In calendar year 2025, returns for US private equity and venture capital diverged from one another amid an environment where tech companies reigned supreme, with venture besting both public and private equities.
Our quarterly report summarizes asset allocation and total investment performance for 322 of Cambridge Associates’ US endowment and foundation clients.
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
Kevin Warsh became chair of the Federal Reserve on May 15. His appointment is unlikely to drive a major near-term policy shift.
The conditions that rewarded concentrated exposure to US growth and technology stocks for much of the past decade are becoming less dependable. With valuations stretched and macro and geopolitical risks less benign, investors may be better served by reducing crowded exposures and rebuilding diversification across a broader set of opportunities.
We believe US private families should continue to anchor the portion of the portfolio intended to diversify equity risk with munis, while being more selective about allocations to cash, Treasuries, and other taxable fixed income, given the shift in after-tax trade-offs.
German equities entered 2025 with strong momentum, supported in part by a sharp shift in Germany’s fiscal outlook. After years of underinvestment, the government announced materially higher spending on infrastructure and defense. However, that momentum faded through 2025 into 2026, and German equities stalled.
Our quarterly report summarizes asset allocation and total investment performance for 394 of Cambridge Associates’ US endowment and foundation clients.
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
No. The proposed policies are unlikely to swiftly resolve the challenges facing US residential real estate.