Our Insights

We have a point of view. One that is borne of weeks and months, sometimes years, of investigation, due diligence, and testing. Here you will find everything from market commentaries and benchmarking data to perspectives on diversification and portfolio construction. We apply a healthy skepticism to new ideas while challenging the old standbys. We aim to incite dialogue, test assumptions, and provide a rationale for our recommendations. Watch us. Understand our perspective. Perhaps you will agree, perhaps not. Either way, we hope you will gain some insights.

CA Answers: In an Environment of Declining Demographics and Slow Productivity Growth, What Investments Look Attractive?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Investments with the potential to earn returns competitive with equities—without a dependence on economic growth—are especially valuable diversifiers for portfolios. Such investments are varied, sometimes niche, and require skilled implementation. Many require some illiquidity, but may […]

The Financial Performance of Real Assets Impact Investments: Introducing the Timber, Real Estate, and Infrastructure Impact Benchmarks

Within impact investing, real assets investments constitute one of the largest opportunity sets. This report presents findings from our analysis of the financial performance of 55 private real assets impact investing funds across three sectors: timber, real estate, and infrastructure. We find that risk-adjusted market rates of return are achievable in impact investing, but note that as with conventional funds, manager selection is key to success.

This report also marks the launch of the real assets impact investing financial performance benchmarks, which will track the performance of impact investing funds across the three sectors of focus and will be maintained and updated on a quarterly basis.

Maintaining Strategic Direction through Peaks and Valleys

An extended bull market can tempt even the savviest investors into abandoning their long-term discipline. Resisting the impulse to switch horses in the middle of the race is hard, but necessary—the most important trait of successful investors is their ability to maintain discipline in sticking to a long-term strategy during good times and bad. Diversified portfolios—structured to earn returns comparable to their rate of spending at tolerable levels of risk—have benefitted long-term investors and grown their purchasing power for decades, and we have no reason to expect a different outcome when today’s bull market inevitably corrects.

CA Answers: Should Investors Buy Downside Protection to Hedge Against an Equity Market Drop?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. We don’t think so. Investors with diversified portfolios already have some cushion if equities sell off given holdings like fixed income, hedge funds, and other diversifying assets. Further, trying to time the market by buying derivatives […]

VantagePoint: Second Quarter 2017

This quarter’s edition discusses the reflationary environment, positioning in global equities, prospects for sovereign bonds (both nominal and inflation-linked), and USD strength. We also profile two strategies that can diversify portfolios without dependence on economic growth: life settlements and pharmaceutical royalties.

CA Answers: Does US Corporate Tax Reform Endanger Private Debt Strategies?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. No. If the interest expense deduction is eliminated, debt issuance may drop slightly, but the demand for senior and mezzanine debt will be little changed, and the risk/reward proposition is still attractive for investors. Under the […]

CA Answers: What’s Next for the US Dollar?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. We still expect a rising US dollar over the coming year or so; however, the currency is entering the final phase of the strong-dollar cycle and investors should be aware that valuations and historical cycles suggest […]

CA Answers: Is the United States Set for a Spike in Inflation?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. We doubt it. But, price levels are likely to rise gradually in the months ahead, as the rebound in energy commodities continues to impact measurements. Recent inflation data releases have raised concerns about a potential spike, […]

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Preliminary Index Returns 2016 4Q

Access our preliminary returns for U.S. Venture Capital, U.S. Private Equity, Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital, Global Buyout, Growth Equity, and Real Estate benchmarks.

Global ex US PE/VC Benchmark Commentary

In USD terms, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital Index returned 4.9% in third quarter 2016; the Cambridge Associates LLC Emerging Markets Private Equity and Venture Capital Index returned 2.6%. Both indexes performed much better in the third quarter than in the second.

US PE/VC Benchmark Commentary

Third quarter 2016 returns for the Cambridge Associates LLC US Private Equity Index® and the Cambridge Associates LLC US Venture Capital Index® were 3.7% and 3.3%, respectively. The private equity index equaled its performance for the previous quarter, and the venture index produced its first positive quarter of the year, bringing its year-to-date return into positive territory as well.

Clean Tech Company Performance Statistics 2016 Q3

Our Clean Tech Company Performance Statistics report evaluates the gross company-level performance of approximately 1,400 investments in more than 800 clean tech companies. These are updated on a quarterly basis, so we invite you to sign up to receive them in your inbox. 2016 Q3 Clean Tech Index Fact Sheet

Australia Private Equity and Venture Capital Benchmark Statistics 2016 Q3

Our Australia index and benchmark statistics are based on data compiled from 66 private equity and 25 venture capital funds investing in Australia and New Zealand, including fully liquidated partnerships, formed between 1997 and 2016. This report gives you access to extensive data, including fund index analysis and fund since inception analysis. These are updated […]

Private Equity and Venture Capital Impact Investing Benchmark Statistics 2016 Q3

Cambridge Associates and the Global Impact Investing Network have collaborated to create the Private Equity and Venture Capital Impact Investing Benchmark. These benchmark statistics are based on data compiled from 65 funds, including fully liquidated partnerships, formed between 1998 and 2014 and invested with the intent to create positive social impacts. This report gives you […]

Real Estate 2016 Q3

Our Real Estate index and benchmark statistics are based on data compiled from more than 900 institutional-quality real estate funds formed between 1986 and 2016. This report gives you access to extensive data, including fund index analysis and fund since inception analysis. These are updated on a quarterly basis, so we invite you to sign […]

Buyout and Growth Equity 2016 Q3

Our Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 1,900 institutional-quality global buyout and growth equity funds formed between 1986 and 2016. This report gives you access to extensive data, including fund index analysis and fund since inception analysis. These are updated on a quarterly basis, so […]

Ex U.S. Developed Markets and Emerging Markets Private Equity and Venture Capital 2016 Q3

Our Ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital index and benchmark statistics are based on data compiled from more than 1,400 institutional-quality private equity and venture capital funds formed between 1986 and 2016. This report gives you access to extensive data, including fund index analysis and fund since inception analysis. […]

U.S. Private Equity 2016 Q3

Our U.S. Private Equity index and benchmark statistics are based on data compiled from more than 1,300 institutional-quality buyout, growth equity, private equity energy, and mezzanine funds formed between 1986 and 2016. This report gives you access to extensive data, including fund index analysis and fund since inception analysis. These are updated on a quarterly […]