European private capital funds have outperformed their US counterparts since 2014, according to data from Preqin.
Median net IRR for European funds of 2014 and 2015 vintages is around 13 per cent and 12.5 per cent, said a report from the data provider and asset management firm Amundi on the European alternative assets industry released yesterday. The equivalent figures for the US are around 12 per cent and 11 per cent.
European funds have not beaten US funds on this measure since 2006. Prior to 2006 they did so consistently, by as much as six per cent.
Outperformance by European funds was also reported by alternative assets technology company eFront last month.
However, both European and US private capital funds have been outperformed in recent years by funds focused on Asia and all other territories. For 2015 vintage funds, these two geographies posted average IRRs of around 16 per cent and 14 per cent respectively.