Will Venture Capital Repeat the Post-TMT Bubble Experience?

We do not expect a rerun of the 2000s for tech and venture capital. The similarities between the late 1990s and today are concerning, but the differences are even more sweeping.

January 2019

Private Credit Benchmarks: A User’s Guide

In response to the proliferation of new private credit strategies and managers, Cambridge Associates has developed a set of benchmarks that will help limited partners assess the performance of new and existing fund manager (general partners).

January 2019

Growth Equity: Turns Out, It’s All About the Growth

Growth equity continues to offer investors a compelling return profile that combines the downside protection of buyouts with some of the upside potential of venture capital.

January 2019

Should Investors Consider Co-Investing?

Yes. At a minimum, investors should consciously consider it. The co-investment “craze” isn’t going away anytime soon—we estimate co-investing currently accounts for nearly one-third of all private investment activity—and there are structural reasons why it will continue, as we will discuss.

November 2018

Should Investors Fear $100 Oil?

Although crude oil prices above $100 a barrel will pinch consumer pockets, investor anxiety on this topic is both premature and exaggerated.

October 2018

Infrastructure Debt: Understanding the Opportunity

With underlying assets that provide essential services, infrastructure debt can play a key role in institutional investor portfolios. The asset class offers the possibility of delivering attractive returns, matching long-term liabilities, and diversifying traditional business cycle-sensitive investment holdings. Within infrastructure debt, private debt has been of particular institutional interest, as it offers increased return potential in […]

September 2018

Should You Avoid Commitment (Facilities)?

In short, no—their use isn’t going away any time soon. Rather than avoid them, incorporate new elements to more clearly assess the manager’s true investment skill.

June 2018

Policy Benchmarking: Best Practices for Private Investments

For investors with private allocations, how one incorporates them into the policy benchmark will materially impact the portfolio’s relative performance, making the choice key to informed decision making. We review the various methodologies used and make a series of recommendations on best practices to follow. In considering the performance of private investments within the total portfolio, we anchor to a set of principles: keep it simple, don’t treat private investments differently, and make performance evaluation as meaningful as possible.

May 2018