(Source: 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 $200 billion. The Private Edge® Group has one of the most extensive and comprehensive private equity data sets currently maintained in the marketplace, including partnership information down to the portfolio company level.
The following tables depict the quarter-over-quarter internal rates of return (IRR) of the index, the end-to-end IRRs for the index across 1-, 3-, 5- and 10-year horizons as of March 31, 2009 and the long-term internal rates of return (IRR) of the index by major private equity strategy, in addition to the composition of the index:
State Street Private Equity Index(sm) Composition and long-term IRR as of March 31, 2009 Strategy Number of Funds Commitments ($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.
