Groundlearn / Glossary / Vintage year
Vintage year
A CFA term, defined in plain English with the distinction examiners test.
What it means
The year a private fund makes its first investment, and the basis on which its performance is compared with peers.
The exam angle
Comparing across vintages compares market conditions, not skill. Entry valuations dominate private returns.
Where it appears in the syllabus
- Private Markets pathwayCFA Level III · exam weight 30–35% · GP/LP economics, private equity and debt, special situations, real assets.
- Alternative InvestmentsCFA Level I · exam weight 6–9% · Private capital, real estate, natural resources, hedge funds, digital assets.
Related terms
- Distribution waterfallThe agreed order in which a private fund’s proceeds are shared between limited and general partners.
- General partnerThe manager of a private fund, responsible for investment decisions and bearing unlimited liability for the partnership.
- Private creditLending to companies outside the public bond and syndicated loan markets, usually at floating rates with bespoke…
- Special situationsInvesting around a specific corporate event — restructuring, distress, spin-off or litigation — where the outcome…
- Capital callThe general partner’s demand that limited partners transfer part of their committed capital.
- Capitalisation rateNet operating income divided by property value — a property’s unlevered income yield.
Educational content only. This is not financial, investment, legal or regulatory advice. Check the official curriculum for your own exam before relying on any definition here.
Practise it in Cornerstone
Snapshot cards and five-question sessions for CFA® and FRM® candidates, free on Android and offline. The full glossary is in the app too, with search.
About CornerstoneOr get a free practice question every day on the Cornerstone WhatsApp channel.