According to Preqin, “First-time funds have outperformed funds of established managers in every year except one over the past 13 years”. See the link: http://docs.preqin.com/reports/Preqin-Special-Report-Making-the-Case-for-First-Time-Funds-November-2016.pdf

Below is a chart comparing the IRR performance of (1) Search Funds, (2) First-Time Funds vs (3) Established fund managers.