Global ex US PE/VC Benchmark Commentary: First Half 2021
In the first six months of 2021, according to Cambridge Associates indexes, private equity and venture capital in the developed markets outperformed those in emerging markets.
Private Equity/Venture Capital
US PE/VC Benchmark Commentary: First Half 2021
In the first half of 2021, US private equity and venture capital returns continued the torrid pace that started in second quarter 2020.
Under the Microscope: Private vs Public Company Operating Metrics for US Companies
This analysis includes our observations on key metrics by which private equity managers execute their strategy.
Outlook 2022: Flying at a Lower Altitude
A compilation of our investment views for 2022.
Venture Capital Will Continue to Crush It
Globally, the venture capital (VC) industry will continue to evolve as capital floods in seeking compelling returns that can be had for those willing to wait.
Interest in Private Investments Continues to Expand
Investors with mature private investment programs tend to have private exposure to major developed markets, such as the United States and Europe. While many of these investors have added Chinese exposure to their private programs over the last decade, interest has recently increased in less-trafficked Asian markets and more specialized European strategies. We expect this interest will continue to expand next year.
VantagePoint: China – Reassessing Risks and Opportunities
As the second largest economy in the world, China remains an important destination for global investor capital. Yet, the pace and scope of China’s regulatory crackdown are causing concern. In this edition of VantagePoint, we review the nature of regulatory developments and their impact on the investment opportunity set. We believe that dedicated, strategic allocations to Chinese assets are still warranted. Investors should carefully consider their sector exposure and evaluate managers’ capabilities in the current regulatory and geopolitical environment.
Are Secondaries Experiencing a Growth Spurt?
Yes. Secondaries, the “yang” to the “yin” of primaries and an investment strategy nearly as old, are growing, particularly GP-led secondaries, which have grown 43% annually over the last nine years.
Building Winning Portfolios Through Private Investments
Building a portfolio that incorporates both private equity and venture capital investments is not straightforward. It requires skill and discipline. In this paper, we review recent private investment performance, discuss how these investments have benefited institutional portfolios, and provide some high-level tips on how to build winning portfolios.
Review of Market Performance: Fiscal Year 2021
Fiscal year 2021 saw a continuation of the strong rebound in risk assets, which had commenced in second quarter 2020. This was facilitated initially by positive news from COVID-19 vaccine trials, and then ultimately by their gradual rollout, which established a path back toward economic normality. Meanwhile, both fiscal and monetary policy remained at extremely accommodative settings.