During the first quarter, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index rose 3.4% in US$ terms. Although a decrease from the previous quarter, this was the seventh consecutive positive quarter. The Cambridge Associates LLC Emerging Markets PE/VC Index rose 2.7% in the first quarter. Both the global ex US developed and emerging markets PE/VC indexes outperformed their public market counterparts in the first quarter, which is consistent with the indexes’ general outperformance over the long term.