Private equity fund manager MillhouseIAG has scored a top five ranking against its international counterparts, Private Equity Performance Monitor research has found.
MillhouseIAG secured the ranking as a top five performer after achieving a net return of 26.22 per cent last financial year for investors in its institutional offering.
The UK-based Private Equity Performance Monitor ranked MillhouseIAG Private Equity Trusts #1 and #2 (MPET) at number two and three among 44 venture fund peers, depending on the basis for comparison.
"This result has been driven by our ability to capture alpha-based investment returns which really means having both the structure and strategy in place to move opportunistically," MillhouseIAG founder and chief executive David Millhouse said.
MPET was ranked number 14 against 240 vintage 2004 private equity and venture capital funds on an earnings multiple basis, and number 35 of the 240 on a net internal rate of return (IRR) basis.
Based on the results, MPET has performed 21.2 per cent better on an IRR basis than the median fund benchmark for funds in this peer group at July1, 2007.
MPET's 24.82 per cent return since 2004 compares with average returns in Australia for private equity and venture capital funds formed from 1987-2005 of 8.9 per cent and -4 per cent respectively.
The average return in the United States for vintage 2004 private equity and venture capital funds across all sub-classes was 10.4 percent to December 31, 2006.
The trusts are targeting inflows of up to US$250 million. MillhouseIAG also operates a private equity retail fund targeting inflows of A$150 million.
