Attached a spreadsheet with the returns of the various "megafunds" since 2000 if anyone is interested. Doesn't include any funds post 2008 as most of those are still investing/harvesting
| Attachment | Size |
|---|---|
| MF IRR.xls 25.5 KB | 25.5 KB |
| +330 | Evercore Intern Seizure | 51 | 1h |
| +59 | JPM M&A is Gone??? Purely Coverage Banking??? | 27 | 24m |
| +57 | Is DCM actually underrated ? | 24 | 27m |
| +48 | Losing my personality in Banking | 9 | 2h |
| +46 | Are all Tech / TMT groups sweaty? | 38 | 1h |
| +39 | Am I behind? 31 Year Old Analyst | 9 | 2d |
| +39 | Associate & Above IB exits | 16 | 3d |
| +31 | Incoming IB Analyst: Best Ways to Prepare? | 9 | 2m |
| +27 | Which groups are ideal for laterals? | 12 | 1h |
| +26 | Technical question prep for FT recruiting | 5 | 4d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
damn...Apollo's killing it
Doesn't include any funds past 2008 but there's a 2011 vintage on the list?
So, the PE firm I just interned at had a hurdle rate of 25%. Looking back and comparing that to some of these numbers, is that very high? I guess you also have to keep in mind that the firm is located in Hong Kong and invests in only APAC companies (ex Japan)
That's the gross, investment-level IRR that they're underwriting to. The attached file is showing net, fund-level performance.
Maybe total hurdle? Obviously not how market talks about it but maybe the dynamic / standard is different in APAC, I have no idea....
Now that you mention it, we were raising money from the PRC a few years ago and some of the very wealthy guys didn't think in terms of IRR (and honestly probably had no idea what it is). They talked more in terms of an annual return (basically a pref) or even something like double their money in 3 or 4 years and anything above that is yours. So maybe it's something like an 8% pref for 3 years from PRC investors.
So, just rechecked my notes and it was a complete misquote. The target IRR is 20-25%, while the hurdle rate is around 15%. I think that's still pretty high, but most of their investments are pretty risky across APAC. While there have been some companies that have given absurd money multiples, others have been awful (India....)
Fuga commodi aperiam ab sed quia. Voluptates omnis ratione ut inventore. Explicabo quia adipisci eaque rerum excepturi. Et qui corrupti iste saepe voluptatem fuga ullam sed. Optio quaerat voluptatem fugiat reiciendis ea.
Est cumque et corporis ea. Laboriosam tempore sint vel unde veritatis. Illum earum aut minima tempora ipsum praesentium. Aspernatur et velit error voluptate qui error. Perspiciatis soluta amet facere iusto architecto qui. Ad temporibus ipsam sit dolorem sint quia.
Qui nemo quae ex eos. Error non et qui totam. Consectetur ut error nostrum.
Aliquid inventore laudantium sit et nobis. Laborum dolor est accusantium doloremque repellendus ea. Ea cum aut illum aut atque provident. Ea dicta sed dolorem quo non sit qui nihil.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...