Asia Insights: Seeking Stable Returns
With the global economy showing signs of cooling and Chinese economic momentum remaining weak, the outlook for Asian markets is increasingly mixed.
Private Equity/Venture Capital
Would US Private Capital Flows into Climate Solutions Remain Strong in a Second Trump Administration?
Yes, we believe that private investment in climate solutions would continue apace in a second Trump administration, given strong demand for clean energy, supportive and resilient US government policies, and robust investment opportunities that will continue to be attractive to many investors.
Private Investment Fund Terms: Fees and Distribution Waterfall
This inaugural private investment fund terms publication highlights terms such as management fee, transaction fee offset, distribution waterfall, and GP clawback based on activity from 2018–22, The proprietary data found in this publication will help to keep clients well-informed about marketplace commonalities regarding these terms.
Review of Market Performance: Fiscal Year 2024
Most risk assets enjoyed strong returns in fiscal year ended June 2024. Developed markets equities led on better-than-expected economic data and the anticipation that central banks would begin easing monetary policies.
Global ex US PE/VC Benchmark Commentary: Calendar Year 2023
In 2023, both the Cambridge Associates LLC Developed Markets ex US Private Equity and Venture Capital Index and Cambridge Associates LLC Emerging Markets Private Equity and Venture Capital Index earned positive returns but underperformed their public counterparts. This contrast between private and public market returns is common during recovery years, as valuations for private investments typically take longer to reflect improvements in economic conditions.
US PE/VC Benchmark Commentary: Calendar Year 2023
In 2023, US private equity performed better than venture capital, but returns for both asset classes trailed those of the public markets, which rebounded strongly from a tough 2022.
Unlocking New Opportunities for Family Investors Through Private Funds
Enterprising families seeking more comprehensive private allocations can consider building a PI fund program to serve as a pathway to a multitude of new opportunities. Understanding the potential advantages and challenges of PI fund programs can help family investors consider whether an expansion of their private allocations is right for them.
Are Co-investments Attractive in Today’s Environment?
Yes. We believe co-investments are an attractive opportunity in the current market for three primary reasons.
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.