French LBOs top European performance tables, says AFIC
LBOs generated higher returns in France than in all other European countries in 2011, although their performance declined year-on-year, according to a recent study by private equity association AFIC.
French LBOs generated a long-term net IRR of 14.5%, against an 11.4% average in Europe and 9.7% in the US, according to the study. Growth capital also performed well, with a 7.9% net IRR against a 2.8% European average. Overall, French private equity generated a long-term net IRR of 8.3% at the end of 2011.
That said, the long-term French performance declined by 100 basis points compared to the figures released at the end of 2010. Venture capital performance also remains below the European average with a -1.5% IRR – against +1.3% in Europe and +14.6% in the US.
The full study (in French) can be found here.
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