performance
Projected ReturnsIRR objective
Internal Rate of Return
The Edison Venture Capital Fund, as an investor in early stage start-up businesses, has an objective to achieve a net Internal Rate of Return (IRR) for the limited partners of between 12-15% per annum.
Both the US and Australian early stage venture capital funds have consistently returned on average an IRR of approximately 15% since 2007 (see Table 1 below).
%
Net IRR of funds exiting after 5 years
%
Net IRR of funds exiting after 10 years

Table 1
returns by industry
Industry Performance
Table 2 shows a breakdown of returns by industry within the US Venture Capital market. Edison is focusing on the industry sectors of Information Technology, health care/biotech, energy and software/services. Table 2. shows that IT has averaged an IRR over the period shown of20.20% and that Health Care/Biotech averaged an IRR of27.44%.


Table 3
venture capital size
Fund Size Comparison
Table 3 shows that within venture capital, smaller venture capital funds (less than $700 million) have outperformed larger Funds.
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