European private equity and venture capital performance has remained stable during the downturn, according to recent figures from the European Private Equity and Venture Capital Association (EVCA) and Thomson Reuters (publisher of VCJ).

EVCA’s 2011 Performance Report reveals that the net-pooled IRR of the 1,431 funds in the study was 8.95 percent.

Returns for venture funds increased to 1.5% (0.5% in 2010), while buyout fund returns were down slightly to 11.4% (12.7% in 2010).

Buyout and venture funds in the top quartile remained stable at a net pooled IRR of 22.54% (22.81% in 2010).

Buyout funds in the top quartile recorded 30.09% (32.2% in 2010).

Venture funds in the top quartile remained constant at 13.2 percent.

EVCA Chairman Vincenzo Morelli says he remains positive about the European venture industry. While the overall returns remain low, it is encouraging to see them is on the rise.

“With European clusters of innovation now firmly established across the continent, now may well be the time for investors to catch this rising tide,” he said in a statement.

On the venture side, funds of more than €250 million ($308 million) had the best result in the long-term (10-year IRR). Funds between €100 million to €250 million ($122 million to $308 million) dominated the short-term (1-year horizon IRR of 6.78%).

The highest returns for European private equity were achieved by the 1990-1994 vintages (15.6% IRR) and 2000-2004 vintages (12.58% IRR). By investment stage, 2000-2004 vintage buyout funds registered the best returns, with an IRR of 18.28 percent.

The best-performing venture funds were 1990-1994 vintage, which reached a pooled net IRR of 13.11 percent. The best vintage year with regards to returns was 1995 at 42.72%, according to EVCA and Thomson Reuters.

Listed here are the top 10 European performers in Oregon Public Employees Retirement Fund for the period ended Dec. 31, which includes mainly buyout funds. Vintages range from 1995 to 2007.

TOP 10 EUROPEAN PERFORMERS

Palamon European Equity

Vintage: 1999

Commitments: $50 million

Distributions: $93.2 million

Multiple: 2.04x

IRR: 13.30%

Doughty Hanson Fund III

Vintage: 1997

Commitments: $250 million

Distributions: $431.7 million

Multiple: 1.81x

IRR: 13.40%

Sofinnova Venture Partners VII

Vintage: 2007

Commitments: $25 million

Distributions: $7.1 million

Multiple: 1.50x

IRR: 16.90%

CVC European Equity Partners II

Vintage: 1998

Commitments: $150 million

Distributions: $336.5 million

Multiple: 2.31x

IRR: 18.90%

KKR European Fund

Vintage: 1999

Commitments: $400 million

Distributions: $1,007.4 million

Multiple: 2.27x

IRR: 19.8%

Hicks Muse Tate & Furst Europe Fund

Vintage: 1999

Commitments: $99.3 million

Distributions: $196.9 million

Multiple: 2.02x

IRR: 21.60%

Lion Capital Fund I

Vintage: 2004

Commitments: $99.8 million

Distributions: $163.7 million

Multiple: 1.90x

IRR: 23.20%

CVC European Equity Partners

Vintage: 1996

Commitments: $50 million

Distributions: $58.5 million

Multiple: 2.88x

IRR: 26.60%

CVC European Equity Partners III

Vintage: 2001

Commitments: $150 million

Distributions: $391.7 million

Multiple: 2.87x

IRR: 41.40%

Doughty Hanson Fund II

Vintage: 1995

Commitments: $50 million

Distributions: $93.9 million

Multiple: 2.10x

IRR: 45.60%