Performance Measurement Survey 2024 (BVCA (UK Private Capital))

Summary

• Participating UK private equity and venture capital funds achieved an 82% response rate with 85 out of 104 eligible firms submitting data.p.2
• Overall UK private capital funds since 2005 achieved an annualised since-inception IRR of 12.0% p.a. and a TVPI multiple of 1.74x.p.4
• Funds with vintages from 2015 onwards delivered a since-inception IRR of 14.5% p.a. and a total return multiple of 1.62x.p.4
• Fundraising in 2024 reached £11.8bn across 21 funds, representing a 44% decline in capital raised compared to the previous year.p.11
• Large private equity funds generated the highest stage-specific since-inception IRR of 12.9% and a DPI multiple of 1.20x for 2005 vintage funds onwards.p.13
• Over a 10-year horizon, UK private capital funds achieved an annualised return of 15.8% p.a., outperforming the FTSE All-Share Index return of 6.2% p.a.p.32

Key insights

1. The 2024 Performance Measurement Survey represents data from 85 member firms out of 104 eligible members, reflecting an 82% response rate.p.2
2. Across the industry since 2005, private equity and venture capital funds generated an overall since-inception internal rate of return of 12.0% p.a.p.4
3. Investors holding assets in funds raised since 2015 would receive 1.62x their original investment if realized at 31 December 2024 values.p.4
4. UK-focused funds with vintages from 2005 onwards raised £46bn by December 2024, representing 11% of total capital raised in the sample.p.11
5. Capital raised in 2024 dropped by 44% year-over-year to £11.8bn across 21 funds, marking the first time since 2014 that fundraising fell below £12bn.p.11
6. Large private equity delivered the highest since-inception IRR among investment stages at 12.9%, accompanied by a DPI multiple of 1.20x.p.13
7. The 2016 vintage year was the top-performing vintage of the past decade, delivering an IRR of 20.2% to 31 December 2024.p.19