Could someone clarify what exactly vintage is? (PE)
From most definitions online, you can find that it means the moment a PE fund does its first investment. These definitions are vague and I have yet to find a formal/legal one. My confusion is whether it really means that, because we know that most funds use subscription call facilities to fund the equity of the acquired companies. So could someone clarify, does vintage mean the year when a fund does the first investment, or is it when a fund does the first call of the undrawn commitments? Thank you.