Analyzing the median net IRRs and quartile boundaries by vintage year for fund of funds, the results show that for vintage 1997 – 2003 funds, the median IRR is in the range of 4% and 9%. Returns for more recent vintages have declined and median IRRs are in the red for funds of vintages between 2005 and 2009. The top and bottom quartiles exhibit similar trends as the median IRR. The top quartile boundary of vintages 1997 to 2003 is between 15% and 10%, and is in negative territory for vintage 2006 and onwards. The bottom quartile is in the red for vintages 2002 onwards, with the boundary returning -23% for vintage 2008 funds. The top quartile boundary is in the black for older vintages – those prior to vintage 2004. More recent vintages for this quartile boundary lie around the -2% mark. Since the most recent funds are the least mature it is likely that the performance of these funds will improve over time.
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