Regulators Seek to Contain SVB Fallout

Following no US bank failures in the last two years, two banks failed in the last three days—Silicon Valley Bank (SVB) and Signature Bank. As the situation evolved last week, investors, businesses, and regulators became increasingly concerned about SVB and risks to the broader economy. Over the weekend, US officials from the Federal Reserve, Treasury, […]

March 2023

A Social & Environmental Equity Investing Framework for Better Real-World Outcomes

Investing can often feel like steering a ship through stormy seas, traversing risks seen and unseen. In recent years, the siren song of investment products that appear aligned with achieving genuine social and financial returns—but are merely designed to attract assets—is one such danger. And this trend, coupled with economic uncertainty, creates a perfect storm […]

March 2023

Global ex US PE/VC Benchmark Commentary: First Half 2022

According to Cambridge Associates (CA) indexes, private equity and venture capital (PE/VC) in the developed markets underperformed those in emerging markets in first half 2022. The Cambridge Associates LLC Developed Markets ex US PE/VC Index returned -11.1% in the period, in USD terms, and -3.3% in euros. Because returns are measured in US dollars, the […]

January 2023

US PE/VC Benchmark Commentary: First Half 2022

In first half 2022, US private equity and venture capital broke their trend of sustained positive performance as the downturn in the public markets spilled over to privates. For the six months ended June 30, 2022, the Cambridge Associates LLC US Private Equity Index® returned -5.3% (-0.4% and -5.0% in first and second quarters, respectively) […]

January 2023

2023 Outlook: Private Investments

We expect the cyclical backdrop to impact private equity and venture capital returns, ultimately influencing recently invested vintages the most. That said, we think the 2023 vintage could perform well. Private Equity Will Sail in Stormy Seas in 2023 Keirsten Lawton, Co-Head of US Private Equity Research, and Caryn Slotsky, Senior Investment Director, Private Investment […]

December 2022

Global ex US PE/VC Benchmark Commentary: Calendar Year 2021

In 2021, the Cambridge Associates LLC Developed Markets (ex US) Private Equity and Venture Capital (PE/ VC) Index returned 33.4% in USD terms, equaling its strong performance in 2020. Because the index’s return is measured in US dollars, the currency’s value vis-à-vis the euro impacts its performance. The US dollar gained significant value against the […]

August 2022

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