Private Equity/Venture Capital

January 15, 2021

Global ex US PE/VC Benchmark Commentary: First Half 2020

Private Equity/Venture Capital | PE/VC Benchmark Commentary Series | Download

The Cambridge Associates LLC Developed Markets ex US Private Equity and Venture Capital (PE/VC) Index returned -1.5% in first half 2020 in USD terms after suffering significant losses (-10.8%) from the onset of COVID-19 in first quarter. The Cambridge Associates LLC Emerging Markets Private Equity and Venture Capital Index earned 4.7% due to a strong second quarter recovery of 11.4% and a modest pandemic-driven downturn earlier in the year.

January 15, 2021

US PE/VC Benchmark Commentary: First Half 2020

Private Equity/Venture Capital, US | PE/VC Benchmark Commentary Series | Download

First half 2020 was downright Dickensian (as in a “tale of two quarters”); first quarter returns were down as the COVID-19 pandemic began to close economies, while second quarter performance was strongly positive as public and private investments rebounded.

December 11, 2020

Under the Microscope: Private vs Public Company Operating Metrics for US Companies

Private Equity/Venture Capital, US

The 2020 Under the Microscope analysis highlights US PE industry trends leading into the COVID-19 crisis. The analyses indicate that 2019 was in many ways a continuation of the cycle of elevated acquisition and leverage multiples, with PE-backed companies showing sustained revenue and EBITDA growth.

August 10, 2020

Global ex US PE and VC Benchmark Commentary: Calendar Year 2019

Market Implications of COVID-19, Private Equity/Venture Capital | PE/VC Benchmark Commentary Series | Download

With few exceptions heading into the COVID-19 crisis, the developed and emerging markets PE and VC indexes have handily outperformed their public market counterparts across time.

July 27, 2020

Review of Market Performance: Fiscal Year 2020

Credit/Fixed Income, Currency, Equities, Hedge Funds, Private Equity/Venture Capital, Real Assets | Download

While US-China tensions began to slowly de-escalate in the the first half of FY 2020, the arrival of the COVID-19 pandemic in the second half upended the investment landscape. Gold and US Treasuries were the big winners as investors rushed into safe havens, while central banks cut rates and expanded QE programs. Equities have mounted a remarkable comeback, while real assets generally remain quite depressed. This chart book presents returns and other market metrics for fiscal year 2020.

July 20, 2020

US PE/VC Benchmark Commentary: Calendar Year 2019

Market Implications of COVID-19, Private Equity/Venture Capital | PE/VC Benchmark Commentary Series | Download

For calendar year 2019, US private equity and venture capital produced high double-digit returns, as indicated by the Cambridge Associates LLC benchmark indexes.

February 25, 2020

Are Retail Investors the Vanguard of Private Equity?

Private Equity/Venture Capital | Private Investment Series

Yes, and they have been for some time. Progress has been slow, but current market and regulatory conditions could enable a breakthrough. The impact will be felt primarily in the upper registers of the private equity arena. I’m viewing Vanguard’s recent private equity–related announcement as the first of a two-step process. The first step is…

February 18, 2020

Private Company Operating Metrics: Global Analysis

Private Equity/Venture Capital | Private Investment Series | Download

For the first time, this update to our annual report includes comparisons of private equity globally (roughly 8,500 companies in total) with public peers, as well as regional comparisons for approximately 4,000 US-based companies, more than 2,000 European companies, and more than 1,200 Asian companies acquired by PE firms from 2000 through 2018.

January 24, 2020

Review of Market Performance: Calendar Year 2019

Credit/Fixed Income, Currency, Equities, Hedge Funds, Private Equity/Venture Capital, Real Assets | Download

The gradual abatement of geopolitical risks, and a renewed accommodative stance from global central banks, led to a strong rebound in risk sentiment in 2019. Equities led the way higher, while interest rate cuts ensured fixed income markets participated in what was a robust year for asset classes across the board. This chart book explores global asset returns and the factors influencing performance last year.

January 13, 2020

US PE/VC Benchmark Commentary: First Half 2019