![]() If year of first investment is unknown, the year of the final close is used as the vintage year. The vintage year is based on the year of first investment.Venture capital (VC): Note that stage classifications or additional focuses are not yet employed.Real estate: Real estate core, real estate core plus, real estate distressed, real estate opportunistic and real estate value added.Real assets: Oil & gas, infrastructure, infrastructure core, infrastructure greenfield, infrastructure opportunistic, metals & mining, timber and agriculture.Debt: Debt, direct lending, bridge financing, distressed debt, mezzanine, credit special situations, infrastructure debt, venture debt and real estate debt.Private equity (PE): Buyout, growth/expansion, restructuring/turnaround and diversified PE.For periods that lack an LP report, (v) a straight-line interpolation calculation is used to populate the missing data interpolated data is used for approximately 10% of reporting periods. Employing this methodology, data from the most consistent reporting LP is used more than 90% of the time. If (iv) that LP’s reports are not available for a particular quarter, data from the next-most consistent reporter is used. To mitigate discrepancies among multiple LPs reporting, the PitchBook Benchmarks (iii) determine returns for each fund based on data from the most frequently reporting LP. To be included in pooled calculations, a fund must have: (i) at least one LP report within two years of the fund’s vintage, and (ii) LP reports in at least 45% of applicable reporting periods. ![]() This granularity of LP-reported returns-all available on the PitchBook Platform-provides helpful insight to industry practitioners but results in discrepancies that must be addressed when calculating fund-level returns. For any given fund, return profiles will vary for LPs due to a range of factors, including fee discounts, timing of commitments and inclusion of co-investments. PitchBook’s fund returns data is primarily composed of individual LP reports, serving as the baseline for our estimates of activity across an entire fund.
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