In this episode of “How I Invest,” host David Weisburd sits down with Michael Larsen, Partner at Cambridge Associates, to discuss the nuanced challenges and opportunities in venture capital portfolio construction. Drawing on decades of experience advising leading institutions and family offices, Michael explores why venture portfolios behave differently from other asset classes and highlights […]
March 2026
No, we expect software investing to continue to loom large in private equity as it expands to incorporate the opportunities presented by artificial intelligence (AI) while managers also work rapidly to protect existing investments, which are most at risk. Not long after the Federal Reserve began increasing interest rates in March 2022, ChatGPT was publicly […]
February 2026
In the first half of 2025, US private equity (PE) continued its run of low single-digit quarterly returns, while US venture capital (VC) extended its recovery from a tough stretch of flat performance—the Cambridge Associates LLC US Private Equity Index® earned 3.9% and the Cambridge Associates LLC US Venture Capital Index® earned 6.4%. Within PE, […]
January 2026
Investors should revisit private portfolio exposures amid a morphing market in 2026 by Andrea Auerbach While the last year has been one of recovery for the private markets, the aftershocks of the 2021 era continue to reverberate, with both the distribution drought and concomitant fundraising slowdown expected to extend their four-year runs into 2026. We […]
December 2025
US President Donald Trump signed an executive order on August 7 directing the Department of Labor and SEC to issue guidance on the inclusion of private market assets in 401(k) plans, marking a pivotal step toward unlocking a major new source of demand for private assets and substantially accelerating the democratization of the asset class. […]
August 2025
With a backdrop of strong, yet concentrated public markets, US private equity and venture capital posted mid to high single-digit returns in 2024, as venture capital bounced back from its two-year streak (2022–23) of negative returns. For 2024, the Cambridge Associates LLC US Private Equity Index® returned 8.1% and the Cambridge Associates LLC US Venture […]
August 2025
Economic activity is fundamentally driven by the size of the labor force and the productivity of that labor. With working-age populations expected to stagnate or decline in many countries due to falling birth rates, future economic growth will increasingly depend on productivity improvements rather than workforce expansion. Yet, recent years have seen disappointing productivity gains, raising […]
July 2025
Generative AI marks a pivotal moment in AI, with the 2022 public release of OpenAI’s ChatGPT as a major milestone. As discussed in Part 1 of this three-part series, AI is a transformative technology paradigm that will continue to evolve over the next decade and beyond. While significant investment has fueled rapid growth in AI […]
July 2025