Table 1: Private equity - performance differences between first-time and non-first-time funds 8
Panel A. Central tendency
Metric First-time funds Non-first-time funds Δ (First – est.) Statistical test p-value
Mean TVPI (Capital-weighted) 1.82 1.61 0.21 Weighted least squares <0.001
Mean TVPI (Equal-weighted) 1.94 1.71 0.23 Welch's t-test <0.001
Median TVPI 1.68 1.55 0.13
Panel B. Dispersion
Metric First-time funds Non-first-time funds Δ (First – est.) Statistical test p-value
Standard deviation of TVPI 1.26 0.94 0.32 Levene's test <0.001
Panel C. Tail outcomes
Metric First-time funds Non-first-time funds Δ (First – est.) Statistical test p-value
Probability of TVPI > 3.0 (Capital-weighted) 7.8% 2.3% 5.5 pp Permutation test <0.001
Probability of TVPI > 3.0 (Equal-weighted) 10.2% 5.2% 5.0 pp Chi-square test <0.001
Probability of TVPI <= 1.0 (Capital-weighted) 10.5% 7.4% 3.1 pp Permutation test 0.17
Probability of TVPI <= 1.0 (Equal-weighted) 13.4% 11.7% 1.7 pp Chi-square test 0.27
Probability of TVPI <= 0.6 (Capital-weighted) 3.9% 1.3% 2.6 pp Permutation test 0.03
Probability of TVPI <= 0.6 (Equal-weighted) 3.9% 2.2% 1.7 pp Chi-square test 0.02