Further evaluation of IIF performance and outcomes is warranted when subsequent years of data become available. However, the vast majority of investments have not yet been exited, and the exit performance of IIFs to date has not been statistically different than that of other private funds. The table below details the performance of the. The investment performance of a private equity fund for the limited partner (LP). Overall, therefore, the data are strongly consistent with the view that the IIF program is fostering the development of the Australian venture capital industry. Venture Capital Index is an end-to-end calculation based on data compiled from 1569 U.S. Venture Capital Index returned 4.3 in the second quarter, an improvement of 1.8 over its Q1 performance. Cambridge Associates, PitchBook and Preqin for their cooperation. The data analysed show – in both a statistically and economically significant way – that the IIF program has facilitated investment in start-up, early stage and high tech firms as well as the provision of monitoring and value-added advice to investees. Developed Markets and Emerging Markets Private Equity & Venture Capital Index and Selected Benchmark Statistics. For each of these evaluation criteria, I assess the performance of the IIF funds relative to other types of private equity and venture capital funds in Australia. Traditional benchmarks calculated by groups like Cambridge Associates bucket VC funds into vintage years and place funds into quartiles based on metrics like IRR (rate of return adjusted.
I analyse the performance of the IIF funds along several dimensions: the propensity to take on risk by investing in early stage and high-tech investments the propensity to monitor and add value to investees through staging, syndication, and portfolio size per fund manager and the exit success. The IIF program is unique with a focus on partnering between government-private sector partnerships, as described herein. Cambridge Associates widely adopted benchmarks, built by and for investors, offer representative and comprehensive coverage of the private capital markets. In order to highlight the unique aspects of the IIF, I compare the properties of the Australian IIF program with government venture capital programs in Canada, the UK and the US. I focus the analysis on the Innovation Investment Fund (IIF) governmental program, first introduced in 1997.
This paper analyses 280 Australian venture capital and private equity funds and their investments in 845 entrepreneurial firms over the period 1982 – 2005.
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