Will Venture Capital Repeat the Post-TMT Bubble Experience?
We do not expect a rerun of the 2000s for tech and venture capital. The similarities between the late 1990s and today are concerning, but the differences are even more sweeping.
Research Publications Archive
Private Credit Benchmarks: A User’s Guide
In response to the proliferation of new private credit strategies and managers, Cambridge Associates has developed a set of benchmarks that will help limited partners assess the performance of new and existing fund manager (general partners).
College and University Investment Pool Returns: Fiscal Year 2018
This report summarizes portfolio returns, asset allocation, and related trends for 160 colleges and universities. Included are exhibits on asset class returns, performance attribution, risk analytics, policy portfolio benchmarking, and uncalled capital commitments to private investments. The report also contains sections on investment management structures, flows to and from the long-term investment portfolio, and investment office staffing and governance. Finally, this year’s report includes new analyses on the use of outside advisors/consultants and decision-making rights for asset allocation policy development and manager selection.
Review of Market Performance: Calendar Year 2018
Myriad rising risks weighed on performance in 2018, leaving investors few places to hide among the sea of red.
Growth Equity: Turns Out, It’s All About the Growth
Growth equity continues to offer investors a compelling return profile that combines the downside protection of buyouts with some of the upside potential of venture capital.
Private Investing for Private Investors: Life Can Be Better After 40(%)
Families with multigenerational wealth may be particularly well positioned to consider allocating 40% or more of their assets to private investments. Assuming these families have the requisite long-term time horizon, patience, and ability to act quickly, they stand to benefit not only from the potential for higher returns but also from the tax-advantaged nature of private investments. Life could get better after 40%!
What Should Investors Expect in 2019?
Investors should expect more volatility in 2019, as many of the trends and political dynamics that have rattled confidence over the last few months seem unlikely to dissipate in the months ahead.
Outlook 2019: More Risk for Less Return?
Although we are more cautious heading into 2019 than we were 12 months ago, we still think a roughly neutral allocation to risk assets is the right approach.
College and University Flash Statistics Report: Fiscal Year 2018
The College and University Flash Statistics Report provides a first look at the results of our 2018 College and University Investment Pool Returns survey. Included in the analysis are a summary of investment pool returns, asset allocation, and returns after spending for 160 colleges and universities. Additionally, the report provides detailed data by institution on…
Should Investors Consider Co-Investing?
Yes. At a minimum, investors should consciously consider it. The co-investment “craze” isn’t going away anytime soon—we estimate co-investing currently accounts for nearly one-third of all private investment activity—and there are structural reasons why it will continue, as we will discuss. For investors with allocations to private investments, adding co-investments offers some advantages; namely, lower fees…