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Global Fund Performance Report (as of Q1 2021 with preliminary Q2 2021 data)

2021

Global Fund Performance Report (as of Q1 2021 with preliminary Q2 2021 data)

November 2, 2021

Global Fund Performance Report (as of Q1 2021 with preliminary Q2 2021 data)
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VC, PE funds show staggering returns to kick off 2021

Venture capital funds posted an eye-popping horizon IRR of 52.5% in Q1, followed closely by PE's return of 47.6%. The one-year figures look especially dramatic as the comparison period started on the upswing following the dismal Q1 2020. Other key takeaways from our latest Global Fund Performance Report include:
 
  • Both PE and VC funds significantly outperformed the S&P 500 for the year ended March 31. Yet a reversion could be possible as private market performance returns to normal, as it is historically less extreme than that of the public markets.
     
  • While unrealized VC returns have been less frequently negative in the past five years than overall private capital figures, the past five quarters have shown a massive amount of unrealized contribution to returns.
     
  • Through Q1 2021, private cash flow distributions had already reached 31.4% of full-year 2020 distributions. If that pace continues, 2021 could be the second year in a row with record cash returned to LPs.
     
  • Real estate funds appear to have lagged again going into Q2, as the headwinds for retail and office space combine with tailwinds for industrial and storage to provide mediocre returns.

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Table of contents
Overview 3
Private equity 9
Venture capital 12
Real estate 15
Real assets 19
Private debt 22
Funds of funds 26
Secondaries 29