Vintage Year
The year a private equity fund makes its first investment or closes on capital, used to benchmark fund performance against peers from the same time period.
Vintage year is the year a private equity fund begins investing or closes on committed capital, used to group and compare fund performance.
Why Vintage Year Matters
Funds from the same vintage share:
- Similar market conditions at investment
- Comparable economic cycles
- Same fundraising environment
- Similar exit opportunities
Vintage Year Benchmarking
2019 Vintage Comparison:
Fund A: 2.1x MOIC, 18% IRR
Fund B: 2.4x MOIC, 22% IRR
Fund C: 1.8x MOIC, 15% IRR
2019 Median: 2.0x MOIC, 17% IRR
Fund B = Top quartile performer
Vintage Year Performance Patterns
| Vintage Type | Characteristics |
|---|---|
| Strong (2010-2012) | Post-recession, cheap assets |
| Challenged (2006-2008) | Pre-crash, expensive entry |
| Recent (2020-2023) | COVID volatility, high multiples |
Vintage Year and J-Curve
Early vintage years show:
- Negative returns initially (J-curve)
- Performance improves as investments mature
- Final returns not known for 7-10+ years
Using Vintage Year Data
When evaluating fund managers:
- Compare to same vintage peers
- Consider market conditions of vintage
- Multiple vintages show consistency
- Recent vintages have incomplete data
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