Global ex US PE and VC Benchmark Commentary: Calendar Year 2019
With few exceptions heading into the COVID-19 crisis, the developed and emerging markets PE and VC indexes have handily outperformed their public market counterparts across time.
With few exceptions heading into the COVID-19 crisis, the developed and emerging markets PE and VC indexes have handily outperformed their public market counterparts across time.
For calendar year 2019, US private equity and venture capital produced high double-digit returns, as indicated by the Cambridge Associates LLC benchmark indexes.
For first half 2019, US private equity and venture capital produced double-digit returns, as indicated by the Cambridge Associates LLC benchmark indexes.
The developed and emerging markets PE/VC indexes have outperformed their public market counterparts across time (based on modified public market equivalent returns).
In contrast to the public markets, and despite a weak fourth quarter, the Cambridge Associates US private equity and venture capital indexes both produced double-digit positive returns for calendar year 2018.
The developed ex US and emerging markets PE/VC indexes outperformed the comparable public equity index (MSCI EAFE and Emerging Markets Indexes), based on mPME returns, for all time periods ending June 30, 2018.
For the first half of 2018, returns for US private equity and venture capital were strong, with only 1 percentage point separating the performance of the two asset classes, as indicated by the Cambridge Associates LLC benchmark indexes.
In USD terms, the Cambridge Associates LLC benchmark indexes for global ex US developed and emerging markets private equity and venture capital (PE/VC) produced nearly identical results in fourth quarter 2017 (5.7% and 5.6%, respectively); but, for the year, the developed markets index earned a significantly better return (30.0% versus 18.9%).
US private equity and venture capital returns were both in the double digits for calendar year 2017, but the divide between the results for the Cambridge Associates LLC indexes for the two asset classes was fairly wide.
The Cambridge Associates LLC global ex US developed markets PE/VC index returned 21.0% year-to-date, boosted by its 5.4% third quarter return. The emerging markets index 4.4% for the quarter and 12.2% year-to-date.