of Total value to paid-in (TVPI) multiple: A measurement of both the realized and unrealized value of a fund
the initial call is unknown, the year of the final close is used as the vintage year. However, if a firm publicly as a proportion of the total paid-in, or contributed, capital. Also known as the investment multiple, TVPI can
declares via press release or a notice on their website a fund to be of a particular vintage different than be found by adding together the DPI and RVPI of a fund.
either of the first conditions, the firm’s classification takes precedence.
Pooled calculations: Pooled calculations combine cashflow data from a group of funds to create a capital-
Internal rate of return (IRR): IRR represents the rate at which an historical series of cash flows are weighted IRR value. All cash flows and NAVs for each fund in the sample group (e.g. all private capital funds,
discounted so that the net present value of the cash flows equals zero. For pooled calculations, any 2004 vintage VC funds, etc.) are aggregated in the calculation. For vintage-specific calculations, we begin
remaining unrealized value in the fund is treated as a distribution in the most recent reporting period. This the calculation in Q1 of the vintage year, regardless of which quarter a fund first called capital. In cases
explains why some vintages show high IRRs but low DPI values. where the sample has unrealized value, the ending NAV is treated as a cash outflow in the last reportingStrategy
period.
Private capital
Horizon IRR: Horizon IRR is a capital-weighted pooled calculation that shows the IRR for a certain range
in time. For example, the one-year horizon IRR figures in the report may show the IRR performance for the Equal-weighted pooled calculations: Using the same methodology as the pooled calculations, the equal-
Private equity
one-year period beginning in Q2 20x0 through the end of Q1 20x1 while the three-year horizon IRR is for the weighted version expresses each fund’s cash flows and ending NAV as a ratio of fund size. The result is that
Venture capital
period beginning in Q2 20x0 through the end of Q1 20x3. each fund in these calculations has an equal impact on the output, regardless of the fund size.
Real estate
Quarterly return: Calculated as the aggregate percentage change in aggregate NAV for each Public market equivalent (PME) calculations: PME metrics benchmark the performance of a fund (or
group of funds in a sample, considering contributions and distributions during the quarter. This makes group of funds) against an index. A white paper detailing the calculations and methodology behind the Real
PMEassets
the calculation tantamount to a quarterly compounded growth rate. Interpolated and extended data are benchmarks can be found at pitchbook.com. PitchBook News & Analysis also contains several articles with
Private debt
not used in this calculation. Preliminary data is only available for the Global Benchmarks report and will PME benchmarks and analysis. All PME figures are calculated using the Kaplan-Schoar PME method:
be published when NAV captured nears 50% of the expected NAV for all private capital funds with cash When using a KS-PME, a value greater than 1.0 implies outperformance of the fund over the public indexFunds
(net of funds
flow history. of all fees).
Secondaries
] ]
NAV at end of quarter + distributions during the S&P 500
Quarterly quarter - contributions during the quarter
return MSCI All Count
NAV at the beginning of the quarter - 1
MSCI World Sm
Morningstar Gl
Distributions to paid-in (DPI) multiple: A measurement of the capital that has been distributed back to LPs
as a proportion of the total paid-in, or contributed, capital. DPI is also known as the cash-on-cash multiple or Morningstar US
the realization multiple.
Bloomberg Bar
Remaining value to paid-in (RVPI) multiple: A measurement of the unrealized return of a fund as a
proportion of the total paid-in, or contributed, capital.

Venture capital
Venture capital
Horizon IRRs
Strategy Q4 2021 1-year 3-year 5-year 10-year 15-year 20-year
Global VC 5.09% 50.54% 33.73% 25.27% 17.81% 13.04% 10.41%
North America VC 5.74% 55.22% 35.69% 26.40% 18.29% 13.16% 10.43%
Europe VC 1.44% 30.01% 22.43% 19.84% 14.05% 11.62% 9.85%
Rest of world VC -1.46% 22.15% 21.21% 16.68% 13.54% 11.72% 10.33%
VC < $250M 9.75% 84.66% 31.47% 22.26% 16.41% 12.66% 9.36%
VC $250M+ 4.61% 46.06% 34.16% 25.88% 18.09% 13.11% 10.62%
S&P 500 11.03% 28.71% 26.07% 18.47% 16.55% 10.66% 9.52%
MSCI World Small Cap Growth 0.68% 10.46% 23.00% 16.08% 14.03% 9.53% 10.90%
Morningstar US Small Cap Growth -0.65% -1.00% 21.93% 16.18% 14.44% 10.45% 9.05%
MSCI Europe Small Cap Growth 3.05% 14.42% 24.09% 16.36% 14.67% 8.14% 11.62%
MSCI Emerging Market Small Cap Growth 3.03% 20.94% 19.59% 12.53% 7.73% 5.43% 9.50%
Source: PitchBook | Geography: Global | Data as of December 31, 2021

Note: all public index values are total return CAGRs
Venture capital
Equal-weighted horizon IRRs

Strategy Q4 2021 1-year 3-year 5-year 10-year 15-year 20-year
Global VC 7.05% 58.05% 31.34% 23.82% 16.59% 12.23% 9.37%
North America VC 8.36% 65.32% 33.47% 25.41% 17.16% 12.52% 9.45%
Europe VC 0.37% 26.98% 23.33% 18.59% 13.65% 11.52% 10.28%
Rest of world VC -2.74% 21.25% 16.71% 11.91% 11.33% 8.76% 7.59%
VC < $250M 8.95% 70.43% 30.10% 22.19% 15.54% 11.96% 8.77%
VC $250M+ 5.99% 49.24% 32.44% 25.32% 17.51% 12.45% 9.88%
S&P 500 11.03% 28.71% 26.07% 18.47% 16.55% 10.66% 9.52%
MSCI World Small Cap Growth 0.68% 10.46% 23.00% 16.08% 14.03% 9.53% 10.90%
Morningstar US Small Cap Growth -0.65% -1.00% 21.93% 16.18% 14.44% 10.45% 9.05%
MSCI Europe Small Cap Growth 3.05% 14.42% 24.09% 16.36% 14.67% 8.14% 11.62%
MSCI Emerging Market Small Cap Growth 3.03% 20.94% 19.59% 12.53% 7.73% 5.43% 9.50%

Note: all public index values are total return CAGRs
Global VC
Global VC
IRRs by vintage
Pooled IRRs IRR quantiles
Vintage year Pooled IRR Equal-weighted pooled IRR Number of funds Top decile Top quartile Median IRR Bottom quartile Bottom decile Standard deviation Number of funds
1997 6.01% 12.99% 15 127.52% 53.99% 20.53% 0.90% -7.61% 87.54% 54
1998 6.10% 5.24% 21 48.48% 16.49% 2.29% -7.76% -11.11% 33.38% 46
1999 -2.26% -3.45% 36 8.96% 2.46% -4.30% -12.43% -18.74% 11.40% 70
2000 -0.18% -1.50% 61 10.56% 4.68% -0.53% -5.60% -13.91% 12.04% 117
2001 4.81% 3.22% 33 17.75% 7.65% 4.00% -2.79% -15.06% 19.40% 68
2002 2.89% 2.27% 20 13.22% 9.09% 2.66% -7.25% -15.03% 19.82% 44
2003 5.52% 1.40% 21 15.36% 9.11% 3.10% -4.82% -18.52% 35.43% 39
2004 4.59% 7.69% 22 23.20% 8.60% 1.10% -7.40% -19.80% 18.51% 41
2005 8.93% 8.18% 29 14.54% 9.90% 3.30% -0.50% -11.64% 18.09% 53
2006 5.81% 3.80% 40 18.70% 11.40% 4.16% -6.54% -11.25% 14.85% 65
2007 11.28% 11.15% 50 26.59% 16.09% 9.29% 3.12% -6.45% 13.50% 78
2008 13.59% 10.60% 49 29.47% 21.73% 11.70% -2.55% -17.63% 24.26% 60
2009 12.87% 9.69% 22 24.66% 17.20% 8.80% 1.40% -2.62% 11.64% 27
2010 17.26% 19.24% 22 40.01% 24.91% 13.25% 5.06% -5.00% 18.11% 37
2011 22.07% 23.38% 19 37.49% 24.07% 18.25% 10.79% 3.36% 17.98% 44
2012 21.40% 22.65% 19 47.21% 33.92% 19.21% 5.42% 0.11% 22.21% 36
2013 23.01% 18.38% 21 38.28% 28.96% 18.70% 14.00% 7.52% 16.01% 40
2014 26.05% 23.49% 40 38.27% 30.68% 24.95% 17.09% 8.68% 56.20% 50
2015 26.28% 25.82% 43 46.35% 37.61% 26.52% 19.41% 12.12% 15.50% 62
2016 37.15% 39.38% 47 54.18% 40.36% 33.10% 22.83% 17.04% 26.50% 63
2017 37.72% 37.07% 38 68.06% 50.79% 31.94% 22.63% 14.84% 21.47% 54
2018 35.45% 24.90% 45 70.00% 58.67% 38.19% 26.30% 17.46% 25.45% 69
2019 57.89% 49.26% 42 106.41% 75.15% 45.06% 27.13% 17.33% 46.77% 63
2020 52.32% 49.68% 40 92.75% 58.95% 39.70% 13.90% -2.69% 50.12% 68

Global VC
IRRs by vintage
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Vintage year
Top and bottom quartile range Top decile Median IRR Bottom decile

Global VC
PMEs by vintage
S&P 500 MSCI World Small Cap Growth
Vintage year Pooled IRR Index return KS-PME Pooled IRR Index return KS-PME Number of funds
1997 6.01% 9.43% 1.06 6.01% 9.20% 0.94 15
1998 6.10% 8.54% 1.15 6.10% 9.31% 0.96 21
1999 -2.26% 7.87% 0.76 -2.26% 9.73% 0.63 36
2000 -0.18% 7.59% 0.72 -0.18% 7.79% 0.56 61
2001 4.81% 8.48% 0.90 4.81% 9.82% 0.73 33
2002 2.89% 9.51% 0.82 2.89% 11.17% 0.68 20
2003 5.52% 11.55% 0.92 5.52% 13.13% 0.83 21
2004 4.59% 10.41% 0.84 4.59% 10.87% 0.79 22
2005 8.93% 10.62% 0.98 8.93% 10.59% 0.99 29
2006 5.81% 10.67% 0.79 5.81% 9.81% 0.80 40
2007 11.28% 10.51% 0.99 11.28% 9.53% 1.03 50
2008 13.59% 11.60% 0.99 13.59% 10.53% 1.05 49
2009 12.87% 16.96% 0.91 12.87% 16.52% 1.01 22
2010 17.26% 15.02% 1.11 17.26% 13.36% 1.24 22
2011 22.07% 14.73% 1.46 22.07% 11.87% 1.62 19
2012 21.40% 15.69% 1.42 21.40% 13.43% 1.58 19
2013 23.01% 15.79% 1.40 23.01% 13.56% 1.52 21
2014 26.05% 14.80% 1.60 26.05% 11.78% 1.72 40
2015 26.28% 14.80% 1.36 26.28% 13.27% 1.45 43
2016 37.15% 18.30% 1.64 37.15% 17.17% 1.74 47
2017 37.72% 17.57% 1.49 37.72% 16.24% 1.57 38
2018 35.45% 16.98% 1.36 35.45% 13.74% 1.43 45
2019 57.89% 23.14% 1.37 57.89% 20.89% 1.42 42
2020 52.32% 28.37% 1.13 52.32% 28.86% 1.18 40

Global VC
Multiples by vintage
Pooled multiples Equal-weighted pooled multiples
Vintage year TVPI DPI RVPI TVPI DPI RVPI Number of funds
1997 1.23x 1.23x 0.00x 1.41x 1.41x 0.00x 15
1998 1.28x 1.26x 0.02x 1.22x 1.20x 0.02x 21
1999 0.85x 0.81x 0.04x 0.79x 0.78x 0.01x 36
2000 0.99x 0.96x 0.02x 0.90x 0.88x 0.02x 61
2001 1.38x 1.30x 0.08x 1.25x 1.16x 0.10x 33
2002 1.20x 1.18x 0.02x 1.16x 1.03x 0.13x 20
2003 1.39x 1.35x 0.04x 1.09x 1.07x 0.02x 21
2004 1.37x 1.31x 0.06x 1.68x 1.56x 0.12x 22
2005 1.90x 1.55x 0.35x 1.87x 1.47x 0.39x 29
2006 1.44x 1.27x 0.17x 1.31x 1.10x 0.21x 40
2007 1.92x 1.56x 0.36x 1.92x 1.56x 0.36x 50
2008 2.08x 1.73x 0.35x 1.88x 1.45x 0.43x 49
2009 2.25x 1.49x 0.76x 1.89x 1.05x 0.84x 22
2010 2.39x 1.45x 0.94x 2.63x 1.69x 0.94x 22
2011 3.53x 2.22x 1.31x 3.94x 2.51x 1.43x 19
2012 3.35x 1.39x 1.95x 3.80x 1.60x 2.20x 19
2013 2.80x 1.07x 1.73x 2.40x 0.81x 1.59x 21
2014 3.35x 1.04x 2.31x 3.16x 1.03x 2.12x 40
2015 2.56x 0.60x 1.96x 2.51x 0.61x 1.90x 43
2016 2.86x 0.51x 2.35x 3.03x 0.65x 2.38x 47
2017 2.43x 0.38x 2.04x 2.51x 0.36x 2.15x 38
2018 2.01x 0.13x 1.88x 1.96x 0.16x 1.80x 45
2019 1.84x 0.09x 1.75x 1.72x 0.06x 1.66x 42
2020 1.35x 0.05x 1.30x 1.35x 0.06x 1.29x 40

Global VC
TVPI DPI
Vintage year Top decile Top quartile Median TVPI Bottom quartile Bottom decile Top decile Top quartile Median DPI Bottom quartile Bottom decile Number of funds
1997 2.43x 1.71x 1.14x 0.87x 0.65x 2.43x 1.71x 1.14x 0.87x 0.65x 15
1998 1.80x 1.66x 1.23x 0.69x 0.47x 1.80x 1.65x 1.23x 0.69x 0.47x 21
1999 1.49x 1.06x 0.72x 0.39x 0.21x 1.43x 1.06x 0.72x 0.38x 0.21x 36
2000 1.43x 1.18x 0.92x 0.62x 0.36x 1.43x 1.13x 0.91x 0.56x 0.25x 61
2001 2.05x 1.62x 1.27x 0.79x 0.37x 1.85x 1.56x 1.10x 0.72x 0.35x 33
2002 1.77x 1.62x 1.22x 0.67x 0.37x 1.73x 1.60x 1.12x 0.54x 0.26x 20
2003 1.65x 1.44x 1.15x 0.54x 0.40x 1.65x 1.42x 1.12x 0.54x 0.40x 21
2004 2.50x 1.64x 1.03x 0.69x 0.42x 1.85x 1.47x 1.02x 0.58x 0.42x 22
2005 2.50x 1.79x 1.29x 1.16x 0.54x 2.23x 1.64x 1.23x 0.98x 0.51x 29
2006 2.43x 1.89x 1.17x 0.67x 0.38x 2.13x 1.49x 1.03x 0.54x 0.29x 40
2007 2.87x 2.49x 1.67x 0.98x 0.49x 2.65x 2.09x 1.45x 0.56x 0.28x 50
2008 3.65x 2.29x 1.51x 0.77x 0.22x 3.27x 1.87x 0.90x 0.39x 0.21x 49
2009 2.65x 2.12x 1.82x 1.13x 0.86x 2.25x 1.41x 0.89x 0.52x 0.39x 22
2010 3.73x 3.04x 2.02x 1.60x 0.77x 3.15x 1.80x 1.23x 0.73x 0.46x 22
2011 5.74x 3.60x 2.24x 1.78x 0.80x 3.08x 2.21x 1.40x 0.81x 0.42x 19
2012 5.79x 3.19x 2.13x 1.43x 0.79x 2.36x 1.81x 1.04x 0.48x 0.22x 19
2013 4.50x 2.87x 2.39x 1.35x 0.78x 1.85x 1.08x 0.64x 0.27x 0.21x 21
2014 6.22x 3.88x 2.78x 1.87x 1.37x 1.73x 1.31x 1.05x 0.28x 0.08x 40
2015 4.06x 2.91x 2.33x 1.63x 1.27x 1.46x 0.87x 0.37x 0.13x 0.00x 43
2016 5.40x 3.57x 2.47x 1.88x 1.48x 1.61x 0.78x 0.36x 0.13x 0.00x 47
2017 4.01x 2.76x 2.33x 1.66x 1.20x 0.98x 0.63x 0.16x 0.04x 0.00x 38
2018 3.13x 2.21x 1.71x 1.27x 0.95x 0.50x 0.16x 0.00x 0.00x 0.00x 45
2019 2.41x 1.91x 1.42x 1.27x 1.16x 0.10x 0.02x 0.00x 0.00x 0.00x 42
2020 1.99x 1.47x 1.24x 1.01x 0.91x 0.13x 0.01x 0.00x 0.00x 0.00x 40

Global VC
Quarterly return
Quarter end 1-quarter return Quarter end 1-quarter return Quarter end 1-quarter return Quarter end 1-quarter return
Q1 2001 -11.24% Q1 2007 2.06% Q1 2013 2.40% Q1 2019 7.05%
Q2 2001 -8.91% Q2 2007 5.79% Q2 2013 4.62% Q2 2019 2.56%
Q3 2001 -14.72% Q3 2007 2.06% Q3 2013 5.38% Q3 2019 1.80%
Q4 2001 -11.10% Q4 2007 4.03% Q4 2013 8.49% Q4 2019 6.03%
Q1 2002 -7.38% Q1 2008 2.61% Q1 2014 4.99% Q1 2020 -1.22%
Q2 2002 -12.59% Q2 2008 -2.29% Q2 2014 3.18% Q2 2020 8.84%
Q3 2002 -7.95% Q3 2008 -3.09% Q3 2014 2.63% Q3 2020 11.66%
Q4 2002 -13.29% Q4 2008 -9.36% Q4 2014 6.98% Q4 2020 17.23%
Q1 2003 -5.94% Q1 2009 -3.51% Q1 2015 4.66% Q1 2021 20.88%
Q2 2003 -1.71% Q2 2009 -0.07% Q2 2015 7.17% Q2 2021 13.41%
Q3 2003 -2.19% Q3 2009 1.55% Q3 2015 -0.79% Q3 2021 7.80%
Q4 2003 2.81% Q4 2009 2.71% Q4 2015 2.13% Q4 2021 5.09%
Q1 2004 0.14% Q1 2010 1.39% Q1 2016 -3.73%
Q2 2004 0.64% Q2 2010 -0.28% Q2 2016 0.56%
Q3 2004 -0.69% Q3 2010 4.11% Q3 2016 3.32%
Q4 2004 3.10% Q4 2010 6.59% Q4 2016 0.67%
Q1 2005 -1.88% Q1 2011 5.03% Q1 2017 2.50%
Q2 2005 0.75% Q2 2011 4.48% Q2 2017 2.06%
Q3 2005 4.99% Q3 2011 -0.15% Q3 2017 3.83%
Q4 2005 2.51% Q4 2011 1.43% Q4 2017 3.06%
Q1 2006 2.94% Q1 2012 4.37% Q1 2018 7.17%
Q2 2006 1.16% Q2 2012 1.21% Q2 2018 5.41%
Q3 2006 1.73% Q3 2012 -0.38% Q3 2018 3.66%
Q4 2006 7.54% Q4 2012 2.00% Q4 2018 0.90%
Source: PitchBook | Geography: Global

North America VC
North America VC
IRRs by vintage
1997 6.84% 9.76% 13 131.24% 59.84% 22.90% 0.42% -7.50% 93.74% 46
1998 6.10% 5.24% 21 53.65% 18.70% 5.22% -7.97% -11.08% 35.26% 40
1999 -2.26% -3.45% 36 9.24% 2.48% -4.40% -13.19% -19.46% 11.63% 65
2000 -0.42% -1.95% 55 10.38% 4.67% -0.62% -5.53% -13.58% 11.94% 102
2001 4.87% 3.21% 32 13.21% 6.81% 3.51% -2.99% -10.25% 17.31% 55
2002 2.85% 2.49% 18 11.53% 6.73% 2.49% -8.35% -16.04% 11.34% 34
2003 6.00% 1.72% 19 15.36% 9.11% 3.40% -7.10% -19.17% 37.35% 35
2004 4.94% 8.53% 20 13.48% 7.30% 1.10% -7.40% -20.28% 17.88% 37
2005 9.07% 8.37% 28 14.54% 10.11% 3.72% -0.10% -11.58% 19.16% 45
2006 5.87% 3.90% 39 17.19% 10.40% 4.14% -6.79% -9.97% 14.73% 53
2007 12.42% 12.52% 43 30.53% 17.09% 10.34% 3.98% -3.78% 14.08% 58
2008 14.82% 12.41% 38 32.03% 23.13% 13.39% -2.48% -23.18% 26.59% 48
2009 13.01% 10.11% 21 24.90% 17.35% 8.20% 1.01% -2.80% 11.87% 26
2010 19.73% 20.92% 19 40.27% 30.41% 14.13% 3.40% -4.35% 18.92% 26
2011 22.73% 23.91% 18 36.46% 23.80% 18.10% 9.66% -1.38% 15.51% 30
2012 21.92% 24.08% 15 49.29% 31.45% 20.02% 10.31% 1.29% 17.94% 24
2013 23.24% 19.39% 19 38.96% 31.05% 19.23% 11.12% 7.10% 17.75% 32
2014 26.76% 24.03% 32 41.45% 31.22% 25.47% 17.45% 8.83% 60.86% 42
2015 27.00% 27.33% 34 40.37% 37.31% 26.15% 19.47% 12.12% 14.89% 52
2016 37.13% 39.65% 41 49.02% 39.57% 31.85% 21.69% 14.69% 15.39% 49
2017 38.95% 38.89% 30 65.75% 50.79% 33.21% 22.63% 17.08% 19.43% 38
2018 36.49% 24.49% 35 68.51% 58.38% 36.37% 26.03% 19.04% 24.16% 53
2019 68.55% 56.06% 30 98.48% 76.61% 46.60% 27.13% 17.33% 42.15% 43
2020 51.57% 50.20% 34 84.59% 53.77% 35.55% 2.65% -3.00% 38.02% 51
Source: PitchBook | Geography: North America | Data as of December 31, 2021

North America VC
IRRs by vintage
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Vintage year

North America VC
PMEs by vintage
S&P 500 Morningstar US Small Cap Growth
1997 6.84% 9.43% 1.04 6.84% 13
1998 6.10% 8.54% 1.15 6.10% 7.77% 1.05 21
1999 -2.26% 7.87% 0.76 -2.26% 8.72% 0.76 36
2000 -0.42% 7.59% 0.72 -0.42% 6.35% 0.68 55
2001 4.87% 8.48% 0.91 4.87% 8.27% 0.83 32
2002 2.85% 9.51% 0.82 2.85% 9.70% 0.75 18
2003 6.00% 11.55% 0.95 6.00% 12.70% 0.89 19
2004 4.94% 10.41% 0.86 4.94% 10.36% 0.80 20
2005 9.07% 10.62% 0.99 9.07% 10.84% 0.94 28
2006 5.87% 10.67% 0.79 5.87% 10.27% 0.75 39
2007 12.42% 10.51% 1.03 12.42% 10.73% 1.00 43
2008 14.82% 11.60% 1.04 14.82% 11.91% 1.03 38
2009 13.01% 16.96% 0.91 13.01% 17.23% 0.93 21
2010 19.73% 15.02% 1.23 19.73% 14.80% 1.30 19
2011 22.73% 14.73% 1.51 22.73% 13.17% 1.58 18
2012 21.92% 15.69% 1.46 21.92% 14.23% 1.55 15
2013 23.24% 15.79% 1.41 23.24% 14.37% 1.48 19
2014 26.76% 14.80% 1.66 26.76% 12.34% 1.72 32
2015 27.00% 14.80% 1.39 27.00% 13.36% 1.43 34
2016 37.13% 18.30% 1.64 37.13% 18.66% 1.71 41
2017 38.95% 17.57% 1.51 38.95% 16.94% 1.58 30
2018 36.49% 16.98% 1.41 36.49% 15.43% 1.51 35
2019 68.55% 23.14% 1.48 68.55% 19.69% 1.57 30
2020 51.57% 28.37% 1.12 51.57% 28.69% 1.21 34

North America VC
1997 1.23x 1.23x 0.00x 1.33x 1.33x 0.00x 13
1998 1.28x 1.26x 0.02x 1.22x 1.20x 0.02x 21
1999 0.85x 0.81x 0.04x 0.79x 0.78x 0.01x 36
2000 0.97x 0.95x 0.02x 0.87x 0.86x 0.01x 55
2001 1.38x 1.30x 0.08x 1.25x 1.15x 0.10x 32
2002 1.20x 1.18x 0.02x 1.18x 1.04x 0.14x 18
2003 1.42x 1.38x 0.04x 1.10x 1.08x 0.02x 19
2004 1.41x 1.34x 0.06x 1.78x 1.64x 0.13x 20
2005 1.92x 1.56x 0.35x 1.89x 1.49x 0.40x 28
2006 1.44x 1.27x 0.17x 1.31x 1.10x 0.21x 39
2007 1.97x 1.68x 0.30x 2.03x 1.68x 0.35x 43
2008 2.16x 1.86x 0.30x 2.05x 1.65x 0.39x 38
2009 2.27x 1.51x 0.77x 1.95x 1.08x 0.86x 21
2010 2.58x 1.67x 0.91x 2.81x 1.83x 0.98x 19
2011 3.66x 2.33x 1.33x 4.06x 2.61x 1.45x 18
2012 3.46x 1.45x 2.01x 4.24x 1.81x 2.43x 15
2013 2.83x 1.09x 1.74x 2.53x 0.87x 1.66x 19
2014 3.50x 1.07x 2.42x 3.40x 1.17x 2.23x 32
2015 2.59x 0.67x 1.92x 2.63x 0.64x 1.98x 34
2016 2.86x 0.48x 2.38x 3.05x 0.60x 2.44x 41
2017 2.45x 0.38x 2.07x 2.64x 0.39x 2.25x 30
2018 2.08x 0.13x 1.95x 2.01x 0.18x 1.83x 35
2019 1.98x 0.11x 1.87x 1.83x 0.08x 1.74x 30
2020 1.33x 0.05x 1.29x 1.35x 0.07x 1.28x 34

North America VC
TVPI DPI
1997 1.95x 1.55x 1.04x 0.75x 0.64x 1.95x 1.55x 1.04x 0.75x 0.64x 13
1998 1.80x 1.66x 1.23x 0.69x 0.47x 1.80x 1.65x 1.23x 0.69x 0.47x 21
1999 1.49x 1.06x 0.72x 0.39x 0.21x 1.43x 1.06x 0.72x 0.38x 0.21x 36
2000 1.43x 1.14x 0.87x 0.56x 0.30x 1.43x 1.13x 0.87x 0.55x 0.23x 55
2001 2.07x 1.63x 1.27x 0.77x 0.34x 1.86x 1.57x 1.09x 0.72x 0.31x 32
2002 1.77x 1.69x 1.22x 0.71x 0.35x 1.74x 1.61x 1.12x 0.50x 0.26x 18
2003 1.71x 1.45x 1.18x 0.50x 0.39x 1.71x 1.43x 1.17x 0.50x 0.39x 19
2004 2.64x 1.70x 1.12x 0.71x 0.41x 1.97x 1.57x 1.03x 0.66x 0.41x 20
2005 2.53x 1.85x 1.30x 1.12x 0.52x 2.23x 1.73x 1.24x 0.90x 0.49x 28
2006 2.45x 1.91x 1.26x 0.67x 0.37x 2.14x 1.50x 1.06x 0.53x 0.29x 39
2007 2.89x 2.63x 1.73x 1.07x 0.55x 2.67x 2.11x 1.55x 0.76x 0.31x 43
2008 4.38x 2.71x 1.56x 0.69x 0.23x 4.00x 2.23x 1.25x 0.39x 0.22x 38
2009 2.66x 2.13x 1.83x 1.44x 0.87x 2.29x 1.49x 0.92x 0.55x 0.42x 21
2010 4.01x 3.23x 2.01x 1.62x 0.86x 3.21x 2.08x 1.32x 0.76x 0.47x 19
2011 6.00x 3.60x 2.42x 1.71x 0.79x 3.11x 2.43x 1.41x 0.77x 0.38x 18
2012 6.17x 3.40x 2.50x 1.72x 1.16x 2.88x 2.02x 1.27x 0.91x 0.46x 15
2013 4.60x 2.89x 2.45x 1.41x 0.73x 1.86x 1.10x 0.68x 0.39x 0.23x 19
2014 6.54x 4.73x 3.00x 2.26x 1.41x 1.97x 1.36x 1.06x 0.57x 0.14x 32
2015 4.14x 3.06x 2.39x 1.82x 1.34x 1.63x 0.96x 0.36x 0.09x 0.00x 34
2016 5.48x 3.53x 2.47x 1.92x 1.51x 1.34x 0.77x 0.42x 0.14x 0.00x 41
2017 4.46x 2.83x 2.40x 1.75x 1.34x 0.97x 0.68x 0.30x 0.05x 0.00x 30
2018 3.13x 2.31x 1.73x 1.38x 0.93x 0.55x 0.14x 0.00x 0.00x 0.00x 35
2019 2.50x 2.05x 1.42x 1.26x 1.16x 0.25x 0.04x 0.00x 0.00x 0.00x 30
2020 1.94x 1.43x 1.22x 1.01x 0.92x 0.13x 0.00x 0.00x 0.00x 0.00x 34

North America VC
Quarterly return
Q1 2001 -11.74% Q1 2007 1.99% Q1 2013 2.45% Q1 2019 7.25%
Q2 2001 -9.43% Q2 2007 5.72% Q2 2013 4.90% Q2 2019 2.42%
Q3 2001 -15.08% Q3 2007 2.15% Q3 2013 5.87% Q3 2019 1.18%
Q4 2001 -11.57% Q4 2007 4.21% Q4 2013 8.70% Q4 2019 6.23%
Q1 2002 -7.92% Q1 2008 2.65% Q1 2014 5.19% Q1 2020 -1.03%
Q2 2002 -13.52% Q2 2008 -2.35% Q2 2014 3.21% Q2 2020 8.87%
Q3 2002 -8.41% Q3 2008 -2.70% Q3 2014 2.77% Q3 2020 12.66%
Q4 2002 -14.03% Q4 2008 -9.51% Q4 2014 7.16% Q4 2020 16.99%
Q1 2003 -6.44% Q1 2009 -3.91% Q1 2015 4.93% Q1 2021 22.54%
Q2 2003 -1.29% Q2 2009 -0.19% Q2 2015 6.88% Q2 2021 14.34%
Q3 2003 -2.26% Q3 2009 1.43% Q3 2015 -1.13% Q3 2021 7.70%
Q4 2003 2.71% Q4 2009 2.58% Q4 2015 2.30% Q4 2021 5.74%
Q1 2004 0.37% Q1 2010 1.52% Q1 2016 -3.77%
Q2 2004 0.69% Q2 2010 -0.18% Q2 2016 0.47%
Q3 2004 -0.86% Q3 2010 3.99% Q3 2016 3.27%
Q4 2004 3.16% Q4 2010 6.45% Q4 2016 0.59%
Q1 2005 -1.75% Q1 2011 5.17% Q1 2017 2.84%
Q2 2005 0.77% Q2 2011 4.48% Q2 2017 2.04%
Q3 2005 5.51% Q3 2011 -0.17% Q3 2017 3.57%
Q4 2005 2.60% Q4 2011 1.44% Q4 2017 2.50%
Q1 2006 2.80% Q1 2012 4.57% Q1 2018 7.46%
Q2 2006 1.03% Q2 2012 1.16% Q2 2018 5.30%
Q3 2006 1.77% Q3 2012 -0.43% Q3 2018 4.24%
Q4 2006 7.71% Q4 2012 2.15% Q4 2018 1.37%
Source: PitchBook | Geography: North America

Europe VC
Europe VC
IRRs by vintage
1997 2.57% 2.57% 1 16.72% 12.14% 4.69% 12.31% 6
1998 2.08% -2.41% -5.57% 7.12% 6
1999 1.65% -3.80% -8.16% 8.88% 4
2000 1.99% 1.99% 1 2.96% -2.56% -11.40% 17.45% 7
2001 3.35% 3.35% 1 21.00% 19.78% 7.10% -9.29% -20.02% 29.42% 11
2002 6.36% 6.36% 1 14.60% 9.90% 6.00% 39.47% 7
2003 2.08% 2.08% 1 3.10% 8.89% 3
2004 23.93% 1
2005 -0.68% -6.55% -10.74% 11.04% 4
2006 15.03% 5.65% -6.54% 16.36% 9
2007 15.10% 13.89% 2 17.79% 11.10% 7.74% 2.30% -4.77% 9.38% 12
2008 -11.60% -4.77% 2 18.12% 0.17% 2
2009 -5.06% -5.06% 1 0
2010 1.45% 4.76% 2 22.03% 16.15% 3.00% 19.32% 8
2011 26.40% 22.04% 16.29% 17.86% 8
2012 15.22% 11.10% 3 35.95% 19.41% 1.65% 33.43% 9
2013 1.19% 0.80% 2 22.00% 18.01% 14.20% 6.89% 5
2014 12.12% 15.51% 4 22.22% 17.40% 9.28% 15.39% 5
2015 18.17% 20.16% 5 29.50% 27.85% 3
2016 44.03% 44.46% 2 59.79% 45.60% 37.76% 65.32% 6
2017 29.72% 28.05% 4 59.25% 35.00% 31.78% 33.10% 7
2018 26.59% 22.23% 5 51.28% 42.75% 11.58% 25.72% 6
2019 47.48% 47.30% 2 145.30% 49.72% 42.16% 73.32% 6
2020 64.03% 98.38% 3 134.30% 57.09% 38.93% 92.96% 7
Source: PitchBook | Geography: Europe | Data as of December 31, 2021

Europe VC
IRRs by vintage
70%
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Vintage year

Europe VC
PMEs by vintage
S&P 500 MSCI Europe Small Cap Growth
1997 2.57% 9.43% 1.06 2.57% 8.38% 1.10 1
1998
1999
2000 1.99% 7.59% 0.80 1.99% 6.68% 0.59 1
2001 3.35% 8.48% 0.78 3.35% 9.42% 0.56 1
2002 6.36% 9.51% 1.02 6.36% 11.75% 0.76 1
2003 2.08% 11.55% 0.70 2.08% 13.85% 0.65 1
2004
2005
2006
2007 15.10% 10.51% 1.20 15.10% 7.93% 1.29 2
2008 -11.60% 11.60% 0.24 -11.60% 8.98% 0.28 2
2009 -5.06% 16.96% 0.27 -5.06% 16.35% 0.29 1
2010 1.45% 15.02% 0.56 1.45% 12.58% 0.61 2
2011
2012 15.22% 15.69% 0.98 15.22% 13.51% 1.15 3
2013 1.19% 15.79% 0.51 1.19% 12.80% 0.58 2
2014 12.12% 14.80% 0.84 12.12% 10.42% 0.94 4
2015 18.17% 14.80% 1.04 18.17% 12.95% 1.15 5
2016 44.03% 18.30% 2.00 44.03% 14.57% 2.16 2
2017 29.72% 17.57% 1.32 29.72% 15.76% 1.43 4
2018 26.59% 16.98% 1.14 26.59% 10.97% 1.23 5
2019 47.48% 23.14% 1.35 47.48% 21.57% 1.39 2
2020 64.03% 28.37% 1.25 64.03% 28.93% 1.30 3

Europe VC
1997 1.14x 1.14x 0.00x 1.14x 1.14x 0.00x 1
1998
1999
2000 1.20x 1.20x 0.00x 1.20x 1.20x 0.00x 1
2001 1.32x 1.28x 0.04x 1.32x 1.28x 0.04x 1
2002 1.46x 1.46x 0.00x 1.46x 1.46x 0.00x 1
2003 1.15x 1.12x 0.03x 1.15x 1.12x 0.03x 1
2004
2005
2006
2007 2.12x 1.71x 0.41x 2.15x 1.74x 0.42x 2
2008 0.47x 0.34x 0.13x 0.76x 0.49x 0.26x 2
2009 0.71x 0.39x 0.32x 0.71x 0.39x 0.32x 1
2010 1.07x 0.76x 0.32x 1.27x 0.92x 0.35x 2
2011
2012 2.33x 1.21x 1.12x 1.82x 0.83x 0.98x 3
2013 1.06x 0.18x 0.87x 1.04x 0.18x 0.86x 2
2014 1.61x 0.17x 1.44x 1.77x 0.08x 1.69x 4
2015 1.79x 0.49x 1.30x 1.93x 0.62x 1.31x 5
2016 3.40x 1.87x 1.53x 3.44x 1.90x 1.54x 2
2017 2.30x 0.03x 2.27x 1.91x 0.06x 1.85x 4
2018 1.77x 0.15x 1.62x 1.63x 0.08x 1.55x 5
2019 1.96x 0.00x 1.96x 1.95x 0.00x 1.95x 2
2020 1.58x 0.01x 1.57x 1.76x 0.03x 1.74x 3

Europe VC
TVPI DPI
1997 1.14x 1.14x 1
1998
1999
2000 1.20x 1.20x 1
2001 1.32x 1.28x 1
2002 1.46x 1.46x 1
2003 1.15x 1.12x 1
2004
2005
2006
2007 2.15x 1.74x 2
2008 0.72x 0.48x 2
2009 0.71x 0.39x 1
2010 1.26x 0.91x 2
2011
2012 0.79x 0.45x 3
2013 1.07x 0.18x 2
2014 1.94x 1.59x 1.39x 0.19x 0.08x 0.00x 4
2015 2.43x 1.64x 1.29x 0.88x 0.53x 0.37x 5
2016 3.21x 1.74x 2
2017 2.26x 1.64x 1.09x 0.05x 0.01x 0.01x 4
2018 1.98x 1.85x 1.27x 0.09x 0.00x 0.00x 5
2019 1.80x 0.00x 2
2020 1.98x 0.00x 3

Europe VC
Quarterly return
Q1 2001 -2.36% Q1 2007 4.36% Q1 2013 4.67% Q1 2019 3.08%
Q2 2001 3.03% Q2 2007 1.65% Q2 2013 7.41% Q2 2019 6.24%
Q3 2001 -6.89% Q3 2007 -0.90% Q3 2013 -0.14% Q3 2019 2.74%
Q4 2001 0.70% Q4 2007 0.14% Q4 2013 4.95% Q4 2019 5.20%
Q1 2002 3.89% Q1 2008 0.39% Q1 2014 9.10% Q1 2020 -9.67%
Q2 2002 4.44% Q2 2008 -2.29% Q2 2014 -2.36% Q2 2020 12.74%
Q3 2002 -0.18% Q3 2008 -5.50% Q3 2014 -2.41% Q3 2020 1.84%
Q4 2002 -1.05% Q4 2008 -13.12% Q4 2014 2.70% Q4 2020 18.35%
Q1 2003 -1.18% Q1 2009 3.88% Q1 2015 -4.41% Q1 2021 8.58%
Q2 2003 -3.99% Q2 2009 5.58% Q2 2015 1.36% Q2 2021 6.82%
Q3 2003 0.06% Q3 2009 -1.45% Q3 2015 14.78% Q3 2021 5.16%
Q4 2003 9.78% Q4 2009 -2.21% Q4 2015 -9.82% Q4 2021 1.44%
Q1 2004 -4.07% Q1 2010 -13.71% Q1 2016 0.83%
Q2 2004 -0.49% Q2 2010 -2.14% Q2 2016 -1.14%
Q3 2004 4.87% Q3 2010 5.61% Q3 2016 5.17%
Q4 2004 3.60% Q4 2010 19.33% Q4 2016 1.37%
Q1 2005 -3.67% Q1 2011 5.59% Q1 2017 3.80%
Q2 2005 1.48% Q2 2011 5.28% Q2 2017 3.67%
Q3 2005 -3.60% Q3 2011 -0.77% Q3 2017 4.08%
Q4 2005 4.11% Q4 2011 4.37% Q4 2017 1.93%
Q1 2006 10.12% Q1 2012 3.81% Q1 2018 12.72%
Q2 2006 5.46% Q2 2012 5.62% Q2 2018 12.89%
Q3 2006 -2.57% Q3 2012 -2.30% Q3 2018 -4.32%
Q4 2006 10.02% Q4 2012 -0.08% Q4 2018 1.16%
Source: PitchBook | Geography: Europe

Rest of world VC
Rest of world VC
IRRs by vintage
1997 98.30% 98.30% 1 68.79% 17.95% 2
1998
1999 2.40% 1
2000 2.20% 1.27% 5 5.40% 0.45% -2.85% 8.31% 8
2001 6.32% 1.10% 2
2002 -6.90% -6.90% 1 -7.00% 12.48% 3
2003 -4.79% -4.79% 1 -4.83% 1
2004 -2.89% -4.78% 2 0.30% 27.17% 3
2005 2.31% 2.31% 1 8.65% 4.25% 2.80% 8.03% 4
2006 0.74% 0.74% 1 10.00% 13.32% 3
2007 2.79% -1.85% 5 8.28% -0.50% -6.12% 10.65% 8
2008 6.45% 5.13% 9 14.53% 10.23% 3.78% -4.65% -6.98% 10.70% 10
2009 9.00% 1
2010 10.91% 10.91% 1 8.12% 7.51% 3
2011 11.96% 11.96% 1 17.17% 14.33% 13.65% 29.15% 6
2012 9.53% 9.53% 1 9.30% 8.96% 3
2013 17.00% 2.80% 3
2014 20.22% 21.37% 4 20.46% 7.09% 3
2015 25.56% 19.52% 4 42.35% 26.91% 19.50% 16.39% 7
2016 35.35% 34.63% 4 38.28% 27.71% 22.43% 19.06% 8
2017 35.07% 28.80% 4 34.95% 28.00% 20.70% 19.84% 9
2018 23.27% 34.84% 5 100.65% 72.45% 55.31% 37.96% 31.28% 27.82% 10
2019 29.67% 33.02% 10 79.70% 60.55% 38.41% 24.35% 15.04% 46.21% 14
2020 53.70% 19.09% 3 106.64% 74.22% 48.00% 31.90% 16.57% 46.00% 10
Source: PitchBook | Geography: Rest of world | Data as of December 31, 2021

Rest of world VC
IRRs by vintage
50%
40%
30%
20%
10%
0%
-10%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Vintage year

Rest of world VC
PMEs by vintage
S&P 500 MSCI Emerging Market Small Cap Growth
1997 98.30% 9.43% 2.39 98.30% 4.40% 2.84 1
1998
1999
2000 2.20% 7.59% 0.75 2.20% 5.69% 0.45 5
2001
2002 -6.90% 9.51% 0.38 -6.90% 9.15% 0.21 1
2003 -4.79% 11.55% 0.37 -4.79% 10.51% 0.33 1
2004 -2.89% 10.41% 0.60 -2.89% 8.32% 0.70 2
2005 2.31% 10.62% 0.62 2.31% 7.91% 0.82 1
2006 0.74% 10.67% 0.39 0.74% 6.36% 0.74 1
2007 2.79% 10.51% 0.48 2.79% 5.23% 0.87 5
2008 6.45% 11.60% 0.66 6.45% 4.02% 1.11 9
2009
2010 10.91% 15.02% 0.78 10.91% 5.39% 1.38 1
2011 11.96% 14.73% 0.87 11.96% 4.20% 1.50 1
2012 9.53% 15.69% 0.76 9.53% 6.44% 1.22 1
2013
2014 20.22% 14.80% 1.29 20.22% 6.43% 1.92 4
2015 25.56% 14.80% 1.35 25.56% 6.95% 1.77 4
2016 35.35% 18.30% 1.57 35.35% 10.90% 1.88 4
2017 35.07% 17.57% 1.45 35.07% 11.36% 1.67 4
2018 23.27% 16.98% 0.99 23.27% 7.64% 1.01 5
2019 29.67% 23.14% 1.04 29.67% 18.55% 1.06 10
2020 53.70% 28.37% 1.19 53.70% 32.10% 1.18 3

Rest of world VC
1997 2.73x 2.73x 0.00x 2.73x 2.73x 0.00x 1
1998
1999
2000 1.22x 1.11x 0.12x 1.11x 1.04x 0.07x 5
2001
2002 0.57x 0.57x 0.00x 0.57x 0.57x 0.00x 1
2003 0.69x 0.69x 0.00x 0.69x 0.69x 0.00x 1
2004 0.82x 0.82x 0.00x 0.72x 0.72x 0.00x 2
2005 1.21x 1.02x 0.19x 1.21x 1.02x 0.19x 1
2006 1.08x 0.89x 0.19x 1.08x 0.89x 0.19x 1
2007 1.33x 0.40x 0.93x 0.86x 0.44x 0.42x 5
2008 1.58x 0.86x 0.73x 1.43x 0.80x 0.63x 9
2009
2010 2.03x 0.72x 1.31x 2.03x 0.72x 1.31x 1
2011 1.99x 0.90x 1.09x 1.99x 0.90x 1.09x 1
2012 1.75x 0.23x 1.52x 1.75x 0.23x 1.52x 1
2013
2014 2.65x 1.24x 1.42x 2.65x 0.96x 1.69x 4
2015 2.65x 0.35x 2.30x 2.18x 0.27x 1.92x 4
2016 2.64x 0.75x 1.89x 2.66x 0.58x 2.08x 4
2017 2.38x 0.60x 1.77x 2.10x 0.44x 1.67x 4
2018 1.54x 0.13x 1.40x 1.86x 0.11x 1.74x 5
2019 1.43x 0.02x 1.40x 1.43x 0.02x 1.42x 10
2020 1.59x 0.03x 1.56x 1.14x 0.01x 1.13x 3

Rest of world VC
TVPI DPI
1997 2.73x 2.73x 1
1998
1999
2000 1.18x 1.05x 0.92x 1.05x 0.92x 0.87x 5
2001
2002 0.57x 0.57x 1
2003 0.69x 0.69x 1
2004 0.72x 0.72x 2
2005 1.21x 1.02x 1
2006 1.08x 0.89x 1
2007 1.02x 0.77x 0.59x 0.66x 0.42x 0.37x 5
2008 2.05x 1.33x 0.98x 1.15x 0.76x 0.72x 9
2009
2010 2.03x 0.72x 1
2011 1.99x 0.90x 1
2012 1.75x 0.23x 1
2013
2014 3.12x 2.39x 1.87x 1.34x 0.97x 0.51x 4
2015 2.39x 1.95x 1.73x 0.33x 0.24x 0.18x 4
2016 3.28x 2.60x 1.96x 0.68x 0.17x 0.00x 4
2017 2.41x 2.22x 1.90x 0.72x 0.31x 0.00x 4
2018 1.43x 1.41x 1.18x 0.17x 0.15x 0.00x 5
2019 1.58x 1.48x 1.44x 1.33x 1.27x 0.04x 0.01x 0.00x 0.00x 0.00x 10
2020 1.20x 0.00x 3

Rest of world VC
Quarterly return
Q1 2001 -8.63% Q1 2007 2.62% Q1 2013 1.08% Q1 2019 6.54%
Q2 2001 -5.18% Q2 2007 9.72% Q2 2013 -0.08% Q2 2019 2.65%
Q3 2001 -20.46% Q3 2007 0.97% Q3 2013 0.59% Q3 2019 6.63%
Q4 2001 -11.85% Q4 2007 1.43% Q4 2013 6.82% Q4 2019 4.52%
Q1 2002 -8.07% Q1 2008 2.39% Q1 2014 0.74% Q1 2020 -0.45%
Q2 2002 -6.54% Q2 2008 -0.85% Q2 2014 4.64% Q2 2020 7.73%
Q3 2002 -2.77% Q3 2008 -10.04% Q3 2014 2.10% Q3 2020 5.85%
Q4 2002 -23.47% Q4 2008 -5.32% Q4 2014 5.89% Q4 2020 19.12%
Q1 2003 3.39% Q1 2009 2.46% Q1 2015 3.89% Q1 2021 11.26%
Q2 2003 -12.49% Q2 2009 0.10% Q2 2015 12.16% Q2 2021 6.90%
Q3 2003 -3.57% Q3 2009 7.29% Q3 2015 -0.31% Q3 2021 9.24%
Q4 2003 -5.38% Q4 2009 9.48% Q4 2015 3.69% Q4 2021 -1.46%
Q1 2004 -1.49% Q1 2010 4.58% Q1 2016 -4.42%
Q2 2004 0.28% Q2 2010 -2.62% Q2 2016 2.07%
Q3 2004 -1.70% Q3 2010 5.71% Q3 2016 3.43%
Q4 2004 0.56% Q4 2010 4.81% Q4 2016 1.41%
Q1 2005 -4.37% Q1 2011 2.55% Q1 2017 -1.80%
Q2 2005 -0.70% Q2 2011 4.33% Q2 2017 1.85%
Q3 2005 -4.84% Q3 2011 0.35% Q3 2017 6.77%
Q4 2005 -1.74% Q4 2011 0.17% Q4 2017 10.36%
Q1 2006 1.92% Q1 2012 1.48% Q1 2018 2.19%
Q2 2006 2.16% Q2 2012 0.30% Q2 2018 4.23%
Q3 2006 3.35% Q3 2012 0.92% Q3 2018 0.77%
Q4 2006 1.30% Q4 2012 0.65% Q4 2018 -4.20%
Source: PitchBook | Geography: Rest of world

VC < $250M
VC < $250M
IRRs by vintage
1997 12.42% 17.17% 12 124.30% 49.78% 18.75% 0.74% -7.14% 88.60% 48
1998 8.29% 9.49% 10 43.19% 17.19% -2.15% -8.72% -11.28% 33.61% 32
1999 -4.50% -4.30% 13 8.08% 2.13% -5.65% -13.27% -21.16% 12.27% 34
2000 -1.16% -2.67% 25 11.28% 5.22% -0.50% -6.03% -14.90% 13.71% 67
2001 5.85% 3.11% 12 19.25% 7.45% 4.15% -3.55% -17.58% 20.77% 42
2002 0.64% 1.33% 11 12.39% 7.51% 2.51% -7.25% -14.91% 22.23% 32
2003 -10.83% -7.14% 7 37.49% 8.58% 1.95% -5.97% -22.12% 44.62% 24
2004 9.76% 11.97% 11 26.68% 7.30% 1.70% -9.80% -17.56% 21.56% 25
2005 11.60% 8.53% 10 12.40% 5.40% 1.95% -3.29% -11.94% 21.55% 32
2006 1.47% 1.31% 17 21.91% 11.49% 4.78% -6.97% -15.87% 16.60% 40
2007 12.69% 10.22% 21 27.10% 17.30% 9.55% 0.10% -9.38% 15.21% 45
2008 9.45% 7.28% 27 29.90% 21.55% 12.50% -4.55% -21.28% 27.03% 38
2009 7.94% 6.56% 12 25.59% 16.33% 7.85% 0.59% -5.71% 12.94% 18
2010 16.71% 21.95% 8 45.56% 25.68% 17.15% -0.68% -5.74% 20.50% 22
2011 27.69% 25.64% 10 38.60% 23.65% 19.19% 7.90% 0.61% 19.84% 35
2012 24.04% 25.53% 8 41.40% 32.98% 18.94% 1.21% -0.15% 25.07% 22
2013 15.92% 11.35% 11 36.02% 23.20% 18.00% 11.30% 4.85% 17.52% 29
2014 18.83% 18.31% 17 37.97% 27.40% 19.74% 13.80% 8.31% 15.16% 29
2015 26.16% 25.76% 23 40.40% 37.64% 26.64% 19.90% 12.02% 15.92% 41
2016 43.24% 43.70% 22 62.05% 43.50% 33.15% 21.97% 17.23% 31.96% 38
2017 31.09% 32.53% 15 68.47% 51.02% 31.90% 23.10% 11.08% 22.24% 37
2018 19.41% 17.05% 15 88.23% 63.98% 38.69% 25.85% 19.16% 27.67% 44
2019 53.69% 50.70% 14 119.70% 77.52% 49.24% 30.61% 19.99% 47.26% 37
2020 52.20% 31.83% 8 95.10% 76.30% 52.00% 33.56% -3.66% 44.61% 33

VC < $250M
IRRs by vintage
70%
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Vintage year

VC < $250M
PMEs by vintage
1997 12.42% 9.43% 1.16 12.42% 9.20% 1.03 12
1998 8.29% 8.54% 1.20 8.29% 9.31% 1.05 10
1999 -4.50% 7.87% 0.66 -4.50% 9.73% 0.53 13
2000 -1.16% 7.59% 0.69 -1.16% 7.79% 0.53 25
2001 5.85% 8.48% 0.98 5.85% 9.82% 0.79 12
2002 0.64% 9.51% 0.70 0.64% 11.17% 0.58 11
2003 -10.83% 11.55% 0.46 -10.83% 13.13% 0.40 7
2004 9.76% 10.41% 1.18 9.76% 10.87% 1.10 11
2005 11.60% 10.62% 1.11 11.60% 10.59% 1.16 10
2006 1.47% 10.67% 0.54 1.47% 9.81% 0.56 17
2007 12.69% 10.51% 1.05 12.69% 9.53% 1.10 21
2008 9.45% 11.60% 0.79 9.45% 10.53% 0.86 27
2009 7.94% 16.96% 0.70 7.94% 16.52% 0.75 12
2010 16.71% 15.02% 1.10 16.71% 13.36% 1.23 8
2011 27.69% 14.73% 2.08 27.69% 11.87% 2.29 10
2012 24.04% 15.69% 1.68 24.04% 13.43% 1.91 8
2013 15.92% 15.79% 1.02 15.92% 13.56% 1.12 11
2014 18.83% 14.80% 1.25 18.83% 11.78% 1.33 17
2015 26.16% 14.80% 1.34 26.16% 13.27% 1.42 23
2016 43.24% 18.30% 1.86 43.24% 17.17% 1.96 22
2017 31.09% 17.57% 1.39 31.09% 16.24% 1.47 15
2018 19.41% 16.98% 1.19 19.41% 13.74% 1.29 15
2019 53.69% 23.14% 1.39 53.69% 20.89% 1.44 14
2020 52.20% 28.37% 1.15 52.20% 28.86% 1.20 8

VC < $250M
1997 1.42x 1.42x 0.00x 1.52x 1.52x 0.00x 12
1998 1.26x 1.26x 0.00x 1.26x 1.26x 0.00x 10
1999 0.73x 0.73x 0.00x 0.75x 0.74x 0.00x 13
2000 0.93x 0.91x 0.02x 0.84x 0.82x 0.02x 25
2001 1.44x 1.41x 0.02x 1.23x 1.15x 0.08x 12
2002 1.04x 0.96x 0.08x 1.10x 0.87x 0.23x 11
2003 0.60x 0.60x 0.00x 0.72x 0.72x 0.00x 7
2004 1.81x 1.76x 0.06x 2.15x 1.97x 0.18x 11
2005 2.87x 1.94x 0.93x 2.21x 1.52x 0.69x 10
2006 1.12x 0.83x 0.29x 1.11x 0.81x 0.30x 17
2007 2.14x 1.71x 0.43x 1.90x 1.47x 0.43x 21
2008 1.83x 1.35x 0.48x 1.61x 1.20x 0.41x 27
2009 1.65x 0.91x 0.74x 1.51x 0.89x 0.63x 12
2010 2.39x 1.63x 0.77x 3.06x 2.22x 0.84x 8
2011 5.53x 3.79x 1.74x 4.79x 3.27x 1.51x 10
2012 4.37x 2.00x 2.37x 4.93x 2.05x 2.87x 8
2013 2.26x 0.48x 1.77x 1.80x 0.42x 1.38x 11
2014 2.76x 0.85x 1.91x 2.69x 0.78x 1.92x 17
2015 2.49x 0.54x 1.95x 2.52x 0.66x 1.86x 23
2016 3.16x 0.73x 2.42x 3.31x 0.90x 2.41x 22
2017 2.40x 0.26x 2.14x 2.51x 0.23x 2.28x 15
2018 2.19x 0.05x 2.13x 1.88x 0.10x 1.78x 15
2019 1.94x 0.11x 1.83x 1.82x 0.11x 1.72x 14
2020 1.42x 0.02x 1.40x 1.22x 0.02x 1.21x 8

VC < $250M
TVPI DPI
1997 2.65x 1.90x 1.12x 0.94x 0.68x 2.65x 1.90x 1.12x 0.94x 0.68x 12
1998 1.94x 1.67x 1.36x 0.71x 0.43x 1.94x 1.67x 1.35x 0.71x 0.43x 10
1999 1.54x 1.14x 0.57x 0.38x 0.19x 1.54x 1.14x 0.57x 0.36x 0.19x 13
2000 1.33x 1.11x 0.92x 0.62x 0.19x 1.33x 1.10x 0.92x 0.62x 0.18x 25
2001 2.39x 1.61x 1.32x 0.52x 0.20x 2.38x 1.51x 1.04x 0.52x 0.18x 12
2002 1.77x 1.57x 1.11x 0.63x 0.27x 1.61x 1.39x 0.57x 0.37x 0.26x 11
2003 1.05x 0.69x 0.48x 1.04x 0.69x 0.48x 7
2004 2.58x 1.63x 1.04x 0.65x 0.43x 1.61x 1.36x 1.03x 0.62x 0.42x 11
2005 2.70x 1.28x 1.19x 0.46x 0.24x 1.92x 1.18x 1.00x 0.44x 0.21x 10
2006 2.21x 1.71x 0.77x 0.43x 0.29x 1.50x 1.08x 0.77x 0.41x 0.20x 17
2007 2.90x 2.56x 1.18x 0.77x 0.44x 2.11x 2.03x 1.01x 0.43x 0.15x 21
2008 3.46x 2.02x 1.05x 0.45x 0.21x 2.96x 1.18x 0.70x 0.23x 0.18x 27
2009 2.28x 2.09x 1.55x 0.87x 0.72x 1.47x 0.93x 0.80x 0.54x 0.40x 12
2010 3.15x 1.81x 0.86x 1.96x 1.32x 0.70x 8
2011 6.83x 3.60x 2.82x 1.18x 0.68x 4.88x 2.34x 1.20x 0.54x 0.13x 10
2012 2.64x 1.20x 0.78x 1.78x 0.98x 0.49x 8
2013 4.50x 1.93x 1.35x 0.80x 0.41x 0.95x 0.53x 0.27x 0.21x 0.16x 11
2014 5.63x 3.01x 2.32x 1.68x 1.08x 1.48x 1.25x 0.32x 0.09x 0.00x 17
2015 4.06x 2.91x 2.43x 1.57x 1.18x 1.89x 0.87x 0.21x 0.06x 0.00x 23
2016 6.24x 3.74x 2.52x 1.82x 1.51x 1.85x 1.28x 0.48x 0.12x 0.00x 22
2017 4.38x 2.97x 1.75x 1.17x 1.05x 0.72x 0.23x 0.06x 0.00x 0.00x 15
2018 3.51x 2.04x 1.27x 0.96x 0.92x 0.20x 0.08x 0.00x 0.00x 0.00x 15
2019 2.45x 1.97x 1.36x 1.21x 1.13x 0.35x 0.00x 0.00x 0.00x 0.00x 14
2020 1.40x 1.21x 1.10x 0.01x 0.00x 0.00x 8

VC < $250M
Quarterly return
Q1 2001 -9.86% Q1 2007 -0.38% Q1 2013 1.21% Q1 2019 2.76%
Q2 2001 -8.66% Q2 2007 7.75% Q2 2013 2.91% Q2 2019 3.56%
Q3 2001 -17.97% Q3 2007 1.01% Q3 2013 5.93% Q3 2019 3.28%
Q4 2001 -12.74% Q4 2007 7.17% Q4 2013 12.06% Q4 2019 2.28%
Q1 2002 -8.08% Q1 2008 0.21% Q1 2014 2.46% Q1 2020 -1.22%
Q2 2002 -8.48% Q2 2008 -0.28% Q2 2014 2.72% Q2 2020 3.15%
Q3 2002 -6.56% Q3 2008 -6.28% Q3 2014 0.95% Q3 2020 7.58%
Q4 2002 -13.58% Q4 2008 -9.94% Q4 2014 8.18% Q4 2020 8.05%
Q1 2003 -2.92% Q1 2009 -4.73% Q1 2015 2.96% Q1 2021 47.74%
Q2 2003 -6.02% Q2 2009 3.91% Q2 2015 12.96% Q2 2021 16.69%
Q3 2003 1.87% Q3 2009 -5.16% Q3 2015 -0.26% Q3 2021 16.44%
Q4 2003 -2.87% Q4 2009 3.65% Q4 2015 -0.84% Q4 2021 9.75%
Q1 2004 -1.80% Q1 2010 1.29% Q1 2016 -7.22%
Q2 2004 -0.49% Q2 2010 3.54% Q2 2016 2.71%
Q3 2004 -0.91% Q3 2010 4.77% Q3 2016 2.84%
Q4 2004 0.71% Q4 2010 7.07% Q4 2016 0.70%
Q1 2005 -3.45% Q1 2011 8.88% Q1 2017 -0.25%
Q2 2005 0.14% Q2 2011 1.98% Q2 2017 1.05%
Q3 2005 3.05% Q3 2011 1.73% Q3 2017 5.50%
Q4 2005 -0.61% Q4 2011 0.82% Q4 2017 1.67%
Q1 2006 3.58% Q1 2012 4.38% Q1 2018 5.16%
Q2 2006 -0.19% Q2 2012 2.55% Q2 2018 5.35%
Q3 2006 0.06% Q3 2012 0.49% Q3 2018 4.60%
Q4 2006 5.80% Q4 2012 0.85% Q4 2018 -0.81%

VC $250M+
VC $250M+
IRRs by vintage
1997 0.77% -0.90% 3 111.39% 32.77% 8.28% 84.43% 6
1998 5.76% 3.23% 11 47.91% 14.21% 6.86% -0.55% -7.73% 33.66% 14
1999 -1.93% -3.01% 23 9.67% 5.60% -4.17% -7.27% -16.96% 10.37% 36
2000 -0.05% -0.82% 36 6.96% 4.41% -0.62% -4.96% -12.59% 9.41% 50
2001 4.72% 3.28% 21 13.42% 7.64% 2.83% -1.13% -6.65% 16.87% 26
2002 3.28% 3.52% 9 17.48% 9.50% 4.60% -5.59% -14.05% 11.94% 12
2003 6.72% 3.95% 14 14.81% 10.50% 5.81% -1.08% -13.34% 11.03% 15
2004 3.07% 2.61% 11 11.21% 9.37% 0.70% -6.63% -16.82% 12.81% 16
2005 8.13% 7.92% 19 14.54% 12.30% 5.30% 2.74% -4.20% 10.72% 21
2006 6.71% 5.75% 23 15.36% 9.05% 3.85% -3.40% -9.89% 11.84% 25
2007 10.91% 11.87% 29 25.36% 15.50% 9.20% 3.77% -0.72% 10.95% 33
2008 14.63% 14.89% 22 28.92% 22.21% 10.93% -0.13% -16.53% 19.06% 22
2009 13.82% 12.83% 10 17.50% 11.20% 6.96% 8.63% 9
2010 17.34% 17.36% 14 32.62% 24.33% 11.71% 7.19% -0.62% 14.38% 15
2011 20.09% 20.15% 9 24.03% 17.70% 14.28% 8.01% 9
2012 21.00% 20.16% 11 50.90% 32.38% 20.80% 14.58% 10.08% 17.18% 14
2013 24.93% 25.23% 10 39.04% 32.92% 22.67% 19.38% 16.70% 10.11% 11
2014 28.13% 29.75% 23 37.88% 34.67% 26.78% 21.90% 17.35% 84.16% 21
2015 26.30% 25.90% 20 46.60% 36.96% 25.90% 19.38% 13.20% 15.03% 21
2016 35.96% 35.38% 25 49.51% 39.57% 31.85% 22.90% 11.53% 14.09% 25
2017 38.61% 40.85% 23 52.46% 50.31% 34.44% 20.78% 17.07% 20.25% 17
2018 41.04% 34.79% 30 59.66% 51.70% 38.19% 28.78% 15.40% 20.48% 25
2019 58.38% 48.40% 28 90.75% 64.13% 35.93% 27.03% 15.21% 46.11% 26
2020 52.33% 53.94% 32 82.19% 44.54% 28.97% 2.65% -2.14% 54.31% 35

VC $250M+
IRRs by vintage
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Vintage year

VC $250M+
PMEs by vintage
1997 0.77% 9.43% 0.95 0.77% 9.20% 0.83 3
1998 5.76% 8.54% 1.14 5.76% 9.31% 0.93 11
1999 -1.93% 7.87% 0.77 -1.93% 9.73% 0.64 23
2000 -0.05% 7.59% 0.72 -0.05% 7.79% 0.56 36
2001 4.72% 8.48% 0.89 4.72% 9.82% 0.73 21
2002 3.28% 9.51% 0.84 3.28% 11.17% 0.70 9
2003 6.72% 11.55% 0.98 6.72% 13.13% 0.89 14
2004 3.07% 10.41% 0.75 3.07% 10.87% 0.71 11
2005 8.13% 10.62% 0.95 8.13% 10.59% 0.96 19
2006 6.71% 10.67% 0.84 6.71% 9.81% 0.85 23
2007 10.91% 10.51% 0.97 10.91% 9.53% 1.01 29
2008 14.63% 11.60% 1.04 14.63% 10.53% 1.10 22
2009 13.82% 16.96% 0.95 13.82% 16.52% 1.06 10
2010 17.34% 15.02% 1.11 17.34% 13.36% 1.24 14
2011 20.09% 14.73% 1.31 20.09% 11.87% 1.45 9
2012 21.00% 15.69% 1.39 21.00% 13.43% 1.54 11
2013 24.93% 15.79% 1.50 24.93% 13.56% 1.63 10
2014 28.13% 14.80% 1.67 28.13% 11.78% 1.80 23
2015 26.30% 14.80% 1.36 26.30% 13.27% 1.45 20
2016 35.96% 18.30% 1.60 35.96% 17.17% 1.70 25
2017 38.61% 17.57% 1.50 38.61% 16.24% 1.58 23
2018 41.04% 16.98% 1.37 41.04% 13.74% 1.43 30
2019 58.38% 23.14% 1.36 58.38% 20.89% 1.42 28
2020 52.33% 28.37% 1.13 52.33% 28.86% 1.18 32

VC $250M+
1997 1.03x 1.03x 0.00x 0.97x 0.97x 0.00x 3
1998 1.28x 1.26x 0.02x 1.18x 1.15x 0.03x 11
1999 0.87x 0.83x 0.05x 0.82x 0.80x 0.02x 23
2000 1.00x 0.97x 0.03x 0.94x 0.92x 0.02x 36
2001 1.37x 1.28x 0.09x 1.26x 1.16x 0.10x 21
2002 1.23x 1.22x 0.01x 1.24x 1.23x 0.01x 9
2003 1.49x 1.45x 0.04x 1.27x 1.24x 0.03x 14
2004 1.25x 1.19x 0.06x 1.21x 1.15x 0.06x 11
2005 1.72x 1.48x 0.24x 1.69x 1.45x 0.24x 19
2006 1.50x 1.35x 0.15x 1.45x 1.31x 0.14x 23
2007 1.87x 1.52x 0.35x 1.93x 1.62x 0.31x 29
2008 2.13x 1.82x 0.32x 2.21x 1.76x 0.45x 22
2009 2.39x 1.62x 0.77x 2.35x 1.25x 1.10x 10
2010 2.39x 1.42x 0.97x 2.39x 1.39x 1.00x 14
2011 3.00x 1.81x 1.20x 3.00x 1.67x 1.34x 9
2012 3.22x 1.32x 1.90x 3.09x 1.32x 1.77x 11
2013 2.94x 1.22x 1.72x 3.02x 1.22x 1.80x 10
2014 3.46x 1.08x 2.39x 3.51x 1.23x 2.28x 23
2015 2.57x 0.61x 1.96x 2.49x 0.54x 1.95x 20
2016 2.80x 0.46x 2.34x 2.78x 0.43x 2.35x 25
2017 2.43x 0.40x 2.03x 2.51x 0.44x 2.06x 23
2018 2.00x 0.14x 1.86x 1.99x 0.19x 1.80x 30
2019 1.83x 0.08x 1.74x 1.67x 0.04x 1.63x 28
2020 1.35x 0.05x 1.30x 1.38x 0.07x 1.31x 32

VC $250M+
TVPI DPI
1997 1.14x 1.14x 3
1998 1.77x 1.58x 1.23x 0.79x 0.56x 1.77x 1.57x 1.23x 0.76x 0.52x 11
1999 1.34x 0.89x 0.73x 0.43x 0.21x 1.33x 0.84x 0.73x 0.42x 0.21x 23
2000 1.43x 1.20x 0.91x 0.61x 0.41x 1.43x 1.18x 0.87x 0.56x 0.39x 36
2001 1.88x 1.62x 1.27x 0.90x 0.67x 1.66x 1.56x 1.10x 0.77x 0.67x 21
2002 1.72x 1.28x 0.79x 1.72x 1.28x 0.79x 9
2003 1.85x 1.52x 1.32x 0.90x 0.42x 1.85x 1.50x 1.28x 0.89x 0.42x 14
2004 1.86x 1.58x 1.02x 0.70x 0.42x 1.85x 1.54x 1.02x 0.57x 0.42x 11
2005 2.50x 2.13x 1.40x 1.22x 0.94x 2.23x 2.01x 1.35x 1.09x 0.64x 19
2006 2.63x 2.05x 1.37x 0.83x 0.55x 2.22x 1.65x 1.27x 0.78x 0.55x 23
2007 2.83x 2.28x 1.85x 1.43x 0.73x 2.66x 2.28x 1.68x 0.92x 0.35x 29
2008 3.49x 2.85x 1.82x 1.45x 0.51x 3.07x 2.33x 1.62x 0.87x 0.41x 22
2009 3.22x 2.52x 1.96x 1.68x 1.49x 2.32x 1.82x 1.16x 0.60x 0.40x 10
2010 3.65x 2.94x 2.02x 1.89x 1.48x 2.71x 1.80x 1.23x 0.73x 0.46x 14
2011 2.59x 1.98x 1.93x 1.78x 1.63x 0.95x 9
2012 5.60x 3.40x 2.76x 2.05x 1.75x 2.10x 1.74x 1.27x 0.63x 0.23x 11
2013 3.49x 2.90x 2.64x 2.46x 2.30x 1.92x 1.74x 1.07x 0.74x 0.63x 10
2014 6.02x 4.33x 3.04x 2.49x 1.50x 1.94x 1.46x 1.10x 0.64x 0.34x 23
2015 3.75x 2.88x 2.26x 1.80x 1.36x 1.09x 0.81x 0.45x 0.22x 0.05x 20
2016 4.22x 3.43x 2.47x 1.92x 1.43x 0.85x 0.65x 0.36x 0.14x 0.00x 25
2017 2.98x 2.72x 2.43x 2.04x 1.66x 1.01x 0.77x 0.33x 0.07x 0.04x 23
2018 2.88x 2.26x 1.86x 1.52x 1.24x 0.54x 0.22x 0.00x 0.00x 0.00x 30
2019 2.20x 1.79x 1.43x 1.30x 1.23x 0.09x 0.03x 0.00x 0.00x 0.00x 28
2020 2.01x 1.47x 1.27x 1.01x 0.95x 0.13x 0.01x 0.00x 0.00x 0.00x 32

VC $250M+
Quarterly return
Q1 2001 -11.59% Q1 2007 2.42% Q1 2013 2.65% Q1 2019 7.93%
Q2 2001 -8.98% Q2 2007 5.51% Q2 2013 4.98% Q2 2019 2.37%
Q3 2001 -13.89% Q3 2007 2.22% Q3 2013 5.27% Q3 2019 1.53%
Q4 2001 -10.66% Q4 2007 3.52% Q4 2013 7.74% Q4 2019 6.53%
Q1 2002 -7.20% Q1 2008 3.00% Q1 2014 5.56% Q1 2020 -1.21%
Q2 2002 -13.67% Q2 2008 -2.60% Q2 2014 3.28% Q2 2020 9.51%
Q3 2002 -8.25% Q3 2008 -2.58% Q3 2014 2.99% Q3 2020 12.11%
Q4 2002 -13.23% Q4 2008 -9.28% Q4 2014 6.73% Q4 2020 18.17%
Q1 2003 -6.71% Q1 2009 -3.33% Q1 2015 5.01% Q1 2021 17.61%
Q2 2003 -0.58% Q2 2009 -0.65% Q2 2015 5.98% Q2 2021 13.06%
Q3 2003 -3.12% Q3 2009 2.35% Q3 2015 -0.91% Q3 2021 6.90%
Q4 2003 4.09% Q4 2009 2.60% Q4 2015 2.81% Q4 2021 4.61%
Q1 2004 0.55% Q1 2010 1.40% Q1 2016 -2.93%
Q2 2004 0.87% Q2 2010 -0.74% Q2 2016 0.08%
Q3 2004 -0.65% Q3 2010 4.00% Q3 2016 3.43%
Q4 2004 3.53% Q4 2010 6.50% Q4 2016 0.66%
Q1 2005 -1.59% Q1 2011 4.32% Q1 2017 3.08%
Q2 2005 0.85% Q2 2011 4.95% Q2 2017 2.27%
Q3 2005 5.30% Q3 2011 -0.51% Q3 2017 3.48%
Q4 2005 3.00% Q4 2011 1.55% Q4 2017 3.36%
Q1 2006 2.84% Q1 2012 4.36% Q1 2018 7.61%
Q2 2006 1.38% Q2 2012 0.94% Q2 2018 5.42%
Q3 2006 2.00% Q3 2012 -0.56% Q3 2018 3.46%
Q4 2006 7.82% Q4 2012 2.24% Q4 2018 1.26%

Additional research
Fund performance
US PE Breakdown Global Markets Snapshot Global Real Assets
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Venture Monitor First Look PitchBook Analyst Insights into LPs’

Note: Did VC Fly Too Close Approach to 2022’s
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PitchBook Benchmarks As of Q4 2021 Venture Capital

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PitchBook Benchmarks As of Q4 2021 Venture Capital

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VENTURE CAPITAL

Methodology 4-5 IRRs by vintage 32-33

Venture capital 7-9 PMEs by vintage 34

Horizon IRRs 8 Multiples by vintage 35-36

Equal-weighted horizon IRRs 9 Quarterly return 37

1 Global VC 10-16 5 VC < $250M 38-44 9

IRRs by vintage 11-12 IRRs by vintage 39-40

PMEs by vintage 13 PMEs by vintage 41

Multiples by vintage 14-15 Multiples by vintage 42-43

Quarterly return 16 Quarterly return 44

2 North America VC 17-23 6 VC $250M+ 45-51 10

IRRs by vintage 18-19 IRRs by vintage 46-47

PMEs by vintage 20 PMEs by vintage 48

Multiples by vintage 21-22 Multiples by vintage 49-50

Quarterly return 23 Quarterly return 51

IRRs by vintage 25-26

Multiples by vintage 28-29

PitchBook Benchmarks: Private Markets Data 2

Additional PitchBook Benchmark PDFs: S&P 500

MSCI All Count

PitchBook Benchmarks: Private Markets Data 3

PitchBook Benchmarks: Private Markets Data 4

PitchBook Benchmarks: Private Markets Data 5

Global VC 5.09% 50.54% 33.73% 25.27% 17.81% 13.04% 10.41%

North America VC 5.74% 55.22% 35.69% 26.40% 18.29% 13.16% 10.43%

Europe VC 1.44% 30.01% 22.43% 19.84% 14.05% 11.62% 9.85%

Rest of world VC -1.46% 22.15% 21.21% 16.68% 13.54% 11.72% 10.33%

VC < $250M 9.75% 84.66% 31.47% 22.26% 16.41% 12.66% 9.36%

VC $250M+ 4.61% 46.06% 34.16% 25.88% 18.09% 13.11% 10.62%

S&P 500 11.03% 28.71% 26.07% 18.47% 16.55% 10.66% 9.52%

Source: PitchBook | Geography: Global | Data as of December 31, 2021

Equal-weighted horizon IRRs

Global VC 7.05% 58.05% 31.34% 23.82% 16.59% 12.23% 9.37%

North America VC 8.36% 65.32% 33.47% 25.41% 17.16% 12.52% 9.45%

Europe VC 0.37% 26.98% 23.33% 18.59% 13.65% 11.52% 10.28%

Rest of world VC -2.74% 21.25% 16.71% 11.91% 11.33% 8.76% 7.59%

VC < $250M 8.95% 70.43% 30.10% 22.19% 15.54% 11.96% 8.77%

VC $250M+ 5.99% 49.24% 32.44% 25.32% 17.51% 12.45% 9.88%

S&P 500 11.03% 28.71% 26.07% 18.47% 16.55% 10.66% 9.52%

Source: PitchBook | Geography: Global | Data as of December 31, 2021

1997 6.01% 12.99% 15 127.52% 53.99% 20.53% 0.90% -7.61% 87.54% 54

1998 6.10% 5.24% 21 48.48% 16.49% 2.29% -7.76% -11.11% 33.38% 46

1999 -2.26% -3.45% 36 8.96% 2.46% -4.30% -12.43% -18.74% 11.40% 70

2001 4.81% 3.22% 33 17.75% 7.65% 4.00% -2.79% -15.06% 19.40% 68

2002 2.89% 2.27% 20 13.22% 9.09% 2.66% -7.25% -15.03% 19.82% 44

2003 5.52% 1.40% 21 15.36% 9.11% 3.10% -4.82% -18.52% 35.43% 39

2004 4.59% 7.69% 22 23.20% 8.60% 1.10% -7.40% -19.80% 18.51% 41

2005 8.93% 8.18% 29 14.54% 9.90% 3.30% -0.50% -11.64% 18.09% 53

2006 5.81% 3.80% 40 18.70% 11.40% 4.16% -6.54% -11.25% 14.85% 65

2007 11.28% 11.15% 50 26.59% 16.09% 9.29% 3.12% -6.45% 13.50% 78

2008 13.59% 10.60% 49 29.47% 21.73% 11.70% -2.55% -17.63% 24.26% 60

2009 12.87% 9.69% 22 24.66% 17.20% 8.80% 1.40% -2.62% 11.64% 27

2010 17.26% 19.24% 22 40.01% 24.91% 13.25% 5.06% -5.00% 18.11% 37

2011 22.07% 23.38% 19 37.49% 24.07% 18.25% 10.79% 3.36% 17.98% 44

2012 21.40% 22.65% 19 47.21% 33.92% 19.21% 5.42% 0.11% 22.21% 36

2013 23.01% 18.38% 21 38.28% 28.96% 18.70% 14.00% 7.52% 16.01% 40

2014 26.05% 23.49% 40 38.27% 30.68% 24.95% 17.09% 8.68% 56.20% 50

2015 26.28% 25.82% 43 46.35% 37.61% 26.52% 19.41% 12.12% 15.50% 62

2016 37.15% 39.38% 47 54.18% 40.36% 33.10% 22.83% 17.04% 26.50% 63

2017 37.72% 37.07% 38 68.06% 50.79% 31.94% 22.63% 14.84% 21.47% 54

2018 35.45% 24.90% 45 70.00% 58.67% 38.19% 26.30% 17.46% 25.45% 69

2019 57.89% 49.26% 42 106.41% 75.15% 45.06% 27.13% 17.33% 46.77% 63