
*PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS Comparative returns are sourced by Cambridge Associates. To calculate the Private Equity Index shown, Cambridge Associates uses data compiled from 1,496 US private equity funds, including fully liquidated partnerships, formed between 1986 and 2022. The private equity funds used in this analysis may materially differ from the EquityZen funds featured on EquityZen's platform, and the actual return of any one EquityZen fund will not necessarily be equal or similar to and may be materially different from the Private Equity Index return presented here. The Private Equity Index is a pooled horizon internal rate of return, net of fees, expenses, and carried interest (the "horizon IRR"). The horizon IRR performance calculation is a money-weighted return that measures performance between two points in time, and incorporates the beginning net asset value (NAV) (if any, treated as an inflow), interim cash flows and the ending NAV (if any, treated as an outflow). All interim cash flows are recorded on the mid-period date of the quarter. In order for a fund to be included in a horizon IRR calculation, the fund must have at least one quarterly contribution, distribution or NAV during the time frame being measured. The horizon IRR is annualized for time frames greater than one year. For more details see here.
** Cambridge Associates 10-year Private Market Index as compared to the Cambridge Associates Modified Public Market Equivalent ("mPME") for the Russell 2000 Index over a 10-year period from December 31, 2012 to December 31, 2022. The mPME intends to replicate private investment performance under public market conditions. The public index's shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. 1.75 is the multiple of the actual private investment return and the mPME calculation over a 10-year horizon.
The testimonials presented above have been provided by investors in EquityZen funds. The testimonials were unsolicited and the investors who provided them were not compensated. These testimonials may not be representative of other investor’s experiences and they do not guarantee the future performance or success of any EquityZen fund investment. Please refer to our Disclosures page for a discussion of conflicts of interest that arise from these testimonials.












1 As of May 23, 2023. Return metrics are across all deals in a given company taking total distributions vs. Total investments including fees. The percentage show is a return-on-investment (“ROI”) calculation and represents the total distributions to investors who invested in EquityZen funds that invested in that company minus total amounts invested (including fees) by investors across all EquityZen funds that invested in that company (the “Initial Investment Amount”) divided by the Initial Investment. The average holding period for the investments in these companies via EquityZen funds were. Spotify: 14 months; Digital Ocean: 26 months; Wish: 21 months; DocuSign: 20 months; DraftKings: 17 months; Eventbrite: 6 months; Lemonade: 6 months; Jawbone: 26 months; Redfin: 9 months; Duolingo: 69 months; Square: 21 months; Sofi: 13 months.
1 As of May 23, 2023. Return metrics are across all deals in a given company taking total distributions vs. Total investments including fees. The percentage show is a return-on-investment (“ROI”) calculation and represents the total distributions to investors who invested in EquityZen funds that invested in that company minus total amounts invested (including fees) by investors across all EquityZen funds that invested in that company (the “Initial Investment Amount”) divided by the Initial Investment. The average holding period for the investments in these companies via EquityZen funds were. Spotify: 14 months; Digital Ocean: 26 months; Wish: 21 months; DocuSign: 20 months; DraftKings: 17 months; Eventbrite: 6 months; Lemonade: 6 months; Jawbone: 26 months; Redfin: 9 months; Duolingo: 69 months; Square: 21 months; Sofi: 13 months.