The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index rose 6.5% in US$ terms in fourth quarter 2013, its sixth consecutive positive quarter, bringing its return for 2013 to 16.3%. The Cambridge Associates LLC Emerging Markets PE/VC Index rose 7.3% in fourth quarter and 13.6% for the year. Exchange rates fl uctuated in 2013, with the euro strengthening most in the last four months of the year, helping to boost returns measured in US dollars. The investment environment in Europe improved slowly in 2013, as larger, healthier economies stabilized while others continued to feel lingering effects from the debt crisis. Both the global ex US developed and emerging markets PE/VC indexes outperformed public market counterparts in the fourth quarter, but only the emerging markets PE/VC index managed to do so for the year.

Performance for the Cambridge Associates LLC Global ex US Developed and Emerging Markets PE/VC indexes is derived from data compiled from institutional quality funds raised between 1986 and 2013. There are more than 700 funds in the developed markets index and about 500 in the emerging markets index. Funds in the global ex US developed market PE/VC index primarily invest in companies in Europe, but occasionally make investments in US companies as well.