State Street Announces Private Equity Index Results
July 15 2009 - 2:57PM
Business Wire
State Street Corporation (NYSE:STT), the world�s leading
provider of financial services to institutional investors,
announced today the results of the State Street Private Equity
Indexsm as of March 31, 2009. The index is based on the latest
quarterly statistics from State Street Investment Analytics�
Private Edge� Group and includes more than 1,600 private equity
partnerships with aggregate commitments of approximately $1.5
trillion.
The Private Edge� Group provides detailed analyses of private
equity investments for a diverse client base including public and
private pensions, endowments and foundations, representing nearly
5,000 commitments totaling approximately $200 billion. The Private
Edge� Group has one of the most extensive and comprehensive private
equity data sets currently maintained in the marketplace, including
partnership information down to the portfolio company level.
The following tables depict the quarter-over-quarter internal
rates of return (IRR) of the index, the end-to-end IRRs for the
index across 1-, 3-, 5- and 10-year horizons as of March 31, 2009
and the long-term internal rates of return (IRR) of the index by
major private equity strategy, in addition to the composition of
the index:
State Street Private Equity
Indexsm
Composition and long-term IRR
as of March 31, 2009
� � �
Strategy �
Number of Funds �
Commitments
($B) �
Long-term IRR % Buyout � 769 � 1,136.5 � 8.96
Venture Capital � 674 � 221.1 � 8.97 Other � 159 � 149.8 � 0.08
Total � 1,602 � 1,507.3 � 8.39 US � 1,305 � 1,156.3 � 8.67 Europe �
174 � 278.2 � 10.04 Rest of World � 123 � 72.8 � (3.97)
The return for the State Street Private Equity Index was -6.46%
for Q1 2009, ending four consecutive quarters of downward trend.
When compared to Q1 2008, the State Street Private Equity Index
declined by 560 basis points, from -0.87%. Since inception IRR
declined by 124 basis points to 8.39% during the quarter, dropping
from 9.63% reported in Q4 2008.
While Venture Capital and Buyout funds reported a 103 and 114
basis point decline, respectively, Distressed Debt, Mezzanine and
Special Situation funds since inception IRR declined by over 500
basis points.
US funds in the index reported a -5.46% return and non-US funds
reported a -10.05% return in Q1 2009. �Providing increased
granularity in global markets and continuing to expand our
capabilities with the Index, we are pleased to announce that we�ve
further classified non-US funds as a means to separately categorize
European funds and Rest of World funds�, commented William Pryor,
senior vice president of State Street Investment Analytics.
In line with current private equity market conditions, the
quarter ended March 31, 2009 displayed a 10-year low in quarterly
capital drawdowns relative to capital committed. �However�, added
Pryor, �our data shows indications of increased cash flow
activities for the second quarter of 2009.�
State Street Corporation (NYSE: STT) is the world's leading
provider of financial services to institutional investors including
investment servicing, investment management and investment research
and trading. With $11.3 trillion in assets under custody and $1.4
trillion in assets under management at March 31, 2009, State Street
operates in 27 countries and more than 100 geographic markets
worldwide. For more information, visit State Street�s web site at
www.statestreet.com.
About State Street Investment
Analytics (SSIA)
State Street Investment Analytics (SSIA) provides performance
and analytics services through 14 offices globally and has more
than 500 dedicated investment performance professionals. Offering
comprehensive services in performance, compliance, risk and
strategic analysis, State Street Investment Analytics is well
positioned to help customers monitor and measure the success of
their investment strategies in any market and asset class including
alternative investments, and currently provides services for
approximately 1,000 customers with asset volumes of more than $5
trillion. For more information on our services, please visit
www.statestreet.com/analytics.
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