Venture Capital Index

C A M B R I D G E
Cambridge Associates LLC

U.S. Venture Capital Index
And Selected Benchmark Statistics
A S S O C I A T E S
Private Investments
December 31, 2011
L L C
Cambridge Associates LLC

U.S. Venture Capital Index
And Selected Benchmark Statistics
Private Investments
December 31, 2011
Copyright 2012 by Cambridge Associates LLC. All rights reserved. Confidential.
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U.S. VENTURE CAPITAL INDEX

AND BENCHMARK STATISTICS
As of December 31, 2011
U.S. Venture Capital

Fund Index Analysis
Fund Since Inception Analysis
Company Analysis
Methodology
2012 Cambridge Associates LLC. Confidential, all rights reserved.
2
6
15
18
U.S. VENTURE CAPITAL

Fund Index Analysis

Fund Index Summary
End-to-End Pooled Return, Net to Limited Partners
Index
1-Quarter
Cambridge Associates LLC U.S. Venture Capital Index 1

U.S. Venture Capital - Early Stage Index
U.S. Venture Capital - Late & Expansion Stage Index

U.S. Venture Capital - Multi-Stage Index
Barclays Capital Gov't/Credit Bond Index
Dow Jones Industrials Average
Dow Jones U.S. Small Cap Index
Dow Jones U.S. TopCap Index
Nasdaq Composite*
Russell 1000
Russell 2000
S&P 500
Wilshire 5000 Total Market
1-Year
3-Year
5-Year
1.44
13.18
10.00
5.29
0.44
12.89
9.49
3.05
15.15
2.36
1.18
12.78
14.13
17.21
7.86
11.84
15.47
11.82
12.04
12.87
8.74
8.38
(3.17)
6.58
(1.80)
1.50
(4.18)
2.11
0.98
10-Year
15-Year
20-Year
25-Year
3.27
27.95
26.00
18.61
4.90
1.68
44.40
31.64
21.41
17.99
10.52
7.56
12.55
19.88
15.64
7.84
6.60
14.89
19.34
16.53
18.21
14.81
15.63
14.11
14.93
3.81
6.55
2.37
2.04
1.09
1.52
(0.02)
0.15
(0.25)
0.12
4.71
5.85
4.56
7.02
3.79
2.94
3.34
5.62
2.92
3.80
17.15
6.36
6.70
7.91
5.90
4.79
5.68
6.25
5.45
5.73
20.06
6.56
9.51
9.96
8.04
7.74
7.99
8.52
7.81
7.96
15.45
7.16
10.57
NA
NA
8.37
9.35
8.68
9.28
9.22
The Cambridge Associates LLC U.S. Venture Capital Index is an end-to-end calculation based on data compiled from 1,347 U.S. venture capital funds (883 early stage, 174 late & expansion stage, 287
multi-stage and 3 venture debt funds), including fully liquidated partnerships, formed between 1981 and 2011.
1 Pooled end-to-end return, net of fees, expenses, and carried interest.
Sources: Barclays Capital, Bloomberg L.P., Cambridge Associates LLC U.S. Venture Capital Index, Frank Russell Company, Standard & Poor's, Thomson Datastream, The Wall Street Journal, and
Wilshire Associates, Inc.
*Capital change only.

Fund Index Details
One Quarter End-to-End Pooled Return, Net to Limited Partners
Quarter
Ending
End to End
Return
Quarter
Ending
End to End
Return
Quarter
Ending
End to End
Return
Quarter
Ending
End to End
Return
Quarter
Ending
End to End
Return
1981 Q1
1981 Q2
1981 Q3
1981 Q4
1982 Q1
1982 Q2
1982 Q3
1982 Q4
1983 Q1
1983 Q2
1983 Q3
1983 Q4
1984 Q1
1984 Q2
1984 Q3
1984 Q4
1985 Q1
1985 Q2
1985 Q3
1985 Q4
1986 Q1
1986 Q2
1986 Q3
1986 Q4
1987 Q1
1987 Q2
1987 Q3
1987 Q4
0.00
1.38
1.13
1.03
1.18
0.30
1.02
2.73
3.32
8.86
(1.05)
6.09
(0.53)
(0.58)
(0.44)
0.43
1.53
(2.00)
(0.18)
2.65
0.78
0.87
0.29
5.15
5.15
2.18
1.96
(2.93)
1988 Q1
1988 Q2
1988 Q3
1988 Q4
1989 Q1
1989 Q2
1989 Q3
1989 Q4
1990 Q1
1990 Q2
1990 Q3
1990 Q4
1991 Q1
1991 Q2
1991 Q3
1991 Q4
1992 Q1
1992 Q2
1992 Q3
1992 Q4
1993 Q1
1993 Q2
1993 Q3
1993 Q4
1994 Q1
1994 Q2
1994 Q3
1994 Q4
0.60
1.96
0.01
1.01
0.82
2.07
1.39
2.32
0.71
2.17
(3.05)
1.78
4.51
1.56
6.18
7.24
4.31
(1.23)
2.57
7.22
1.90
4.88
6.79
4.46
4.12
0.74
7.16
4.25
1995 Q1
1995 Q2
1995 Q3
1995 Q4
1996 Q1
1996 Q2
1996 Q3
1996 Q4
1997 Q1
1997 Q2
1997 Q3
1997 Q4
1998 Q1
1998 Q2
1998 Q3
1998 Q4
1999 Q1
1999 Q2
1999 Q3
1999 Q4
2000 Q1
2000 Q2
2000 Q3
2000 Q4
2001 Q1
2001 Q2
2001 Q3
2001 Q4
6.94
8.54
11.32
13.55
8.79
16.49
4.69
6.49
(0.17)
14.34
14.21
3.02
10.15
5.33
(2.06)
15.05
19.55
38.74
29.08
83.43
29.71
3.66
10.72
(19.69)
(15.18)
(7.24)
(17.29)
(7.71)
2002 Q1
2002 Q2
2002 Q3
2002 Q4
2003 Q1
2003 Q2
2003 Q3
2003 Q4
2004 Q1
2004 Q2
2004 Q3
2004 Q4
2005 Q1
2005 Q2
2005 Q3
2005 Q4
2006 Q1
2006 Q2
2006 Q3
2006 Q4
2007 Q1
2007 Q2
2007 Q3
2007 Q4
2008 Q1
2008 Q2
2008 Q3
2008 Q4
(8.34)
(10.91)
(10.05)
(9.78)
(4.19)
0.39
(1.53)
1.05
1.58
0.20
6.82
6.17
(2.10)
2.23
4.26
2.29
4.49
0.42
2.27
9.54
2.16
6.62
2.61
3.29
(1.76)
0.32
(2.79)
(12.64)
2009 Q1
2009 Q2
2009 Q3
2009 Q4
2010 Q1
2010 Q2
2010 Q3
2010 Q4
2011 Q1
2011 Q2
2011 Q3
2011 Q4
(2.73)
0.27
2.01
3.40
0.68
0.50
3.81
8.33
5.02
7.01
(0.71)
1.44
The Cambridge Associates LLC U.S. Venture Capital Index is an end-to-end calculation based on data compiled from 1,347 U.S. venture capital funds, including fully liquidated partnerships, formed
between 1981 and 2011.
Pooled end-to-end return, net of fees, expenses, and carried interest.
Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.

Fund Index Details
End-to-End Pooled Return, Net to Limited Partners
Multi-Year Returns
Years
1 Year
2 Years
3 Years
4 Years
5 Years
6 Years
7 Years
8 Years
9 Years
10 Years
11 Years
12 Years
13 Years
14 Years
15 Years
End to End
Return
13.18
13.51
10.00
3.19
5.29
7.02
6.99
7.87
6.82
3.27
(0.35)
1.47
23.44
25.50
27.95
Years
16 Years
17 Years
18 Years
19 Years
20 Years
21 Years
22 Years
23 Years
24 Years
25 Years
26 Years
27 Years
28 Years
29 Years
30 Years
One Year Rolling Returns

End to End
Return
31.89
35.91
31.09
28.64
26.00
25.27
22.25
20.73
19.41
18.61
18.15
17.63
17.22
17.23
17.18
One Year
Ended
12/31/2011
12/31/2010
12/31/2009
12/31/2008
12/31/2007
12/31/2006
12/31/2005
12/31/2004
12/31/2003
12/31/2002
12/31/2001
12/31/2000
12/31/1999
12/31/1998
12/31/1997
End to End
Return
13.18
13.83
3.07
(16.71)
15.43
17.69
6.80
15.74
(4.03)
(33.77)
(39.90)
26.70
288.34
30.76
34.27
One Year
Ended
12/31/1996
12/31/1995
12/31/1994
12/31/1993
12/31/1992
12/31/1991
12/31/1990
12/31/1989
12/31/1988
12/31/1987
12/31/1986
12/31/1985
12/31/1984
12/31/1983
12/31/1982
End to End
Return
41.88
46.21
17.12
19.22
13.19
20.86
1.50
6.82
3.59
5.66
7.82
2.12
(0.91)
17.76
5.99
The Cambridge Associates LLC U.S. Venture Capital Index is an end-to-end calculation based on data compiled from 1,347 U.S. venture capital funds, including fully liquidated partnerships,
formed between 1981 and 2011.
Pooled end-to-end return, net of fees, expenses, and carried interest.

Fund Since Inception Analysis

Since Inception IRR & Multiples By Fund Vintage Year, Net to Limited Partners
Vintage
Year
Pooled
Return
(%)
Arithmetic
Mean
(%)
Median
(%)
EqualWeighted
Pooled
Return
(%)
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
8.47
7.38
10.23
8.62
12.91
14.52
18.27
18.91
19.16
33.11
27.22
32.79
46.65
59.31
87.94
103.28
91.80
12.12
(1.04)
(0.54)
2.04
0.29
4.86
8.71
5.22
7.50
13.01
13.53
16.39
22.41
9.01
7.20
9.55
7.74
11.70
8.82
14.53
14.32
17.05
24.07
23.10
28.69
29.53
34.14
56.76
61.13
53.71
16.54
(3.85)
(3.40)
(1.53)
1.68
(0.32)
2.02
0.55
3.65
10.85
6.47
4.19
4.93
7.87
7.92
8.72
6.27
12.86
9.43
15.65
11.87
13.31
21.54
17.61
20.99
18.81
25.87
42.92
37.05
9.65
(0.44)
(3.85)
(2.88)
(0.15)
2.07
(2.17)
1.15
2.17
2.13
6.68
5.02
9.75
(4.55)
9.03
7.37
10.09
8.10
12.88
9.11
15.82
14.72
18.88
26.28
24.99
37.33
39.48
45.04
76.60
89.16
73.71
15.86
(1.52)
(1.28)
1.99
2.94
1.64
9.13
4.11
4.98
14.65
9.36
7.96
7.70
Upper
Quartile
(%)
Lower
Quartile
(%)
Standard
Deviation
(%)
DPI
RVPI
TVPI
Number
of Funds
13.24
9.11
12.46
12.92
17.35
12.90
22.18
21.68
28.80
31.19
27.59
38.85
41.48
48.55
81.44
93.12
63.34
16.81
3.02
3.85
5.39
8.87
3.92
5.66
8.33
10.32
17.78
17.08
17.18
31.71
5.94
4.87
7.10
3.41
5.49
5.27
8.70
6.60
7.75
14.28
10.90
11.11
10.90
6.60
17.50
6.00
(1.45)
(7.06)
(12.89)
(8.13)
(6.13)
(6.08)
(6.34)
(7.79)
(4.10)
(3.68)
(0.31)
(5.39)
(15.03)
(15.79)
5.59
3.29
5.73
8.83
8.21
5.13
10.64
13.77
14.46
19.60
20.63
29.89
31.15
47.73
59.80
79.83
102.10
70.75
18.18
12.14
18.62
10.00
12.68
22.15
16.94
10.21
25.06
20.61
21.08
36.65
1.76
1.79
2.01
1.76
2.69
2.89
2.72
2.41
2.59
3.14
3.06
3.13
4.12
5.39
6.20
4.98
3.07
1.37
0.78
0.63
0.59
0.55
0.44
0.34
0.28
0.16
0.16
0.06
0.08
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.09
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.05
0.04
0.11
0.16
0.34
0.52
0.46
0.78
1.06
0.89
1.08
1.17
1.16
1.13
1.15
1.76
1.79
2.01
1.76
2.69
2.90
2.72
2.50
2.59
3.15
3.06
3.13
4.13
5.41
6.21
5.03
3.10
1.48
0.94
0.97
1.10
1.01
1.22
1.40
1.18
1.24
1.33
1.22
1.21
1.15
9
11
28
32
26
30
34
26
37
17
16
23
37
41
34
40
71
83
113
156
53
35
36
64
60
71
58
53
16
24
Notes: Based on data compiled from 1,334 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2010. Internal rates of return are net of fees,
expenses and carried interest. Vintage year funds formed since 2009 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark

Total Value to Paid In Capital Multiple (TVPI), Net to Limited Partners
Vintage Year
Pooled Return
Arithmetic Mean
Median
Upper Quartile
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
1.76
1.79
2.01
1.76
2.69
2.90
2.72
2.50
2.59
3.15
3.06
3.13
4.13
5.41
6.21
5.03
3.10
1.48
0.94
0.97
1.10
1.01
1.22
1.40
1.18
1.24
1.33
1.22
1.21
1.15
1.86
1.94
1.99
1.70
2.62
1.83
2.56
2.15
2.44
2.72
3.11
3.54
3.50
3.80
5.21
4.51
2.57
1.54
0.91
0.93
1.10
1.14
1.07
1.41
1.15
1.15
1.37
1.15
1.09
1.05
1.90
1.74
1.85
1.71
2.38
1.87
2.28
2.14
2.09
2.45
2.28
2.27
2.23
2.12
2.70
2.07
1.42
0.97
0.81
0.83
1.00
1.12
0.91
1.05
1.07
1.08
1.17
1.09
1.11
0.97
2.02
2.20
2.30
2.04
3.04
2.07
3.19
2.53
2.99
2.80
3.13
3.81
3.51
4.57
4.36
4.56
2.43
1.55
1.17
1.22
1.30
1.45
1.22
1.25
1.35
1.31
1.52
1.30
1.23
1.22
Lower Quartile Number of Funds

1.55
1.54
1.54
1.27
1.45
1.46
1.72
1.48
1.52
1.60
1.62
1.57
1.52
1.33
1.73
1.23
0.93
0.64
0.43
0.60
0.78
0.79
0.74
0.77
0.86
0.90
0.99
0.93
0.85
0.86
9
11
28
32
26
30
34
26
37
17
16
23
37
41
34
40
71
83
113
156
53
35
36
64
60
71
58
53
16
24
Notes: Based on data compiled from 1,334 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2010. Internal rates of return are
net of fees, expenses and carried interest. Vintage year funds formed since 2009 are too young to have produced meaningful returns. Analysis and comparison of
partnership returns to benchmark statistics may be irrelevant.
Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.

Distribution to Paid In Capital Multiple (DPI), Net to Limited Partners
Vintage Year
Pooled Return
Arithmetic Mean
Median
Upper Quartile
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
1.76
1.79
2.01
1.76
2.69
2.89
2.72
2.41
2.59
3.14
3.06
3.13
4.12
5.39
6.20
4.98
3.07
1.37
0.78
0.63
0.59
0.55
0.44
0.34
0.28
0.16
0.16
0.06
0.08
0.00
1.86
1.93
1.99
1.70
2.62
1.82
2.55
2.11
2.44
2.72
3.11
3.53
3.48
3.78
5.19
4.46
2.53
1.42
0.76
0.59
0.65
0.58
0.35
0.41
0.23
0.16
0.18
0.09
0.06
0.01
1.90
1.74
1.85
1.71
2.38
1.87
2.28
2.08
2.09
2.44
2.28
2.27
2.21
2.12
2.70
2.07
1.35
0.94
0.61
0.50
0.53
0.57
0.24
0.21
0.19
0.14
0.07
0.00
0.00
0.00
2.02
2.20
2.30
2.04
3.04
2.04
3.19
2.52
2.99
2.80
3.13
3.81
3.51
4.57
4.29
4.48
2.40
1.48
1.07
0.81
0.79
0.92
0.38
0.46
0.33
0.22
0.17
0.10
0.04
0.00

1.55
1.54
1.54
1.27
1.45
1.46
1.72
1.43
1.52
1.60
1.62
1.57
1.47
1.32
1.72
1.22
0.87
0.54
0.28
0.30
0.34
0.26
0.08
0.13
0.07
0.03
0.00
0.00
0.00
0.00
9
11
28
32
26
30
34
26
37
17
16
23
37
41
34
40
71
83
113
156
53
35
36
64
60
71
58
53
16
24
net of fees, expenses and carried interest. Vintage year funds formed since 2009 are too young to have produced meaningful returns. Analysis and comparison of partnership
returns to benchmark statistics may be irrelevant.

Residual Value to Paid In Capital Multiple (RVPI), Net to Limited Partners
Vintage Year
Pooled Return
Arithmetic Mean
Median
Upper Quartile
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.09
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.05
0.04
0.11
0.16
0.34
0.52
0.46
0.78
1.06
0.89
1.08
1.17
1.16
1.13
1.15
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.04
0.00
0.00
0.00
0.01
0.01
0.02
0.02
0.05
0.05
0.12
0.15
0.34
0.45
0.56
0.72
1.00
0.92
1.00
1.19
1.07
1.03
1.04
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.06
0.10
0.29
0.36
0.47
0.63
0.70
0.82
0.95
1.06
1.04
1.08
0.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.01
0.07
0.07
0.15
0.24
0.41
0.59
0.66
0.78
0.90
1.09
1.17
1.26
1.18
1.20
1.19

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.03
0.16
0.23
0.24
0.54
0.48
0.68
0.78
0.87
0.86
0.85
0.86
9
11
28
32
26
30
34
26
37
17
16
23
37
41
34
40
71
83
113
156
53
35
36
64
60
71
58
53
16
24
net of fees, expenses and carried interest. Vintage year funds formed since 2009 are too young to have produced meaningful returns. Analysis and comparison of partnership
returns to benchmark statistics may be irrelevant.
10

Since Inception IRR Based on Fund Capitalization, Net to Limited Partners (%)
Vintage Year
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
All Funds
Cap. <=$50mm
Cap. >$50mm<=$150mm
Cap. >$150mm
Pooled Return Number of Funds
8.47
7.38
10.23
8.62
12.91
14.52
18.27
18.91
19.16
33.11
27.22
32.79
46.65
59.31
87.94
103.28
91.80
12.12
(1.04)
(0.54)
2.04
0.29
4.86
8.71
5.22
7.50
13.01
13.53
16.39
22.41
9
11
28
32
26
30
34
26
37
17
16
23
37
41
34
40
71
83
113
156
53
35
36
64
60
71
58
53
16
24
8.72
7.17
10.80
8.25
11.68
7.84
13.66
11.48
14.65
19.68
21.72
47.23
14.82
25.21
32.30
41.05
11.38
103.86
0.95
(2.37)
0.26
3.86
(1.15)
5.69
9.10
(0.30)
3.08
6.40
NA
31.43
7
8
15
19
18
21
17
17
22
9
8
9
17
16
10
8
20
16
13
21
15
11
8
8
8
6
5
8
2
3
NA
NA
8.94
10.51
13.32
11.36
19.63
18.27
24.38
39.24
29.04
47.92
57.20
49.01
105.22
106.02
78.36
7.41
(1.16)
(1.88)
0.84
3.86
0.32
23.20
(0.23)
5.89
40.39
9.85
NA
NA
2
2
8
10
7
5
11
5
9
7
7
6
15
22
22
18
34
35
32
47
10
13
9
12
7
23
8
10
1
1
NA
NA
10.76
4.73
NA
16.37
19.95
27.51
18.94
NA
NA
22.71
43.32
89.63
NA
104.92
107.47
12.40
(1.06)
(0.37)
2.18
(1.08)
5.48
7.47
5.37
7.76
11.67
13.84
16.78
22.25
0
1
5
3
1
4
6
4
6
1
1
8
5
3
2
14
17
32
68
88
28
11
19
44
45
42
45
35
13
20
Notes: Based on data compiled from 1,334 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2010. Returns are net of fees, expenses and carried interest. To reflect fundraising
environment, returns for vintage year 1981 through 1991 are represented by capitalization amounts of <$50mm, >$50mm and <$100mm, and >$100mm.
Vintage year funds formed since 2009 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant. Benchmarks with NA (not applicable)
have an insufficient number of funds in the vintage year sample to produce a meaningful return.
11

Funds Since Inception IRR Based on Fund Initial Stage, Net to Limited Partners (%)
Vintage Year
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
All Funds1
Early Stage
Late & Expansion Stage
Multi-Stage
8.47
7.38
10.23
8.62
12.91
14.52
18.27
18.91
19.16
33.11
27.22
32.79
46.65
59.31
87.94
103.28
91.80
12.12
(1.04)
(0.54)
2.04
0.29
4.86
8.71
5.22
7.50
13.01
13.53
16.39
22.41
9
11
28
32
26
30
34
26
37
17
16
23
37
41
34
40
71
83
113
156
53
35
36
64
60
71
58
53
16
24
10.74
6.73
8.41
8.06
13.71
8.90
17.51
22.66
21.57
39.05
28.75
36.87
53.11
45.48
102.83
103.84
116.76
19.39
(6.23)
(0.93)
1.55
(1.51)
4.66
13.53
0.59
4.38
11.79
18.61
22.59
23.55
6
7
17
18
19
20
20
16
25
10
12
16
28
29
23
27
55
55
77
108
31
23
27
37
38
38
34
32
9
15
NA
NA
13.00
9.21
13.14
18.13
19.22
10.52
27.53
22.95
NA
NA
15.41
37.04
25.40
61.81
86.29
5.30
3.79
3.78
NA
0.57
NA
2.55
17.62
10.50
17.15
7.33
NA
14.65
0
0
5
6
3
3
8
5
3
4
2
2
6
7
4
4
7
10
22
16
2
7
2
10
7
11
6
8
0
3
4.75
8.45
9.68
9.55
8.86
8.37
18.47
15.95
17.39
20.69
NA
24.42
10.28
86.35
16.64
149.87
8.31
2.38
7.17
(1.04)
2.48
6.88
2.94
0.17
2.28
8.88
13.32
10.88
11.89
33.66
3
4
6
8
4
7
6
5
9
3
2
5
3
5
7
9
9
18
14
31
20
4
7
17
15
22
17
13
7
6
Notes: 1 Based on data compiled from 1,334 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2010. Excludes three Venture Debt stage funds. Returns are net of fees, expenses
and carried interest.
Vintage year funds formed since 2009 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.
12

Funds Since Inception IRR Based on Fund Industry, Net to Limited Partners (%)
All Funds
Focused
Multi-Industry
Vintage Year
Pooled Return
Number of Funds
Pooled Return
Number of Funds
Pooled Return
Number of Funds
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
8.47
7.38
10.23
8.62
12.91
14.52
18.27
18.91
19.16
33.11
27.22
32.79
46.65
59.31
87.94
103.28
91.80
12.12
(1.04)
(0.54)
2.04
0.29
4.86
8.71
5.22
7.50
13.01
13.53
16.39
22.41
9
11
28
32
26
30
34
26
37
17
16
23
37
41
34
40
71
83
113
156
53
35
36
64
60
71
58
53
16
24
9.68
5.49
8.72
12.95
14.70
9.61
19.93
15.79
24.78
39.75
18.61
42.17
49.68
40.77
104.54
77.56
91.69
17.53
(2.96)
(0.91)
1.29
0.30
5.29
9.71
6.88
8.32
14.83
11.39
18.91
19.92
3
5
10
11
10
12
14
14
16
7
10
12
21
28
27
30
52
67
86
131
41
25
31
57
42
57
39
40
12
16
7.47
9.19
10.76
6.68
11.16
15.93
17.45
20.54
17.29
19.98
39.12
21.61
43.12
76.63
34.04
183.25
92.10
(0.63)
6.76
1.60
4.18
0.25
(2.29)
2.84
0.05
3.06
10.19
17.63
13.83
29.68
6
6
18
21
16
18
20
12
21
10
6
11
16
13
7
10
19
16
27
25
12
10
5
7
18
14
19
13
4
8
Notes: Based on data compiled from 1,334 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2010.
Returns are net of fees, expenses and carried interest.
13

Funds Since Inception IRR Based on Fund Region, Net to Limited Partners (%)
All Funds
Focused
Multi-Region
Vintage Year
Pooled Return
Number of Funds
Pooled Return
Number of Funds
Pooled Return
Number of Funds
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
8.47
7.38
10.23
8.62
12.91
14.52
18.27
18.91
19.16
33.11
27.22
32.79
46.65
59.31
87.94
103.28
91.80
12.12
(1.04)
(0.54)
2.04
0.29
4.86
8.71
5.22
7.50
13.01
13.53
16.39
22.41
9
11
28
32
26
30
34
26
37
17
16
23
37
41
34
40
71
83
113
156
53
35
36
64
60
71
58
53
16
24
6.89
8.37
9.27
9.43
14.62
9.23
18.68
16.89
26.40
27.76
19.35
52.43
53.28
78.40
113.10
170.00
150.26
23.79
0.42
(1.66)
0.96
1.18
4.57
6.71
(0.51)
3.37
18.41
16.87
33.93
31.99
4
4
15
15
15
13
19
12
23
9
7
9
19
25
18
17
34
42
58
73
19
14
19
25
18
29
18
20
5
14
9.50
6.80
10.88
7.97
11.93
15.35
17.66
20.90
15.19
35.91
36.48
20.00
39.33
28.41
54.18
34.76
45.10
4.17
(2.08)
(0.05)
2.63
0.01
5.03
9.61
6.59
9.16
11.42
12.39
9.90
8.62
5
7
13
17
11
17
15
14
14
8
9
14
18
16
16
23
37
41
55
83
34
21
17
39
42
42
40
33
11
10
Notes: Based on data compiled from 1,334 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2010.
Returns are net of fees, expenses and carried interest.
14

Company Analysis
15

Since Inception IRR By Company Initial Investment Year
By Industry
Pooled Gross IRR (%) of Companies Receiving Initial Investment In
1997
Chemical/Materials
Consumer/Retail
Electronics
Energy
Environmental
Financial Services
Hardware/Systems
Health Care/Biotech *
Industrial
Information Technology *
Manufacturing
Media/Communications
Software/Services
Other/Fund of Funds
All Companies
Number of Companies
1998
1999
2000
5.67
(5.60)
58.37
10.33
(100.00)
16.95
49.83
7.86
(99.89)
273.36
58.55
(0.82)
121.55
32.54
12.79
6.58
178.73
6.51
NA
33.99
201.26
17.63
16.25
275.52
(14.12)
187.49
110.73
4.35
(11.24)
1.33
3.32
(2.47)
NA
5.07
0.62
13.04
10.93
34.35
8.46
12.38
(3.93)
(12.56)
(19.34)
(1.13)
(15.89)
5.31
NA
7.97
(6.74)
1.86
(17.84)
(4.01)
(4.04)
(0.83)
(5.70)
(8.58)
137.09
1,113
153.87
1,569
18.22
2,497
(3.67)
3,161
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
(18.25)
11.41
(3.42)
(4.11)
(14.73)
25.76
11.28
8.60
(100.00)
(1.89)
21.04
4.76
1.81
(0.82)
(10.98)
2.17
1.96
20.23
21.68
19.01
8.22
6.81
NA
8.85
(13.34)
6.27
16.57
(8.85)
1.88
12.15
(9.97)
44.64
(74.06)
23.57
3.26
14.18
22.17
16.69
21.49
7.14
11.61
23.06
(27.51)
15.37
0.78
12.00
(45.68)
29.64
16.53
6.98
68.46
14.11
1.51
16.89
21.56
6.98
2.71
2.83
(3.83)
(1.59)
(22.41)
8.58
1.37
11.66
1.16
27.81
2.45
4.72
6.26
5.16
(3.60)
0.12
(4.79)
1.47
(63.38)
20.65
(0.39)
3.18
13.68
19.25
20.25
0.14
10.39
(3.66)
34.52
(5.43)
6.26
16.93
0.31
(7.58)
52.21
8.97
(12.17)
19.82
6.77
3.21
14.60
10.77
4.15
11.85
4.62
5.72
(0.27)
10.79
12.81
11.37
52.80
44.95
20.46
17.28
26.15
(3.91)
(3.75)
34.32
15.52
13.18
(0.28)
14.75
71.49
12.56
NA
62.34
28.03
45.04
46.36
37.32
50.83
12.56
19.74
4.04
16.07
15.92
81.83
27.47
NA
66.46
42.43
48.33
44.06
13.63
NA
1.93
79.30
17.88
59.11
32.72
16.60
6.52
NA
19.04
1.90
14.57
24.72
24.31
3.45
1,578
9.45
1,339
12.02
1,345
12.33
1,578
13.51
1,488
8.37
1,656
12.60
1,750
23.61
1,518
35.51
964
42.31
1,292
19.03
1,470
* See following exhibit for industry sub-groups.

NA indicates inadequate number of companies in sample.
16

Since Inception IRR By Company Initial Investment Year
By Healthcare/Biotech and Information Technology Industry Sub-Groups
Pooled Gross IRR (%) of Companies Receiving Initial Investment In
Biotechnology/Biopharm/R&D
Health Care Devices
Health Care Services
Health Care Software/Systems
Pharmaceuticals
Internet-eBusiness
Internet-eCommerce
Telecom Network/Systems
Telecom Products
Telecom Services
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
10.23
8.56
3.05
9.14
6.64
48.91
3.74
9.83
4.43
26.98
70.35
7.43
6.89
1.74
22.12
(4.41)
6.69
9.72
(1.65)
17.29
9.44
1.94
12.96
2.01
14.16
5.00
(0.17)
13.73
(2.41)
28.95
21.76
4.75
23.84
(4.03)
15.97
3.31
2.20
22.22
13.16
15.99
15.89
10.11
14.82
10.95
(2.04)
3.59
(0.70)
9.52
(4.06)
8.21
12.29
2.50
10.86
28.86
(0.84)
8.24
12.05
12.85
39.05
3.83
14.91
4.15
35.63
18.28
11.44
31.95
25.72
22.77
12.91
34.02
5.76
10.01
4.23
5.96
4.11
140.83
682.40
237.80
245.70
139.68
98.78
289.33
360.59
310.72
103.94
(7.96)
39.26
281.08
81.27
(11.95)
1.15
1.36
(9.51)
(11.29)
(2.79)
6.80
(0.21)
(2.49)
(8.51)
4.20
26.66
9.08
14.81
(13.78)
8.53
31.95
39.50
6.52
11.63
14.21
39.29
23.23
4.10
(8.34)
6.54
18.98
51.12
(1.38)
(6.40)
3.15
18.04
34.27
(3.17)
(17.60)
6.80
13.65
32.50
10.90
(10.30)
7.42
30.17
65.53
12.48
(6.00)
(6.52)
50.06
82.39
21.64
55.65
(37.73)
35.74
89.69
38.77
35.51
61.66
22.54
19.03
(0.31)
8.98
0.96
NA indicates inadequate number of companies in sample.
17
DESCRIPTION OF PERFORMANCE MEASUREMENT METHODOLOGY

Cambridge Associates LLC (CA) has established a database to monitor investments made by venture capital and other alternative asset partnerships. On
December 31, 2011, 1,347 U.S. venture capital funds from the years 1981 through 2011 were included in the sample. Users of the analysis may find the
following description of the data sources and calculation techniques helpful to their interpretation of information presented in the report:
1. Partnership financial statements and narratives are the primary source of information concerning cash flows and ending residual/ net asset values (NAV) for
both partnerships and portfolio company investments.
2. Recognizing the alternative asset community's sensitivity to the distribution of information pertaining to individual fund investments, as a matter of policy
CA only releases aggregated figures in its benchmark report.
3. Vintage year is defined as the legal inception date as noted in a fund's financial statement.
4. CA uses both the internal rate of return and the end-to-end performance calculation in its benchmark reports:
a.
The internal rate of return (IRR) is a since inception calculation that solves for the discount rate, which makes the net present value of an investment
equal to zero. The calculation is based on cash-on-cash returns over equal periods modified for the residual value of the partnerships equity or portfolio
companys NAV. The residual value attributed to each respective group being measured is incorporated as its ending value. Transactions are accounted
for on a quarterly basis, and annualized values are used for reporting purposes. Please note that all transactions are recorded on the 45th day or midpoint
of the quarter.
b. The end-to-end performance calculation is similar to the IRR, however it is measuring the return between two points in time. The calculation takes into
account the beginning NAV as the initial investment. The subsequent quarterly cash flows and the ending NAV for the specified time period (i.e. one
quarter, one year, etc.) are utilized in the same fashion as the IRR calculation. All returns greater than one year are annualized.
5. Additional Definitions:
a. Pooled return aggregates all cash flows and ending NAVs in a sample to calculate a dollar-weighted return.
b. Arithmetic mean averages the individual fund IRRs included in a vintage year.
c. Median is the middle fund IRR of the group of individual fund IRRs included in a vintage year.
d. Equal-weighted pooled return equally weights all cash flows and ending NAVs based on paid in capital to calculate a dollar-weighted return.
e. Upper/ lower quartile are the thresholds for the upper (top 25%) and lower (bottom 25%) quartiles based on the individual fund IRRs included in a
vintage year. Can be used in conjunction with the median to determine quartile placement.
f. Realization Ratios:
1) Distribution/ paid-in (DPI) measures the actual distributions received relative to contributed capital.
2) Residual Value/ paid-in (RVPI) measures the amount of contributed capital still tied up in the equity of the fund.
3) Total value/paid-in (TVPI) measures the residual value plus distributions received to date relative to contributed capital.
* Realization ratios included in since inception IRR exhibits are based on actual pooled dollar values for each vintage year, not individual fund
averages.
6. Exhibits detailing data for portfolio companies are grouped by year of the funds initial investment in a company, as opposed to vintage year. Returns are
gross returns.
2012 Cambridge Associates LLC. All rights reserved.
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Venture Capital Index

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Venture Capital Index

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C A M B R I D G E

Cambridge Associates LLC

Cambridge Associates LLC

U.S. VENTURE CAPITAL INDEX

U.S. Venture Capital

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

Cambridge Associates LLC U.S. Venture Capital Index 1

U.S. Venture Capital - Late & Expansion Stage Index

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

One Year Rolling Returns

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

Lower Quartile Number of Funds

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

Lower Quartile Number of Funds

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

Lower Quartile Number of Funds

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

Pooled Return Number of Funds

Pooled Return Number of Funds

Pooled Return Number of Funds

Pooled Return Number of Funds

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

Late & Expansion Stage

Pooled Return Number of Funds

Pooled Return Number of Funds

Pooled Return Number of Funds

Pooled Return Number of Funds

2011 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

* See following exhibit for industry sub-groups.

2012 Cambridge Associates LLC. Confidential, all rights reserved.

U.S. VENTURE CAPITAL

NA indicates inadequate number of companies in sample.

2012 Cambridge Associates LLC. Confidential, all rights reserved.

DESCRIPTION OF PERFORMANCE MEASUREMENT METHODOLOGY

2012 Cambridge Associates LLC. All rights reserved.

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