<p>Only two private equity fund vintages since 2003 are still underperforming relative to public indices, net of all fees, as calculated using the Russell 3000 Index.</p>
<p>Funds in those vintages can safely be assumed to be overly impacted by the global financial crisis, while the significant outperformance of funds from vintages prior to the boom times of 2006 and 2007 can also be chalked up to a highly fervid dealmaking environment. Moreover, the marginal outperformance of more youthful PE fund vintages suggests that, thus far, PE dealmakers have been able to capitalize on the elevated rates of global M&A over the past two years as well, although at a lesser rate given the relative age of the portfolio companies such funds would have invested in.</p>