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.

US PE / VC Benchmark Commentary: Third Quarter 2017

Overview Over the first nine months of 2017, US private equity quarterly returns were more consistent than those for US venture capital, as indicated by the Cambridge Associates LLC benchmark indexes of the two alternative asset classes. In third quarter 2017, the Cambridge Associates LLC US Private Equity Index® returned 3.9%, matching or beating the […]

Liability-Hedging Handbook: A Guide to Best Practices for US Pension Plans

For many pension plans, investment strategy is often structured with a liability-hedging portfolio and a growth portfolio, with the weight and composition of each determined by a strategic asset allocation or a de-risking glidepath. Within this overall structure, the construction and calibration of the liability-hedging portfolio is integral to effective pension asset management. This report focuses exclusively on the liability-hedging portfolio, delineating key considerations and best practices for single-employer defined benefit plans including those sponsored by corporations, health care institutions, non-profit organizations, and certain partnerships.

CA Answers: Is it Time to Sell Energy MLPs?

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 allocations to energy MLPs (master limited partnerships) may want to maintain existing allocations, despite their recent poor performance and the proposed regulatory changes impacting interstate pipelines. The industry enjoys reasonable valuations, […]

CA Answers: Are Inflationary Pressures in the United States Building?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Yes. Inflationary pressures in the United States appear to be building, as positively trending wages, expansionary fiscal policies, and protectionist trade barriers feed into a humming economy. Although we expect these pressures signal an increased risk […]

CA Answers: Should US Equity Investors Fret About Rising Yields?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Not in the near term. The current environment of rising, but low, interest rates accompanied by strong earnings growth expectations is supportive for equities. Rising rates create challenges for equities when earnings growth does not keep […]

Distressed Debt: A New Way to Categorize Managers

As the economic cycle progresses, the next recession draws inexorably closer, bringing with it the next downturn in the credit cycle. Recognizing this, institutional investors are increasingly considering allocations to distressed debt managers. While lumping all distressed managers into one group is tempting, different managers have meaningfully different approaches that are not captured by considerations […]

CA Answers: Is the Environment for Active Management Improving?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. We are asked this question on a regular basis, but believe it is fundamentally the wrong question for investors to ask if they are seeking to outperform the market over the long term. Regularly, financial news […]

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Preliminary Index Returns 2017 Q4

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.

Clean Tech Company Performance Statistics 2017 Q3

Our Clean Tech Company Performance Statistics report evaluates the gross company-level performance of approximately 1,500 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. 2017 Q3 Clean Tech Index Fact Sheet

Real Estate 2017 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 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 Q3

Our Australia index and benchmark statistics are based on data compiled from 100 private equity and venture capital funds investing in Australia and New Zealand 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 on a quarterly basis, so […]

Buyout and Growth Equity 2017 Q3

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 & Venture Capital 2017 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 1,500 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 Q3

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 […]

U.S. Venture Capital 2017 Q3

Our U.S. Venture Capital index and benchmark statistics are based on data compiled from over 1,700 institutional-quality venture capital funds formed between 1981 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 […]

Real Assets Impact Investing Benchmark Statistics 2017 Q3

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 60 funds, including fully liquidated partnerships, formed between 1997 and 2016 and invested with the intent to create positive social and/or environmental impacts. This report gives you access to […]