State Street Announces Private Equity Index Results
October 29 2009 - 9:22AM
Business Wire
State Street Corporation (NYSE:STT), one of the world’s leading
providers of financial services to institutional investors, today
announced the results of the State Street Private Equity Indexsm as
of June 30, 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 more
than 5,000 commitments totaling approximately $241 billion. The
Private Edge® Group has one of the most extensive and comprehensive
private equity data sets currently maintained in the marketplace,
including partnership information down to the portfolio company
level.
The following tables depict the quarter-over-quarter internal
rates of return (IRR) of the index, the end-to-end IRRs for the
index across 1-, 3-, 5- and 10-year horizons as of June 30, 2009
and the long-term internal rates of return (IRR) of the index by
major private equity strategy, in addition to the composition of
the index:
State Street Private Equity
Indexsm
Composition and long-term IRR
as of June 30, 2009
Strategy
Number ofFunds
Commitments($B)
Long-termIRR %
Buyout 769 1,127.0 9.47 Venture Capital 677 222.2 8.63 Distressed
&
Mezzanine
171 162.7 6.63 Total 1,617 1,512.0
9.08 US 1,319 1,168.5 9.14 Europe 174 270.2 11.43
Rest of World 124 73.3 (0.06)
“After five consecutive quarters of negative returns, the State
Street Private Equity Index rebounded nicely during the second
quarter of 2009 posting a 5.48% return for the period,” commented
William Pryor, senior vice president of State Street Investment
Analytics. “All strategies and geographies were positive
contributors during the quarter, with the biggest impact coming
from Buyout funds and US domiciled funds,” Pryor continued. When
compared to Q2 2008 quarterly return, the State Street Private
Equity Index increased by 699 basis points, from -1.51%. Since
inception IRR as of the end of June 2009 was 9.08%, a 69 basis
points increase from Q1 2009.
Distressed Debt and Mezzanine funds posted an impressive 16.02%
return for the second quarter of 2009, up more than 1400 basis
points from the same quarter a year ago. Buyout funds recorded a
4.74% return for the period, an increase of 703 basis points
relative to the year ago quarter. Venture fund’s return was 0.21%
during the second quarter of 2009, which compares favorably to the
0.07% return posted during the same period a year ago.
Continued Pryor, “Although Venture fund’s quarterly returns
continue to lag other asset classes, the significant increase in
returns for non-venture strategies during the quarter was in line
with the public markets rally from the March lows.”
Since inception IRR as of June 30, 2009 for the U.S. and
European funds in the index was 9.14% and 11.43%, respectively. The
since inception IRR for the Rest of the World funds continues to be
negative at -0.06%; however, this is an increase of 391 basis
points relative to the first quarter of 2009.
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $17.9 trillion in assets
under custody and $1.7 trillion in assets under management at
September 30, 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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