Returns for secondaries fell in the fourth quarter of last year compared with both the previous quarter and a year earlier, amid similar drops for other strategies.
Pooled net internal rates of return for quarterly, yearly, three-yearly, five-yearly and 10-yearly comparisons for the ILPA Secondaries Benchmark were all slightly down, according to data from the Institutional Limited Partners Association released in June.
Secondaries performed best across five-year periods, delivering an 11.13 percent return, though this was still lower than 13.12 percent in the third quarter and 13.24 percent during the fourth quarter of 2014.
US and Canadian venture capital was the only strategy that had a sustained rise in returns, delivering a higher IRR in the medium to long-term with as much as 20.97 percent, the best performing of all strategies, for three-yearly returns, compared with 18.1 percent a year earlier.
Natural resources was the worst performing strategy across five-year and 10-year periods, delivering negative 0.07 percent and 5.03 percent respectively.
The ILPA data is based on returns for 3,475 funds as of 31 December.