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: What Should Individual Investors Do Now That the US Tax Bill Has Passed?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. The new US tax bill creates little pressure for immediate action by individual investors, even though we expect the legislation to be quite impactful. Some investors should consider taking action before the end of 2017 if […]

Outlook 2018: Stick Around for Dessert

In our 2018 outlook, we review the prospects for several asset classes—developed and emerging markets equities, credit, real assets, sovereign bonds, and currencies—and share the advice of our chief investment strategist.

Proposed Tax on Endowment Income Would Mean Difficult Choices for Many Schools

College and university leaders are paying close attention to the tax plans moving through the Senate and House.  As currently written, both proposals would levy a 1.4% tax on net investment income earned during the tax year for private colleges and universities. The House version proposed the tax be applied to schools with assets of at […]

CA Answers: Should Institutional Investors Hold Cryptocurrencies?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. In our opinion, institutional investors are better served focusing on investing in companies seeking to profit from the development and adoption of blockchain technology and “fintech” (financial technology) more broadly than holding cryptocurrencies directly. The stunning […]

A Balancing Act: Strategies for Financial Executives in Managing Pension Risk

As pressures on pensions mount, we believe financial executives are best served by re-evaluating major decisions in terms of the true tools at their disposal. In this paper we review four levers that are fundamental drivers of pension costs and outcomes: asset returns, liability hedging, contribution policy, and benefit management. Balancing these levers is critical to enabling greater probability of success in managing pension risk, and we introduce a framework for chief financial officers and other financial executives to use in doing so.

Harvesting the Potential of Private Investments

In the November 2017 issue of Benefits Magazine, which covers benefit issues affecting multiemployer, single employer and public plan representatives, senior investment director and investment actuary in Cambridge Associates’ pension practice, Alex Pekker, contributed an article highlighting the potential for private investments in a pension’s investment portfolio. Pekker explains that private investments could be a […]

CA Answers: Is Private Equity Replacing Public Equity?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. It sure looks like it. The increasingly unforgiving nature of public equity markets, coupled with the continued evolution and growth of private investment markets, is making it easier for more companies to stay private, with some […]

CA Answers: Should Investors Position Themselves for US Tax Reform?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. We would not seek to position portfolios specifically for tax reform as markets have already priced in some improvement in earnings from tax cuts, and the winners and losers from the proposed tax changes will not […]

VantagePoint: Fourth Quarter 2017

This quarter’s edition covers key risks to continued economic expansion, including monetary policy and inflation pressures. Also discussed are whether investors are being compensated for taking risk and different strategies for geopolitical risks.

Why Diversification Wins

Lessons from Fiscal Year 2017 Results Diversified investors are noticing quite a difference in 2017 fiscal year performance—and it’s a welcome change. In the midst of an extended US equity market, and with returns that many diversified investors have found hard to swallow over the last few years, the turnaround in annual performance for what […]

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US PE / VC Benchmark Commentary: Second Quarter 2017

Second quarter 2017 US private equity performance was quite strong, while US venture capital performance was more middling, as indicated by the Cambridge Associates LLC benchmark indexes of the two alternative asset classes

Preliminary Index Returns 2017 Q3

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.

Private Equity and Venture Capital Impact Investing Benchmark Statistics 2017 Q2

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 69 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 Assets Impact Investing Indexes and Benchmark Statistics 2017 Q2

Cambridge Associates and the Global Impact Investing Network have collaborated to create the Real Assets Impact Investing Benchmark. These benchmark statistics are based on data compiled from 58 funds, including fully liquidated partnerships, formed between 1997 and 2015 and invested with the intent to create positive social and/or environmental impacts. This report gives you access […]

Global ex US PE / VC Benchmark Commentary: First Quarter 2017

After earning nearly identical returns in fourth quarter 2016, in USD terms, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital Index and the Cambridge Associates LLC Emerging Markets Private Equity and Venture Capital Index produced similar results again in first quarter 2017 (4.2% and 4.0%, respectively).

Real Estate 2017 Q2

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 2017. 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 […]

Australia Private Equity and Venture Capital Benchmark Statistics 2017 Q2

Our Australia index and benchmark statistics are based on data compiled from 69 private equity and 27 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 […]

Buyout and Growth Equity 2017 Q2

Our Buyout & Growth Equity index and benchmark statistics are based on data compiled from more than 2,000 institutional-quality global buyout and growth equity funds formed between 1986 and 2017. 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 and Emerging Markets Private Equity and Venture Capital 2017 Q2

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 1,500 institutional-quality private equity and venture capital funds formed between 1986 and 2017. This report gives you access to extensive data, including fund index analysis and fund since inception analysis. […]

U.S. Private Equity 2017 Q2

Our U.S. Private Equity index and benchmark statistics are based on data compiled from more than 1,400 institutional-quality buyout, growth equity, private equity energy, and subordinated capital funds formed between 1986 and 2017. This report gives you access to extensive data, including fund index analysis and fund since inception analysis. These are updated on a […]