The **Vintage Year** of an AIF is the year the fund makes its first capital call. It is a critical piece of information because returns are often compared to funds with the same vintage.
A 2020 Vintage Fund’s performance should be measured against other 2020 funds, not against a 2015 fund (which would be much further along the J-Curve). The Vintage Year helps normalize performance tracking and provides context, especially when analyzing returns across different economic cycles.
