Finding an Investment Niche: LA’s Underappreciated Tech Ecosystem
With a ready supply of technical talent and entrepreneurial opportunities, Los Angeles is emerging as an interesting venture capital opportunity.
Private Equity/Venture Capital
Global ex US PE/VC Benchmark Commentary: Fourth Quarter 2014
The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index® was virtually flat (0.1%) in US$ terms in fourth quarter 2014, bringing its return for the year to 3.5%, which was a sharp drop from the prior year. The Cambridge Associates LLC Emerging Markets PE/VC Index® returned 4.5% for the fourth quarter and 14.3% for the year.
US PE/VC Benchmark Commentary: Fourth Quarter 2014
Funds in the Cambridge Associates LLC benchmark indexes for US private equity and venture capital earned double-digit returns in 2014, but neither index performed as well as it did in 2013.
Global ex US PE/VC Benchmark Commentary: Third Quarter 2014
Overview During the third quarter, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index fell 5.0% in US$ terms, its first negative quarterly return since second quarter 2012 (breaking its string of eight consecutive positive quarters). The euro weakened in the third quarter, putting pressure on returns measured…
Making Waves: The Cresting Co-investment Opportunity
Executive Summary Co-investing is gaining popularity and theoretically offers investors cost advantages and higher return potential. This report frames the opportunities and common pitfalls of co-investing, leveraging our aggregated data on co-investments and funds generating co-investment. Our analysis shows that co-investment returns have the potential to outpace private fund investment returns. Of over 100 buyout co-investments…
US PE/VC Benchmark Commentary: Third Quarter 2014
Overview US private equity and venture capital funds produced modest returns during third quarter 2014, though both outpaced the S&P 500 and Russell 2000® indexes, as indicated by the Cambridge Associates LLC benchmark indexes of the two alternative asset classes. Over the first nine months of the year, venture capital slightly outperformed private equity and…
Global ex US PE / VC Benchmark Commentary: Second Quarter 2014
Overview During the second quarter, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index rose 4.9% in US$ terms, its eighth consecutive positive quarter. The Emerging Markets PE/VC Index returned 4.6% in US$ terms. The euro weakened slightly in the second quarter and had little impact on returns…
US PE/VC Benchmark Commentary: Second Quarter 2014
During the first half of 2014, US private equity and venture capital funds performed well, with both outpacing public markets. Over the first six months of the year, private equity has slightly outperformed venture capital.
Global ex US PE/VC Benchmark Commentary: First Quarter 2014
During the first quarter, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index rose 3.4% in US$ terms. Although a decrease from the previous quarter, this was the seventh consecutive positive quarter. The Cambridge Associates LLC Emerging Markets PE/VC Index rose 2.7% in the first quarter. Both the global ex US developed…
Declaring a Major: Sector-Focused Private Investment Funds
The competitive advantages and resulting return profile of sector specialists should not be ignored when constructing a long-term private equity portfolio While it seems clear that a sector specialist should outperform a generalist within their sector of focus, in this paper we introduce data to show that on average sector-focused managers do in fact outperform….