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пятница, 7 августа 2009 г.

Хороший анализ деятельности фондов

Рекомендую читать. http://azeemazhar.com/?p=317

Atlas VI, a 2001 vintage, has an IRR of -5.7%; and has paid out $1.1m of $6.2m committed. This means it is reporting on about $4m book value from companies in that fund. The fund may significantly outperform if the remaining companies in that fund exit well. (This is the only Atlas fund CEV seems to have invested in, although I believe they raised one more since).

Battery Ventures (firm behind BazaarVoice and BlueKai) is a favourite of the CEV. Battery VI (2000) has an IRR of 2.7%, Battery VII (2005) IRR of 5.7%; Battery VIII (20008) an IRR of of -11.1% (deep in the J).

Draper Fisher VII (2000 vintage) received $25m from CEV, no doubt on the strength of the franchise. This fund has an IRR of -2.8%

CEV also like Highland Capital Partners, having invested four funds. The 2000 vintage has been a mediocre, IRR of -2.9%; the 2001 vintage (in which CEV ponied up $35m) has a commendable IRR of 8% (during that period the S&P dropped 20-30%); the 2006 fund (-16.1%) and 2007 fund (-33.6%) look deep in the J.

Two Index funds have received investment from CEV. Index II (a 2001 vintage) is a stand out success, with an IRR of 30.7%, and has returned hard-working Californian pensioners twice their money. Index III, a 2005 vintage, is still being invested but my hunch would be that with a non-meaningful IRR after 3 yrs, this fund won’t be a knock-out like its older sister.

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