2025 Private Investment Operational DDQ Analysis
This report presents an analysis of manager responses submitted via Cambridge Associates’ operational due diligence questionnaire.
Private Equity/Venture Capital
Global ex US PE/VC Benchmark Commentary: Calendar Year 2025
Calendar year 2025 marked a recovery for private equity and venture capital in global ex US markets after three consecutive years of weak returns, but currency was a big driver of performance. Distributions improved but were low relative to the size of the index, and the forward outlook for liquidity remains uncertain.
US PE/VC Benchmark Commentary: Calendar Year 2025
In calendar year 2025, returns for US private equity and venture capital diverged from one another amid an environment where tech companies reigned supreme, with venture besting both public and private equities.
VantagePoint: Artificial Intelligence Investing After the First Wave
AI investing is moving into a more selective phase: capabilities and adoption continue to accelerate, fundamentals are starting to improve, and the obvious first-wave winners in hyperscalers and chips have already been widely recognized by markets. From here, the key investment questions are which bottlenecks will endure, whether revenue and earnings can outpace the capital intensity required to lead, and where lasting value can survive as AI becomes cheaper, more capable, and more ubiquitous.
Do Mega-IPOs From Companies Like SpaceX, OpenAI, and Anthropic Mark a Changing Relationship Between Public and Private Markets?
Yes. The expected mega-IPOs from SpaceX, OpenAI, and Anthropic will mark an important shift from private capital dominance toward broader public ownership, with implications for index composition, valuation, liquidity, and investor access to frontier technologies.
Has Private Equity Hit Peak Software?
No, we expect software investing to continue to loom large in private equity as it expands to incorporate the opportunities presented by artificial intelligence.
Review of Market Performance: Calendar Year 2025
Global economic growth hovered near trend in 2025. The dollar weakened sharply, while global equities and commodities posted strong gains. Bond returns improved as rates and credit spreads eased.
Under the Microscope: Private vs Public Company Operating Metrics for Global Companies
Our global private equity operating metrics analysis highlights the key levers and value drivers in private equity, and explores a risk and return comparison between private equity and public equity. It includes dedicated Europe and Asia analyses as well as regional comparisons.
VantagePoint: Asian Equities Revisited
While Asia has demonstrated resilience to economic and geopolitical challenges, risks remain, and we expect economic growth and equity beta prospects to moderate as the region faces headwinds from slowing export growth and cooling consumption.
Under the Microscope: Private vs Public Company Operating Metrics for US Companies
Our 2024 US private equity operating metrics analysis highlights the key levers and value drivers in private equity, and explores a risk and return comparison between private equity and public equity.