PE Glossary
Vintage Year
Vintage Year · The year in which a PE fund makes its first investment or closes on capital. Vintage year is used to group funds for performance benchmarking, as macro conditions significantly affect returns.
Example
A fund holds its first close in March 2020 and makes its first investment in June 2020 · its vintage year is 2020. Vintage year matters for benchmarking · 2020 funds compete against peers raised the same year, not against 2018 or 2022 funds operating in different macro environments.
Related terms
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