Our Insights Archive

2016

  • September 2016

    The Private Path to Latin America’s Most Dynamic Sectors

    For investors seeking regional diversification and differentiated exposure to emerging markets, Latin American private equity and venture capital warrants serious consideration.

  • September 2016

    The Foundation of Good Governance for Family Impact Investors: Removing Obstacles and Charting a Path to Action

    Before incorporating impact investments into their portfolios, we encourage families to define the overall context for their impact investments. Our contextual framework—focused on purpose, priorities, and principles—establishes the base of impact strategy and guides the development of governance structures. These elements will help ensure that family values and decision-making processes are advantages rather than obstacles in pursuing impact investing goals and objectives

  • August 2016

    Keeping Underwater Endowments Afloat (and the Programs They Support)

    When endowment funds slip “underwater” (below the historic dollar value of the original gift), institutions face a tradeoff between distributing anticipated budget support and restoring the endowment to its original value. Ultimately, the choice of underwater policy depends on the situation and needs of each institution in balancing endowment preservation with program support.

  • July 2016

    The 15 Percent Frontier

    With virtually limitless choices along the asset allocation spectrum, an allocation to private investments greater than 15% has served many investors well. Are you on the right track?

  • July 2016

    CA Perspectives: Spring/Summer 2016

    The spring/summer issue of CA Perspectives puts private investments in focus. In “Private Investments Are More Accessible Than You Think,” Craig Smith and Jill Shaw explain why private investing isn’t just for the largest investors. David Thurston and David Shukis discuss why investors with more than 15% in private investments have been the top performers over the long term in “Cambridge Conversations.” In “The Search for Tax-Efficient Alpha,” Philip Walton shares why private investments offer unique benefits for private investors. Our client profile of The Grantham Foundation for the Protection of the Environment, highlights how the Foundation uses private investments for returns and impact.

  • June 2016

    Hedge Fund-ing the Pension Deficit

    Select hedge funds have provided attractive long-term returns with reduced equity beta and can be integral to pension investment strategies.

  • May 2016

    The Foundation of Good Governance for Endowments and Investment Committees

    To create the conditions for good governance, endowments should assess whether they have in place the appropriate model for portfolio oversight and management, are upholding their fiduciary responsibilities, and are learning about peer best practices in structure, process, policies, and role of the portfolio.

  • April 2016

    Pondering the Consequences of “Brexit”

    As the cacophony surrounding the 23 June “Brexit” referendum grows, just how much the United Kingdom stands to lose or gain from leaving remains unclear, and investors with substantial exposures to British assets would do well to pay attention to sentiment.

  • February 2016

    CA Perspectives

    In this issue we discuss why hedge funds continue to be an important component of diversified portfolios and what it takes to find the top-performing funds; analyze conventional wisdom on hedge fund success factors to examine which rules of thumb hold water and which have some leaks; provide insights on tax-efficient hedge funds for private client investing, highlight David Druley’s new role as President and Head of Global Investments, and profile Main Line Health.

2015

  • December 2015

    Are Your Reserves Long-Term Capital?

    Determining the appropriate size of near-term reserves and how to invest any remaining reserves is more art than science and requires careful consideration of a number of factors.

  • December 2015

    Outlook 2016: Do You Know Where Your Risk Tolerance Is?

    Every year, we take a fresh look at the themes and drivers likely to influence capital markets and, along with our valuation analysis, inform our asset allocation recommendations. In this report, we focus on three key areas for investors’ portfolios: (1) developed markets equities, where the stage appears set for more US underperformance; (2) emerging markets equities, where risks are foremost in investors’ minds and where we continue to see opportunities for investors that can focus on the horizon rather than the waves; and (3) commodity-related assets, which suffered mightily in 2015 and may not be quick to recover.

  • December 2015

    Risks and Opportunities From the Changing Climate: Playbook for the Truly Long-Term Investor

    Considering climate factors is an economic risk management and opportunity capitalization issue core to prudent investing for the long term. In Part I: Risks and the Playbook for Defense, we discuss the potential risks that climate change can inflict upon certain sectors and asset classes and outline corresponding strategies to defend against those risks. In Part II: Opportunities and the Playbook for Offense, we review the thematic areas across public and private asset classes to proactively capitalize on the evolving opportunity set within the “resource efficiency” sector. Overall, the key for long-term investors is to develop a cohesive and customized strategy that fits their beliefs, motivations, and governance structures.

  • November 2015

    Venture Capital Disrupts Itself: Breaking the Concentration Curse

    The widely held belief that 90% of venture industry performance is generated by just the top ten firms is a catchy but unsupported claim that may lead investors to miss attractive opportunities with managers that can provide exposure to substantial value creation.

  • October 2015

    Private Investments: Filling a Pension’s Return Void

    Well-diligenced private investments in a skillfully constructed portfolio are important growth drivers that have helped pension funds deliver superior performance and increased the probability of meeting or exceeding long-term required returns.

  • October 2015

    Want to Own a Previously Private Equity–Owned Company? Quite Possibly YES

    Whether investors are ready to admit it or not, sponsor-to-sponsor transactions—in which one private equity sponsor sells its stake in a company to another private equity sponsor—are here to stay, and that may not be a bad thing.

  • October 2015

    Navigating the Diversified Growth Fund Maze

    Diversified growth funds (DGFs) have garnered significant attention and assets—particularly amongst UK defined benefit pension schemes—as a less volatile source of long-term growth. DGFs can be valuable tools for pension portfolio management, but only if trustees understand what they are buying and how it fits into the context of the total portfolio. The simple bifurcation of the available products into traditional and absolute return strategies can be a starting point for trustees to help make sense of the market and set appropriate risk/return expectations across different market environments.

  • September 2015

    Constructing Superior Equity Portfolios

    A common perception among investors that employ active equity management is that the “donut” structure is more aggressive, more expensive, and riskier than the “core-satellite” structure because of the donut structure’s heavier reliance on concentrated, high tracking error, high fee managers. The research we present in this report, which examines a 17-year period, calls into question these perceptions. Our analysis suggests that, at a minimum, investors should reassess whether a core-satellite structure is as likely to help them earn their payout as a donut structure.

  • August 2015

    Fundraising and Endowment Oversight for Public Universities

    The strains on public universities require a new approach to resources, and an increasingly expertly managed endowment fund and fundraising operation are essential to that evolution

  • July 2015

    The Forgotten 70%: Strategies for Pension Plans Accruing Benefits

    Plans with active participants need a holistic, flexible risk budgeting approach—not a simple glide path.

  • July 2015

    Revisiting Active US Equity Management: A Cyclical Story

    We are not unconditional advocates for or against active management; investors have different circumstances. However, while there are many logical rationales for favoring index over active investing, the recent performance struggle of the average active manager is not among them.

  • July 2015

    Trimming the Fat While Sniffing for Truffles

    Late-stage investing is challenging. As central banks around the globe have generally been in easing mode, valuations for bonds and risk assets have appreciated, leaving very

  • June 2015

    Introducing the Impact Investing Benchmark

    While private impact investing has experienced significant growth and maturation, the field is in need of robust analysis on financial performance to help inform investor expectations. This report introduces the first Impact Investing Benchmark, which begins to address this important facet of the conversation.

  • May 2015

    CA Perspectives

    We cover the following topics in this issue: In our feature article, “Alpha Isn’t Optional—But Is It Always Possible?,” Celia Dallas and Max Senter discuss why

  • March 2015

    Making Waves: The Cresting Co-Investment Opportunity

    Private investing without a fee drag! Directly invest in the best companies alongside the best general partners! The headlines resound, while GP offerings and investor interest in co-investments swell. Our analysis shows that co-investment returns have the potential to outpace private fund investment returns. However, not every individual co-investment outperforms, and therein lies the rub. This report frames the opportunities and common pitfalls of co-investing, leveraging our aggregated data on co-investments and funds generating co-investment.

  • February 2015

    Have You Considered Your Portfolio’s Enterprise Risk?

    The portfolio’s enterprise risk is the potential effect of portfolio volatility on the bottom line of your organization. For a given institution, the risk may be lower than Trustees think it is—or it may be higher. How does one measure this risk? How should it be dealt with when constructing a long-term investment portfolio? What can be done to avoid poor returns caused by inadequate enterprise analysis? We suggest the use of the portfolio/enterprise risk tool.

  • January 2015

    Market Focus

    Hear our perspective on current market trends. Celia Dallas, our Chief Investment Strategist, and Wade O’Brien, a Managing Director on our Global Investment Research team, discuss

2014

  • December 2014

    Five Key Questions for 2015

    In this piece we briefly review the past year and then provide our thoughts on five key questions for 2015.

  • December 2014

    CA Perspectives

    The fall issue of our client newsletter, C|A Perspectives, presents an article on access-constrained managers as they relate to private investment performance, and another on the effect of currency risk on global investors, particularly European families. Our new feature called “Cambridge Conversations” aims to give clients deeper knowledge of the people leading our firm; in this issue, we profile David Jallits and Global Investment Research. A client profile on The Fondation Leducq discusses their focus on funding internationally collaborative research in cardiovascular and neurovascular disease.

  • November 2014

    The Missing Metric for Endowment Growth: Net Flow Rate

    Read The Missing Metric for Endowment Growth: Net Flow Rate. By comparing the net flow rate with the real investment return, an institution can determine whether its LTIP is successfully sustaining its role in the institution’s business model.

  • November 2014

    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

  • August 2014

    MAPping the Future of Pension Funding

    The Highway and Transportation Funding Act of 2014, which temporarily maintains the solvency of the Highway Trust Fund, can benefit most pension plan sponsors by giving them flexibility around the timing and amount of contributions for the next several years, but may not decrease the total amount of contributions required over the long term.

  • July 2014

    Avoid the Agg Drag

    For plan sponsors that wish to de-risk, the Agg may not be the solution

  • June 2014

    Fossil Fuel Divestment

    No one answer to the question of whether to divest will serve all institutions equally. The question of whether and to what degree an investment portfolio should reflect ethical stances is best addressed by individual institutions and their distinct investment policies.

  • June 2014

    Investing in Asian Hedge Funds: Opportunities and Challenges

    Asia’s economic development continues to attract global investor’s interest. Yet, investing in Asia-focused hedge funds has proved challenging due to illiquidity, shorting constraints, and underdeveloped legal systems. This report takes an in-depth look at four strategies (long/short equity, credit opportunities, event-driven, and macro), highlighting the challenges each faces and the opportunity set available. All things considered, long/short equity and macro strategies present the most interesting prospects, event-driven and liquid credit strategies less so. We remain cautious on broad implementation in the near term; liquidity and governance drawbacks in most cases outweigh the benefits of geographic diversification and market inefficiency.

  • May 2014

    The Global Overhang (According to Goldilocks): Too Much, Too Little, or Just Right

    One of many private investment market indicators, the global private capital overhang is substantial in size and deploying more slowly than predicted. In this research note, we take the measure of the global overhang and analyze its level by strategy, vintage year, and fund size to provide perspective on its potential impact.

  • May 2014

    Constructing a Liability Hedging Portfolio: A Guide to Best Practices for US Pension Plans

    The construction and calibration of a liability hedging portfolio is integral to effective pension portfolio risk management, and this report delineates key considerations and best practices for the liability hedge allocation.

  • May 2014

    CA Perspectives

    The spring issue of C|A Perspectives covers a variety of topics that investors are talking about today. Managing Directors David Thurston and Andy Martin review some of the common behavioral traps that long-term investors with diversified portfolios fall into during market rallies like the one we have experienced in recent years in “Just Another FOMO Market”. Kyle Johnson, a leader in our Mission-Related Investing practice, discusses how to think about impact investing within your overall portfolio strategy in “New Ways to Make an Impact”. C|A Perspectives speaks with Meyer Memorial Trust’s CFO and CIO Wayne Pierson as he nears his retirement after more than 30 years at MMT to discuss his time with the Trust and what he believes have been its keys to success.
    Chris Houston, Director of Tax Strategy at C|A, offers considerations for private wealth investors when developing a holistic tax-strategy approach to portfolio management in “Clearing a Higher Hurdle”.

  • May 2014

    Multi-Manager Funds: A Toolkit for Evaluation

    This report discusses the rise of multi-managers, compares the performance of multi-manager funds with traditional multi-strategy funds, and outlines the key questions investors should ask when conducting due diligence on a multi-manager fund.

  • April 2014

    Hallmarks of Successful Active Equity Managers

    This paper attempts to answer the question, “how can investors that select active managers maximize their odds of success?” by delving into two metrics—active share and concentration—that a growing body of research suggests are linked to benchmark-beating performance. Combining these metrics with tracking error we illustrate a framework for evaluating equity managers and also explore the challenges of implementing such a framework.

2013

  • October 2013

    CA Perspectives

    The fall edition of our client newsletter, C|A Perspectives, features stories on the evolution of endowment management over the last 40 years; the benefits and considerations of a risk parity portfolio approach; a private investment benchmarking framework; and the role concentrated stock can play in a family’s portfolio.

  • October 2013

    Impact Investing: A Framework for Decision Making

    This paper defines impact investing, explores its allure and challenges and offers a decision-making framework to help investors successfully build impact investing portfolios within the context of their long-term investment pools.

  • September 2013

    Concentrated Stock Portfolios

    Families can use several strategies to mitigate the risks of single-stock exposures, thereby supporting both wealth-preservation and philanthropic goals.

  • August 2013

    Why Did I Diversify?

    While simple 100% U.S. equity and stock/bond portfolios have outperformed recently, highly diversified portfolios have superior returns over decades.

  • August 2013

    Hedge Funds: Value Proposition, Fees, and Future

    Successful hedge funds exhibit three basic characteristics: consistent alpha-generative security selection, portfolio management expertise, and business proficiency.

  • June 2013

    Growth Equity Is All Grown Up

    Growth equity has matured and evolved into a distinct asset class and may represent an attractive alternative for certain investors.

  • April 2013

    Pension De-Risking in a Low-Rate Environment—A Better Solution

    Defined benefit pension plans face ample challenges in the current environment of extremely low interest rates. Most agree that low yields have caused liability-hedging assets (longer-duration fixed income) to become overvalued when evaluated in isolation.

  • February 2013

    From Asset Allocation to Risk Allocation: The Risk Allocation Framework

    The most recent step in the evolution of portfolio construction practices has been a shift from an asset allocation–centered process to a more comprehensive risk allocation–based process.

2012

2011

  • April 2011

    The Case for Diversified Emerging Markets Exposure

    Many investors believe, as we do, that emerging markets offer a more compelling long-term growth story than do developed markets, and that portfolios should be tilted toward such regions to participate in this growth.

  • February 2011

    Pension Risk Management

    Asset management and investment banking firms across the globe continue to develop a variety of liability driven investing (LDI)–focused products and solutions for the pension plan community; however, there remains broad confusion over the meaning of LDI.

2016

  • September 2016

    Preliminary Index Returns 2016 2Q

    Access our preliminary returns for U.S. Venture Capital, U.S. Private Equity, Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital, Global Buyout, Growth

  • August 2016

    US PE/VC Benchmark Commentary

    US private equity and venture capital funds had a tough first quarter in 2016, as indicated by the Cambridge Associates LLC benchmark indexes of the two alternative asset classes. The Cambridge Associates LLC US Private Equity Index® eked out a return of 0.2%; the Cambridge Associates LLC US Venture Capital Index® returned -3.3%.

  • August 2016

    Australia Private Equity and Venture Capital Benchmark Statistics 2016 Q1

    Our Australia index and benchmark statistics are based on data compiled from 64 private equity and 25 venture capital funds investing in Australia and New Zealand,

  • August 2016

    U.S. Venture Capital 2016 Q1

    Our U.S. Venture Capital index and benchmark statistics are based on data compiled from over 1,600 institutional-quality venture capital funds formed between 1986 and 2016. This

  • August 2016

    U.S. Private Equity 2016 Q1

    Our U.S. Private Equity index and benchmark statistics are based on data compiled from more than 1,200 institutional-quality buyout, growth equity, private equity energy, and mezzanine

  • August 2016

    Ex U.S. Developed Markets and Emerging Markets Private Equity and Venture Capital 2016 Q1

    Our Ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital index and benchmark statistics are based on data compiled from more than 1,300

  • August 2016

    Buyout & Growth Equity 2016 Q1

    Our Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 1,800 institutional-quality global buyout and growth equity funds formed

  • August 2016

    Real Estate 2016 Q1

    Our Real Estate index and benchmark statistics are based on data compiled from more than 800 institutional-quality global buyout and growth equity funds formed between 1986

  • August 2016

    Global ex US PE/VC Benchmark Commentary

    The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index returned 2.0% in USD terms in fourth quarter 2015, bringing its return for the year to 5.7%, a small improvement over 2014. The Cambridge Associates LLC Emerging Markets PE/VC Index returned 5.1% in fourth quarter and 8.5% for the year, a drop of more than 5 percentage points from its 2014 return.

  • July 2016

    Clean Tech Company Performance Statistics 2015 Q4

    Our Clean Tech Company Performance Statistics report evaluates the gross company-level performance of more than 1,300 investments in more than 700 clean tech companies. These are

  • July 2016

    US PE/VC Benchmark Commentary

    The Cambridge Associates LLC benchmark indexes for US private equity and US venture capital produced modest returns for fourth quarter 2015, leading to lower calendar year performance than either index earned in the two previous years. Both benchmark indexes outperformed the public indexes for the year, but not the quarter.

  • July 2016

    Preliminary Index Returns 2016 1Q

    Access our preliminary returns for U.S. Private Equity, U.S. Venture Capital, Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital, Global Buyout,

  • May 2016

    U.S. Venture Capital 2015 Q4

    Our U.S. Venture Capital index and benchmark statistics are based on data compiled from over 1,600 institutional-quality venture capital funds formed between 1986 and 2015. This report

  • May 2016

    Real Estate 2015 Q4

    Our Real Estate index and benchmark statistics are based on data compiled from more than 800 institutional-quality global buyout and growth equity funds formed between 1986

  • May 2016

    Australia Private Equity and Venture Capital Benchmark Statistics 2015 Q4

    Our Australia index and benchmark statistics are based on data compiled from 64 private equity and 25 venture capital funds investing in Australia and New Zealand,

  • May 2016

    Buyout & Growth Equity 2015 Q4

    Our Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 1,800 institutional-quality global buyout and growth equity funds formed

  • May 2016

    U.S. Private Equity 2015 Q4

    Our U.S. Private Equity index and benchmark statistics are based on data compiled from more than 1,200 institutional-quality buyout, growth equity, private equity energy, and mezzanine

  • May 2016

    Ex U.S. Developed Markets and Emerging Markets Private Equity and Venture Capital 2015 Q4

    Our Ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital index and benchmark statistics are based on data compiled from more than 1,300 institutional-quality

  • April 2016

    Preliminary Index Returns 2015 4Q

    Access our preliminary returns for U.S. Private Equity, U.S. Venture Capital, Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital, Global Buyout, Growth

  • March 2016

    Global ex US PE/VC Benchmark Commentary

    Third quarter 2015 performance saw returns drop into negative territory. The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital Index returned -0.6%, and the Cambridge Associates LLC Emerging Markets Private Equity and Venture Capital Index fell to -4.8%.

  • March 2016

    US PE/VC Benchmark Commentary

    While US private equity and venture capital struggled during third quarter 2015, they both outperformed the S&P 500, the Russell 2000® small-cap, and the Nasdaq Composite indexes. The third quarter return of -1.4% for the Cambridge Associates LLC US Private Equity Index® marked the benchmark’s first negative quarter in three years and the -0.4% return for the Cambridge Associates LLC US Venture Capital Index® represented that benchmark’s first down quarter since 2011.

  • March 2016

    Impact Investing Benchmark 2015 Q1

    Our Impact Investing index and benchmark statistics are based on data compiled from 56 institutional-quality venture capital, growth equity, and mezzanine funds formed between 1998 and

  • March 2016

    Clean Tech Company Performance Statistics 2015 Q3

    Our Clean Tech Company Performance Statistics report evaluates the gross company-level performance of more than 1,400 investments in more than 800 clean tech companies. These are

  • February 2016

    U.S. Venture Capital 2015 Q3

    Our U.S. Venture Capital index and benchmark statistics are based on data compiled from over 1,600 institutional-quality venture capital funds formed between 1986 and 2015. This report

  • February 2016

    Australia Private Equity and Venture Capital Benchmark Statistics 2015 Q3

    Our Australia index and benchmark statistics are based on data compiled from 63 private equity and 25 venture capital funds investing in Australia and New Zealand,

  • February 2016

    Real Estate 2015 Q3

    Our Real Estate index and benchmark statistics are based on data compiled from more than 800 institutional-quality global buyout and growth equity funds formed between 1986

  • February 2016

    Global Buyout & Growth Equity 2015 Q3

    Our Global Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 1,800 institutional-quality global buyout and growth equity funds

  • February 2016

    Global ex U.S. Developed Markets and Emerging Markets Private Equity 2015 Q3

    Our Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital index and benchmark statistics are based on data compiled from more than

  • February 2016

    U.S. Private Equity 2015 Q3

    Our U.S. Private Equity index and benchmark statistics are based on data compiled from more than 1,200 institutional-quality buyout, growth equity, private equity energy, and mezzanine

2015

  • December 2015

    US PE/VC Benchmark Commentary

    US private equity and venture capital funds produced healthy results during second quarter 2015, outpacing the S&P 500, the Russell 2000® small-cap, and the Nasdaq Composite indexes. Second quarter’s 3.8% return for the Cambridge Associates LLC US Private Equity Index® marked the benchmark’s 12th straight positive quarter, while the 6.7% return for the Cambridge Associates LLC US Venture Capital Index® represented that benchmark’s 15th consecutive positive quarter.

  • December 2015

    Global ex US PE/VC Benchmark Commentary

    The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital Index® returned 7.6% in US$ terms in second quarter 2015; the Cambridge Associates Emerging Markets Private Equity and Venture Capital Index® returned 4.4%.

  • December 2015

    Preliminary Index Returns 2015 3Q

    Access our preliminary returns for U.S. Private Equity, U.S. Venture Capital, Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital, Global Buyout, Growth

  • November 2015

    Clean Tech Company Performance Statistics 2015 Q2

    Our Clean Tech Company Performance Statistics report evaluates the gross company-level performance of more than 1,400 investments in more than 800 clean tech companies. These are

  • October 2015

    Australia Private Equity and Venture Capital Benchmark Statistics 2015 Q2

    Our Australia index and benchmark statistics are based on data compiled from 63 private equity and 25 venture capital funds investing in Australia and New Zealand,

  • October 2015

    Real Estate 2015 Q2

    Our Real Estate index and benchmark statistics are based on data compiled from more than 800 institutional-quality global buyout and growth equity funds formed between 1986

  • October 2015

    Global Buyout & Growth Equity 2015 Q2

    Our Global Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 1,800 institutional-quality global buyout and growth equity funds

  • October 2015

    Global ex U.S. Developed Markets and Emerging Markets Private Equity 2015 Q2

    Our Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital index and benchmark statistics are based on data compiled from more than

  • October 2015

    U.S. Private Equity 2015 Q2

    Our U.S. Private Equity index and benchmark statistics are based on data compiled from more than 1,200 institutional-quality buyout, growth equity, private equity energy, and mezzanine

  • October 2015

    U.S. Venture Capital 2015 Q2

    Our U.S. Venture Capital index and benchmark statistics are based on data compiled from nearly 1,500 institutional-quality venture capital funds formed between 1986 and 2015. This

  • October 2015

    Global ex US PE/VC Benchmark Commentary

    The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index® returned -2.8% in US$ terms in first quarter 2015; the Cambridge Associates LLC Emerging Markets Index® returned 3.1%.

  • October 2015

    US PE/VC Benchmark Commentary

    US private equity and venture capital earned solid returns during first quarter 2015, outpacing the S&P 500 but trailing the Russell 2000® small-cap index. First quarter’s 2.6% return for the Cambridge Associates LLC US Private Equity Index® was an improvement over its 0.8% performance in the previous quarter while the 3.8% return for the Cambridge Associates LLC US Venture Capital Index® was a 6.1 ppt drop from results in the prior quarter.

  • September 2015

    Preliminary Index Returns 2015 Q2

    Access preliminary returns for U.S. Private Equity, U.S. Venture Capital, Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital, Global Buyout, Growth Equity,

  • September 2015

    Global ex US PE/VC Benchmark Commentary

    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.

  • August 2015

    Clean Tech Company Performance Statistics 2015 Q1

    Our Clean Tech Company Performance Statistics report evaluates the gross company-level performance of more than 1,400 investments in more than 800 clean tech companies. These are

  • August 2015

    Real Estate 2015 Q1

    Our Real Estate index and benchmark statistics are based on data compiled from more than 800 institutional-quality global buyout and growth equity funds formed between 1986

  • August 2015

    Australia Private Equity and Venture Capital Benchmark Statistics 2015 Q1

    Our Australia index and benchmark statistics are based on data compiled from 62 private equity and 25 venture capital funds investing in Australia and New Zealand,

  • August 2015

    US PE/ VC Benchmark Commentary

    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.

  • July 2015

    U.S. Venture Capital 2015 Q1

    Our U.S. Venture Capital index and benchmark statistics are based on data compiled from nearly 1,500 institutional-quality venture capital funds formed between 1986 and 2015. This

  • July 2015

    U.S. Private Equity 2015 Q1

    Our U.S. Private Equity index and benchmark statistics are based on data compiled from more than 1,200 institutional-quality buyout, growth equity, private equity energy, and mezzanine

  • July 2015

    Global Buyout & Growth Equity 2015 Q1

    Our Global Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 1,700 institutional-quality global buyout and growth equity funds

  • July 2015

    Global ex U.S. Developed Markets and Emerging Markets Private Equity 2015 Q1

    Our Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital index and benchmark statistics are based on data compiled from more than

  • July 2015

    Clean Tech Company Performance Statistics 2014 Q4

    Our Clean Tech Company Performance Statistics report evaluates the gross company-level performance of more than 1,400 investments in more than 800 clean tech companies. These are

  • June 2015

    Preliminary Index Returns 2015 Q1

    Read our preliminary returns for U.S. Private Equity, U.S. Venture Capital, Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital, Global Buyout,

  • May 2015

    Final Index Returns 2014 Q4

    Read our final returns for U.S. Private Equity, U.S. Venture Capital, Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital, Global Buyout,

  • May 2015

    Australia Private Equity and Venture Capital Benchmark Statistics 2014 Q4

    Our Australia index and benchmark statistics are based on data compiled from 62 private equity and 24 venture capital funds investing in Australia and New Zealand,

  • May 2015

    Real Estate 2014 Q4

    Our Real Estate index and benchmark statistics are based on data compiled from more than 800 institutional-quality global buyout and growth equity funds formed between 1986

  • May 2015

    U.S. Venture Capital 2014 Q4

    Our U.S. Venture Capital index and benchmark statistics are based on data compiled from nearly 1,500 institutional-quality venture capital funds formed between 1986 and 2014. This

  • May 2015

    U.S. Private Equity 2014 Q4

    Our U.S. Private Equity index and benchmark statistics are based on data compiled from more than 1,100 institutional-quality buyout, growth equity, private equity energy, and mezzanine

  • May 2015

    Global ex U.S. Developed Markets and Emerging Markets Private Equity 2014 Q4

    Our Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital index and benchmark statistics are based on data compiled from more than

  • May 2015

    Global Buyout & Growth Equity 2014 Q4

    Our Global Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 1,700 institutional-quality global buyout and growth equity funds

  • April 2015

    Preliminary Index Returns 2014 Q4

    Read our preliminary returns for U.S. Private Equity, U.S. Venture Capital, Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital, Global Buyout,

  • March 2015

    Global ex US PE/VC Benchmark Commentary

    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

  • March 2015

    US PE/VC Benchmark Commentary

    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.

  • February 2015

    Clean Tech Company Performance Statistics 2014 Q3

    Our Clean Tech Company Performance Statistics report evaluates the gross company-level performance of more than 1,300 investments in more than 700 clean tech companies. These are

  • February 2015

    Final Index Returns 2014 Q3

    Read our final returns for U.S. Private Equity, U.S. Venture Capital, Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital, Global Buyout,

  • January 2015

    Real Estate 2014 Q3

    Our Real Estate index and benchmark statistics are based on data compiled from more than 700 institutional-quality global buyout and growth equity funds formed between 1986

  • January 2015

    Global ex U.S. Developed Markets and Emerging Markets Private Equity 2014 Q3

    Our Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital index and benchmark statistics are based on data compiled from more than

  • January 2015

    Global Buyout & Growth Equity 2014 Q3

    Our Global Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 1,600 institutional-quality global buyout and growth equity funds

  • January 2015

    U.S. Private Equity 2014 Q3

    Our U.S. Private Equity index and benchmark statistics are based on data compiled from more than 1,100 institutional-quality buyout, growth equity, private equity energy, and mezzanine

  • January 2015

    U.S. Venture Capital 2014 Q3

    Our U.S. Venture Capital index and benchmark statistics are based on data compiled from nearly 1,500 institutional-quality venture capital funds formed between 1986 and 2014. This

  • January 2015

    Australia Private Equity and Venture Capital Benchmark Statistics 2014 Q3

    Our Australia index and benchmark statistics are based on data compiled from 61 private equity and 25 venture capital funds investing in Australia and New Zealand,

2014

  • December 2014

    Global ex US PE/VC Benchmark Commentary

    In 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.

  • December 2014

    Preliminary Index Returns 2014 Q3

    Read our preliminary returns for U.S. Private Equity, U.S. Venture Capital, Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital, Global Buyout,

  • December 2014

    US PE/VC Benchmark Commentary

    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.

  • November 2014

    Clean Tech Company Performance Statistics 2014 Q2

    Our Clean Tech Company Performance Statistics report evaluates the gross company-level performance of more than 1,300 investments in more than 700 clean tech companies. These are

  • November 2014

    Global ex US PE/VC Benchmark Commentary

    In 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; the Cambridge Associates LLC Emerging Markets PE/VC Index rose 2.7%. Both the global ex US developed and emerging markets PE/VC indexes outperformed their public market counterparts in the first quarter, which is consistent with the indexes’ general outperformance over the long term.

  • October 2014

    Australia Private Equity and Venture Capital Benchmark Statistics 2014 Q2

    Our Australia index and benchmark statistics are based on data compiled from 60 private equity and 25 venture capital funds investing in Australia and New Zealand,

  • October 2014

    Real Estate 2014 Q2

    Our Real Estate index and benchmark statistics are based on data compiled from more than 700 institutional-quality global buyout and growth equity funds formed between 1986

  • October 2014

    U.S. Private Equity 2014 Q2

    Our U.S. Private Equity index and benchmark statistics are based on data compiled from more than 1,100 institutional-quality buyout, growth equity, private equity energy, and mezzanine

  • October 2014

    U.S. Venture Capital 2014 Q2

    Our U.S. Venture Capital index and benchmark statistics are based on data compiled from nearly 1,500 institutional-quality venture capital funds formed between 1986 and 2014. This

  • October 2014

    Global ex U.S. Developed Markets and Emerging Markets Private Equity 2014 Q2

    Our Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital index and benchmark statistics are based on data compiled from more than

  • October 2014

    Global Buyout & Growth Equity 2014 Q2

    Our Global Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 1,600 institutional-quality global buyout and growth equity funds

  • October 2014

    Final Index Returns 2014 Q2

    Read our final returns for U.S. Private Equity, U.S. Venture Capital, Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital, Global Buyout,

  • October 2014

    US PE/VC Benchmark Commentary

    US private equity and venture capital funds began 2014 with positive first quarter returns. Compared to their strong fourth quarter performance, private equity and venture capital fund returns were lower for the quarter, as were public equity returns. The venture capital index outperformed the private equity benchmark for the second quarter in a row.

  • August 2014

    Global ex US PE/VC Benchmark Commentary

    This report is the second in our new series of quarterly private investments commentaries. The Cambridge Associates LLC Global ex US Developed Markets PE/VC Index rose 6.5% in US$ terms in fourth quarter 2013, its sixth consecutive positive quarter, bringing its return for 2013 to 16.3%. The Cambridge Associates LLC Emerging Markets PE/VC Index rose 7.3% in fourth quarter and 13.6% for the year.

  • July 2014

    US PE/VC Benchmark Commentary

    During a 2013 in which low interest rates pushed many investors into equities, the public equity markets saw stellar returns, beating out the performance of investments

  • March 2014

    U.S. Private Equity 2014 Q1

    Our U.S. Private Equity index and benchmark statistics are based on data compiled from more than 1,100 institutional-quality buyout, growth equity, private equity energy, and mezzanine

  • March 2014

    U.S. Venture Capital 2014 Q1

    Our U.S. Venture Capital index and benchmark statistics are based on data compiled from nearly 1,500 institutional-quality venture capital funds formed between 1986 and 2013. This

  • March 2014

    Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital 2014 Q1

    Our Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital index and benchmark statistics are based on data compiled from more than

  • March 2014

    Global Buyout & Growth Equity 2014 Q1

    Our Global Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 1,600 institutional-quality global buyout and growth equity funds

  • March 2014

    Clean Tech Company Performance Statistics 2014 Q1

    Our Clean Tech Company Performance Statistics report evaluates the gross company-level performance of more than 1,300 investments in more than 700 clean tech companies. These are

  • March 2014

    Australia Private Equity and Venture Capital Benchmark Statistics 2014 Q1

    Our Australia index and benchmark statistics are based on data compiled from 60 private equity and 25 venture capital funds investing in Australia and New Zealand,

  • March 2014

    Real Estate 2014 Q1

    Our Real Estate index and benchmark statistics are based on data compiled from more than 700 institutional-quality global buyout and growth equity funds formed between 1986

2013

  • December 2013

    U.S. Private Equity 2013 Q4

    Our U.S. Private Equity index and benchmark statistics are based on data compiled from more than 1,100 institutional-quality buyout, growth equity, private equity energy, and mezzanine

  • December 2013

    U.S. Venture Capital 2013 Q4

    Our U.S. Venture Capital index and benchmark statistics are based on data compiled from nearly 1,500 institutional-quality venture capital funds formed between 1986 and 2013. This

  • December 2013

    Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital 2013 Q4

    Our Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital index and benchmark statistics are based on data compiled from nearly 700

  • December 2013

    Global Buyout & Growth Equity 2013 Q4

    Our Global Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 1,600 institutional-quality global buyout and growth equity funds

  • December 2013

    Australia Private Equity and Venture Capital Benchmark Statistics 2013 Q4

    Our Australia index and benchmark statistics are based on data compiled from 64 private equity and 25 venture capital funds investing in Australia and New Zealand,

  • December 2013

    Clean Tech Company Performance Statistics 2013 Q4

    Our Clean Tech Company Performance Statistics report evaluates the gross company-level performance of more than 1,300 investments in more than 700 clean tech companies. These are

  • December 2013

    Real Estate 2013 Q4

    Our Real Estate index and benchmark statistics are based on data compiled from more than 700 institutional-quality global buyout and growth equity funds formed between 1986

  • September 2013

    U.S. Private Equity 2013 Q3

    Our U.S. Private Equity index and benchmark statistics are based on data compiled from nearly 1,100 institutional-quality buyout, growth equity, private equity energy, and mezzanine funds formed between 1986 and 2013.

  • September 2013

    U.S. Venture Capital 2013 Q3

    Our U.S. Venture Capital index and benchmark statistics are based on data compiled from nearly 1,500 institutional-quality venture capital funds formed between 1986 and 2013.

  • September 2013

    Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital 2013 Q3

    Access our quarterly Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital index and benchmark statistics and read our commentary on the data.

  • September 2013

    Global Buyout & Growth Equity 2013 Q3

    Our Global Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 1,600 institutional-quality global buyout and growth equity funds formed between 1986 and 2013.

  • September 2013

    Real Estate 2013 Q3

    Our Real Estate index and benchmark statistics are based on data compiled from more than 700 institutional-quality global buyout and growth equity funds formed between 1986 and 2013.

  • September 2013

    Clean Tech Company Performance Statistics 2013 Q3

    Our Clean Tech Company Performance Statistics report evaluates the gross company-level performance of more than 1,300 investments in more than 700 clean tech companies.

  • September 2013

    Australia Private Equity & Venture Capital 2013 Q3

    Our Australia Private Equity & Venture Capital index and benchmark statistics are based on data compiled from nearly 100 institutional-quality Australia private equity and venture capital funds formed between 1997 and 2013.