Tracing the Rise of Direct Lending: The Importance of Rates and Loan Structure
If passing the Dodd-Frank Wall Street Reform Act in July 2010 did not spawn direct lending, what did? In this analysis we explore the genesis of the recent direct lending phenomenon to identify risks to the strategy and what investors should watch going forward.
June 2017
Is Deregulation the Death Knell of Direct Lending? Reviewing the Evidence
Some market participants have feared the worst for direct lending from a potential repeal of The Dodd-Frank Wall Street Reform and Consumer Protection Act. In this brief, we review the data and show that changes in banks’ lending behavior cannot clearly be traced to the passage of Dodd-Frank or its implementation.
June 2017
Will the US Withdrawal from the Paris Climate Accord Boost the Prospects for Investments in Energy?
No. Market forces and technological innovation have been far more impactful on the energy sector than environmental regulations. Investors should maintain exposure to private energy and publicly listed energy equities, rather than view this event as a reason to overweight energy exposure. The Paris climate agreement was nonbinding, and, by itself, did very little to […]
June 2017
Digging In: Assessing the Private Infrastructure Opportunity Today
New private infrastructure fund investors can find value in carefully evaluated managers and strategies, but they should ratchet down return expectations relative to years past.
June 2017
A New Arrow in the Quiver: Investment-Level Benchmarks for Private Investment Performance Measurement
This paper introduces Cambridge Associates’ Investment-Level Benchmarks and shares examples of the types of perspectives they can offer subscribers.
February 2017
Is Now the Time to Invest in Real Assets?
In a word, yes, albeit slowly and selectively. Since the US presidential election, the market appears to be pricing in renewed expectations of growth and inflation, both of which have the potential to positively impact real assets in the medium term. Though it’s unclear exactly how the new administration will proceed, the prospect of policy […]
February 2017
Are Private Equity Returns Doomed?
No. You just need to know where to look. Given the low return environment, many investors are exploring private equity investing for the first time, attracted by data points such as the 10.7% ten-year return for the Cambridge Associates LLC US Private Equity Index®. The increased demand and, therefore, expected increased supply of capital for […]
January 2017
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
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