State Street Announces Private Equity Index Results
January 28 2010 - 4:00PM
Business Wire
State Street Corporation (NYSE:STT), one of the world’s leading
providers of financial services to institutional investors,
announced today the results of the State Street Private Equity
IndexSM as of September 30, 2009. The index is based on the latest
quarterly statistics from State Street Investment Analytics’
Private Edge® Group and includes 1,650 private equity partnerships
with a total fund size of $1.5 trillion.
The Private Edge Group provides detailed analyses of private
equity investments for a diverse client base including asset
managers, public and private pensions, endowments and foundations,
representing nearly 5,000 commitments totaling $250 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.
For the quarter ended September 30, 2009, the index posted a
5.83% return, a slight increase from the second quarter of 2009
return and 1,418 basis points higher than the return recorded
during the same period a year ago. The since inception Internal
Rate of Return (IRR) as of the third quarter of 2009 was 10.03%, an
increase of 95 basis points from the prior quarter.
“During the last few quarters we observed a stronger correlation
between the public and private markets, which is reflected in the
upward trend of the overall private equity returns,” commented Bill
Pryor, senior vice president of State Street Investment Analytics.
“In addition we saw an increase in cash flow activity during the
period, with higher distribution over paid in ratios relative to
previous quarters.”
Since inception IRRs as of September 30, 2009 for the European
and the Rest of the World regions were 12.90% and 2.59%,
respectively, with the latter showing an increase of more than 250
basis points from the quarter ended June 30, 2009.
Distressed Debt and Mezzanine funds, which posted a 13.44%
return for the third quarter of 2009, continue to perform better
than other investment strategies. Buyout funds recorded a quarterly
return of 7.09%, an increase of more than 200 and 1,602 basis
points from last quarter and the third quarter of 2008,
respectively. Venture Capital funds returned -6.55% for the period,
dropping by more than 650 basis points from the previous quarter
and 241 basis points from the third quarter of 2008.
The following tables depict, as of September 30, 2009, the
quarter-over-quarter IRRs of the index, the end-to-end IRRs for the
index across 1-, 3-, 5- and 10-year, and the since inception IRRs
of the index by strategy, in addition to the composition of the
index:
State Street Private Equity
IndexSM
Composition and long-term IRR
as of September 30, 2009
Strategy
Number ofFunds
Commitments(USD
$B)
Since InceptionIRR
%
Buyout
786
1,136.2 10.27 Venture Capital
684
226.5 9.05
Mezzanine & Distressed
180
170.1 9.69 Total
1,650
1,532.7 10.03
U.S.
1,343
1,185.3 9.95 Europe
180
273.5 12.90 Rest of World
127
73.9 2.59
About State Street Corporation
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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