Analyzing the non-weighted change in valuations by fund type to March 2010 shows all fund types have posted a quarter-on-quarter increase in valuation from Q3 2009 onwards except real estate funds, which posted a fall in both Q4 2009 and Q1 2010. Real estate funds have been the most severely affected fund type by the economic downturn and the latest write downs shows conditions in the real estate market are yet to improve significantly. Secondaries posted a quarterly increase of 7.5% to March 2010 but it is important to note that the returns for these funds along with fund of funds generally lag by a quarter due to the reporting schedules of their underlying fund investments. One of the secondaries funds with one of the largest NAV improvements, Montauk Triguard IV, posted an increase of 16.6% in its net asset value as the fund distributed capital back to its investors as well as increasing the value of its investments in Q1 2010. Buyout showed an average increase of 2.3% in March 2010, mezzanine 1.5% and venture 0.3%.
For more information on private equity performance, please see Preqin's Performance Analyst.