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US PE/VC Benchmark Commentary: Calendar Year 2021

In 2021, the US private equity and venture capital (PE/VC) indexes posted their highest calendar year returns since 1999, potentially signaling a market peak and the end of over a decade of steady growth. For the year, the Cambridge Associates LLC US Private Equity Index® returned 41.3% and the Cambridge Associates LLC US Venture Capital […]

August 2022

Are Venture Returns About to Cycle?

Yes. We do expect venture capital (VC) returns to be negatively impacted in the coming quarters but doubt that impact will be as pronounced and wholesale as it was during the dot-com era. To this day, the US VC 1999 vintage year fund cohort still reports an overall negative internal rate of return and has yet to return […]

May 2022

While Great Entrepreneurs Leap, Great Investors Plan

As entrepreneurs know well, the process of creating and managing a successful business is complex and requires great skill, insight, and hard work. Successful management of significant wealth requires similar attributes; however, not all the characteristics fundamental to entrepreneurial success translate to effective portfolio management. This can create challenges for entrepreneurs—whether they are still actively […]

May 2022

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. The Cambridge Associates LLC Developed Markets ex US Private Equity and Venture Capital (PE/VC) Index returned 18.7% in the first half of 2021, in USD terms, with significantly better […]

January 2022

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. For the six months ended June 30, 2021, the Cambridge Associates LLC US Private Equity Index® returned 25.5% (11.4% and 12.5% in first and second quarters, respectively) and the Cambridge Associates LLC […]

January 2022

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.

December 2021

Capital Flows to Cryptoassets Increase, Despite Volatility

Digital assets saw considerable inflows in recent years as investors searched for alternative sources of return amid excessive equity and bond valuations. We expect this momentum will continue next year as regulators increasingly approve easy-to-access cryptocurrency exchange-traded funds (ETFs). Still, global regulatory challenges persist, and cryptoassets will remain highly volatile until there is more clarity on future regulation.

December 2021

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.

December 2021