Vintage Year
Vintage year refers to the year a fund begins deploying capital, used to group performance and pacing across market cycles.
Definition
Vintage year anchors a fund’s investment period and is used to compare managers deployed under similar macro and valuation environments. Allocator Context Allocators manage vintage diversification to reduce cycle risk and ensure steady deployment across years. Decision Authority Portfolio construction teams and ICs often monitor vintage concentration, especially in private equity and venture. Why It Matters for Fundraising Managers should position fundraising in the context of cycle exposure and show how the strategy performs across vintages. Key Takeaways Cycle context for private funds Critical for portfolio pacing Used heavily in peer comparisons Shapes LP appetite and sizing