Private Equity/Venture Capital

Policy Benchmarking: Best Practices for Private Investments

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For investors with private allocations, how one incorporates them into the policy benchmark will materially impact the portfolio’s relative performance, making the choice key to informed decision making. We review the various methodologies used and make a series of recommendations on best practices to follow. In considering the performance of private investments within the total portfolio, we anchor to a set of principles: keep it simple, don’t treat private investments differently, and make performance evaluation as meaningful as possible.

US PE / VC Benchmark Commentary: Third Quarter 2017

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In third quarter 2017, the Cambridge Associates LLC US Private Equity Index® returned 3.9%, matching or beating the previous two quarters to bring its year-to-date return to 11.7%. The Cambridge Associates LLC US Venture Capital Index® returned 3.2% for third quarter, an increase from a weak second quarter; the venture index’s year-to-date performance was 8.1%.

Distressed Debt: A New Way to Categorize Managers

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As the economic cycle progresses, the next recession draws inexorably closer, bringing with it the next downturn in the credit cycle. Recognizing this, institutional investors are increasingly considering allocations to distressed debt managers. While lumping all distressed managers into one group is tempting, different managers have meaningfully different approaches and investors’ traditional way of thinking about distressed debt managers makes timing paramount. In this paper, we offer a new way to think about distressed investing that combines three complementary sub-strategies and encourages investors to allocate across the credit cycle.

Global ex US PE / VC Benchmark Commentary: Second Quarter 2017

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In second quarter 2017, in USD terms, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital Index (PE/VC) returned 10.2% to bring its first half performance to 14.7%. The Cambridge Associates LLC Emerging Markets Private Equity and Venture Capital Index earned 3.3% in second quarter, bringing its six-month return to 7.5%.

Latin American Private Equity Limited Partners Opinion Survey

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Cambridge Associates partnered with the Latin American Private Equity & Venture Capital Association (LAVCA) to conduct an annual survey of global institutional investors about their views on Latin American markets. The survey report covers both domestic and international investors’ views of private equity opportunities and challenges in Latin America, based on responses from 103 limited partners.