Six Things to Know About Co-investments
Investor interest in co-investing has grown in recent years, given the benefits for both general partners and limited partners. We answer six frequently asked questions about this strategic allocation.
Private Equity/Venture Capital
SEC Adopts Reforms Aimed at Enhancing Private Investment Transparency and Investor Protection
The U.S. Securities and Exchange Commission adopted the most extensive reforms for the private investment industry since the Dodd-Frank Act of 2010. The reforms include many noteworthy aspects that we, and the industry, are still reviewing closely.
Review of Market Performance: Fiscal Year 2023
Risk assets enjoyed mostly positive returns in fiscal year 2023. Equities rebounded as fears over the severity of a possible recession moderated. Emerging markets equities lagged developed markets as the pace of reopening in China disappointed. Bond performance improved as credit assets posted positive returns but developed markets sovereign bonds struggled. Real assets suffered due to higher interest rates and slowing demand.
Global ex US PE/VC Benchmark Commentary: Calendar Year 2022
In 2022, the Cambridge Associates LLC Developed Markets ex US Private Equity and Venture Capital Index returned -11.1% in USD terms, marking a sharp reversal from two strong years in 2020 and 2021. Performing slightly better than its developed markets counterpart, the Cambridge Associates LLC Emerging Markets Private Equity and Venture Capital Index returned -8.1% for the year in USD terms, but it also suffered a substantial reversal from strong performance in recent years.
US Limits Semiconductor, Quantum Computing, and AI Investments in China
Yesterday, US President Biden issued an Executive Order (EO) limiting US investments in China in three technology sectors—semiconductors and microelectronics, certain artificial intelligence systems, and quantum information technologies—in 2024 and beyond.
US PE/VC Benchmark Commentary: Calendar Year 2022
A year after posting their second highest annual returns ever, performance for the US private equity and venture capital indexes fell back to earth in 2022.
Is Now a Good Time to Invest in the Energy Transition?
Yes, the transition to a low-carbon economy is producing a myriad of productive ways to put capital to work.
VantagePoint: Investing in a Low-Carbon Future
The energy transition involves a complex and dynamic set of changes in the way we do just about everything. While significant progress has been made in some quarters, considerable capital will be needed to fund the massive investment required over coming decades. We expect investors with a deliberate and thoughtful plan to invest in the transition across the risk/reward spectrum will be rewarded.
Liquidity Hazard Planning for Families of Wealth
Consistently revisiting potential liquidity risk is important work for family investors. To manage liquidity risk, families should employ best practices, monitoring illiquid investments, spending needs, and currency considerations. By doing so, they can guard against unanticipated stressors and remain on track to achieve their investment goals.
Does the Recent Rally in AI-Linked Growth Stocks Mean Value Is Doomed?
No. While the exciting developments in artificial intelligence (AI) have been a bright spot for equity markets this year, we do not think value will continue to lag growth. In fact, we expect it will outperform over the next several years.