Vintage

A fund’s cohort year under a stated convention. Depending on the provider or dataset, it may refer to legal inception, first investment or first capital call. Identify the convention before comparing funds.

Vintage in round numbers

Hypothetical: using first investment as the declared convention, funds that began investing in 2015 and 2020 belong to different vintage cohorts. Compare each with relevant peers using the same convention, strategy, geography, return metric and measurement date. Cross-vintage comparisons can also be useful when differences in fund age and market conditions are considered.

Source: Cambridge Associates: historical benchmark definitions and FAQs.

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