Private Credit Primer
This paper describes why we believe private credit can be attractive in any market, outlines the various sub-asset classes, and discusses the construction of a private credit portfolio and its implementation into a portfolio.
Research Publications Archive
Last Week at a Glance
Global equities turned positive last week, breaking a three-week streak of losses
The Divestment Question: Focus on Governance
This paper offers considerations for how to manage calls for divestment and raises questions that need to be answered to respond clearly and effectively to divestment requests. To navigate tumultuous times and passionate entreaties, we believe institutions need to lean into good governance.
Private Credit Markets Are Growing in Size and Opportunity
This paper provides an update on recent developments in private credit and highlights several opportunities that investors should explore for the remainder of 2024.
Should Investors Consider Allocating to US Commercial Real Estate Debt?
Yes. A record of roughly $925 billion of US commercial real estate (CRE) debt is maturing in 2024 and refinancing needs in future years are also significant.
Comparative Asset Allocation and Total Return: UK Foundations and Endowments
Our biannual report summarizes asset allocation and total investment performance for 19 of Cambridge Associates’ UK foundation and endowment clients.
Have Public Market Returns Permanently Eclipsed Private Market Returns?
No, while the public market’s outperformance may seem like a total eclipse, this one, like all eclipses, will be temporary.
Role Models: Pensions Can Use Data to Optimize PI Allocations
Many pensions avoid private investments out of fear that long-term capital lockups could elevate liquidity risk. This paper aims to help pension executives better understand how data can enable their effective use of private investments and discusses how new investment policy approaches may help to take advantage of market opportunities.
Has the Euro Area’s Economy Bottomed?
Yes, we believe that the euro area’s economy bottomed either in fourth quarter 2023 or first quarter 2024.
Decades of Data: United States 1900–2023
The 2023 US edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds.