Client Newsletter

Through 2006, the annualized return for private equity
investments for the prior 20 years was 13.9% vs. 9.2%
for the S&P 500. Among the various categories of private equity,
venture capital topped buyouts, 16.6% to12.9%.

Sources:
Thomson Financial
National Venture Capital Association

In accordance with IRS Circular 230, this newsletter is not to be
considered a “covered opinion” or other written tax advice and should
not be relied upon for IRS audit, tax dispute, or any other purpose.