No. We argue that after macro conditions helped propel the private investment industry to temporary heights, today’s environment has ushered in a “back to normal” era. Let’s back up a bit. In the COVID-19 period (defined as July 2020 through June 2022), all facets of the US private investment “ecosystem” were in overdrive. During that […]
April 2023
Yes. Aggressive central bank tightening has caused economic growth to slow in Europe and the United States, and we expect that the recent banking sector stress will further weaken economic growth. Now is the time for investors to tactically overweight quality equities, given this style has tended to outperform broad equities during periods of economic […]
April 2023
We believe now is an opportune time to allocate to direct lending. Dislocation in the public leveraged finance markets has allowed direct lenders to increase credit spreads and tighten terms. This, coupled with higher interest rates, means that first-lien senior-secured debt is now yielding low double digits. Recent turmoil in the banking sector may only […]
March 2023
On 20 March, investors awoke to news Swiss authorities had used emergency measures to push through a hastily arranged merger of Credit Suisse and UBS. Following two recent bank failures in the United States, the announcement raised questions over the health of European banks and the broader economy. While market pressure on another European financial […]
March 2023
The Cambridge Associates 2022 Diversity, Equity, and Inclusion (DEI) Report articulates our commitment to corporate social responsibility.
March 2023
Today, the Federal Reserve raised the Fed funds target range by 25 basis points (bps), to 4.75%–5.00%, as expected, and signaled it expects at least another 25 bps of additional rate hikes will be necessary to bring down inflation. This announcement and the recent turmoil in the banking sector increase our confidence that the Fed […]
March 2023
What a difference a year makes. In the second half of 2021, investors were talking about a potential prolonged Goldilocks market. By year-end 2022, the Bloomberg US Aggregate Bond Index had posted its worst annual return on record and the S&P 500 had experienced a substantial pullback from recent historical highs. Amid this turbulence, pension […]
March 2023
Whether actively running their company or beginning to step away from day-to-day oversight, entrepreneurs and business owners often face similar challenges as they focus more on investing their hard-earned capital. In the evolution from entrepreneur to investor, an openness to new approaches and ideas is essential. In the below video, Jeff Bauer, Managing Director of […]
March 2023