An Introduction to Leveraged Buyout Strategies
This primer provides an in-depth overview of buyouts, including types and characteristics, the investment process, returns, risks, and the due diligence process.
Private Equity/Venture Capital
“Mind the Gap” in US Venture Capital Valuations
Venture capital offers compelling returns for the stalwart long-term investor. The most relevant question for investors in any stage of venture is the potential impact of prevailing market conditions on ultimate returns. In this brief, we look at valuation data today and also use our proprietary data set of funds to review historical returns during periods when valuations reset.
Global ex US PE/VC Benchmark Commentary: Second Quarter 2015
The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital Index returned 7.6% in US$ terms in second quarter 2015; the Cambridge Associates Emerging Markets Private Equity and Venture Capital Index returned 4.4%.
US PE/VC Benchmark Commentary: Second Quarter 2015
US private equity and venture capital funds produced healthy results during second quarter 2015, outpacing the S&P 500, the Russell 2000® small-cap, and the Nasdaq Composite indexes. Second quarter’s 3.8% return for the Cambridge Associates LLC US Private Equity Index® marked the benchmark’s 12th straight positive quarter, while the 6.7% return for the Cambridge Associates LLC US Venture Capital Index® represented that benchmark’s 15th consecutive positive quarter.
How Concentrated Is Value Creation in Venture Capital?
Conventional wisdom says that only ten venture-backed investments matter per year and that an equally concentrated number of certain venture firms makes those investments, but conventional wisdom may lead investors to miss attractive opportunities with managers that can provide exposure to substantial value creation.
Venture Capital Disrupts Itself: Breaking the Concentration Curse
The widely held belief that 90% of venture industry performance is generated by just the top ten firms is a catchy but unsupported claim that may lead investors to miss attractive opportunities with managers that can provide exposure to substantial value creation.
Private Investments: Filling a Pension’s Return Void
Well-diligenced private investments in a skillfully constructed portfolio are important growth drivers that have helped pension funds deliver superior performance and increased the probability of meeting or exceeding long-term required returns.
Global ex US PE/VC Benchmark Commentary: First Quarter 2015
The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index® returned -2.8% in US$ terms in first quarter 2015; the Cambridge Associates LLC Emerging Markets Index® returned 3.1%.
Want to Own a Previously Private Equity–Owned Company? Quite Possibly YES
Whether investors are ready to admit it or not, sponsor-to-sponsor transactions—in which one private equity sponsor sells its stake in a company to another private equity sponsor—are here to stay, and that may not be a bad thing.
US PE/VC Benchmark Commentary: First Quarter 2015
US private equity and venture capital earned solid returns during first quarter 2015, outpacing the S&P 500 but trailing the Russell 2000® small-cap index. First quarter’s 2.6% return for the Cambridge Associates LLC US Private Equity Index® was an improvement over its 0.8% performance in the previous quarter while the 3.8% return for the Cambridge Associates LLC US Venture Capital Index® was a 6.1 ppt drop from results in the prior quarter.