Venture pricing jumps most among strategies

Pricing for stakes in venture capital funds rose more than any other strategy in the three months to May, according to a report by Setter Capital.

Average top bids for interests in the strategy increased by 11.3 percent year-on-year to 86 percent of net asset value, up from 77.3 percent, the Toronto-based intermediary noted in its May price report.

Source: Setter Capital

Special situations funds had the biggest drop, with average top bids declining to 71.4 percent from 79.8 percent of NAV, marking a 10.6 percent decline.

Infrastructure funds attracted the highest average top bids out of the 14 different fund types intermediated by Setter at 96.3 percent of NAV, representing a 1.6 percent year-on-year increase.

The average top price is based on bids or indications given by more than 1,300 buyers in the preceding 90-day period.

By internal rate of return, the top performing fund across a one-year period was private equity secondaries themselves, delivering a 17.1 percent IRR.

At the bottom of the returns table are timber, special situations and turnaround secondaries funds, with respective IRRs of 1.38 percent, 1.74 percent and 4.8 percent.

The secondaries fund-types covered in the report are leveraged buyout, venture capital, growth, distressed-credit, mezzanine, special situation, turnaround, fund-of-funds (PE), secondaries (PE), cleantech, energy, real estate, infrastructure and timber.