Performance Measurement Survey 2023
This report has been produced by the British Private Equity and Venture Capital Association (BVCA) to demonstrate the returns generated for investors by our members to 31 December 2023. The statistics in this report are the results of the BVCA’s Performance Measurement Survey, an annual survey of fund level cash flows and valuations collected from our members.
With a significant presence in the UK, developed over the past 40 years, private equity and venture capital funds provide companies with the finance and know- how to deliver sustainable business growth.
Active ownership, over the medium to long term, delivers economic and social value to those involved in the businesses (from employees, management and owners on the one hand, to customers and suppliers on the other) and a wide group of stakeholders (from local communities and local and regional economies, to national policy makers focused on issues such as climate change, diversity, equity and inclusion and social issues).
Both private equity and venture capital firms are focused on delivering sustainable growth for the companies in which they invest: venture capital funds typically support early stage and younger companies, holding minority stakes in the businesses, while private equity funds typically acquire controlling stakes in more established businesses.
The Performance Measurement Survey looks at funds which invest in businesses at all stages of the growth lifecycle – from venture capital funds specialising in start-ups to large buyout funds investing in global corporations. We at the BVCA, firmly believe that private equity and venture capital funds are an exciting and attractive investment opportunity for pension schemes and other investors and the results of this survey show us why.
Alongside absolute returns metrics, this report also includes the results of a Public Market Equivalent analysis to help investors better understand the relative performance of private equity and venture capital compared to the public markets.
In 2023 we received responses from 86 members out of a total eligible pool of 109 members, a response rate of 80%.
For those who wish to explore the data further, we have made the data tables in this report available for download on the BVCA website here, in excel format. We have also produced a methodology paper which provides a detailed overview of different ways of measuring private equity and venture capital performance. We hope these resources will prove valuable for industry participants, researchers and others wishing to find out more about the performance of private equity and venture capital funds.
