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Insights

Have Public Market Returns Permanently Eclipsed Private Market Returns?

No, while the public market’s outperformance may seem like a total eclipse, this one, like all eclipses, will be temporary. At present, short-term private equity returns do not compare favorably to those of public benchmarks. For the nine months ended September 30, 2023, global private equity and global venture capital underperformed the MSCI ACWI on […]

April 2024

Role Models: Pensions Can Use Data to Optimize PI Allocations

Tapping private markets in search of added returns is common practice among defined benefit pensions and other institutional investors. However, many pensions still avoid private investments (PI) out of fear that long-term capital lockups could elevate liquidity risk. Some also remain alarmed by the potential consequences of the “denominator effect.” This refers to situations in […]

April 2024

Has the Euro Area’s Economy Bottomed?

Yes, we believe that the euro area’s economy bottomed either in fourth quarter 2023 or first quarter 2024. The abatement of headwinds that saw GDP flatline during 2023 should allow for some expansion in 2024. Nonetheless, the growth impulse is likely to remain muted and growth should underperform the United States. Therefore, despite comparatively subdued […]

April 2024

Video Series: Co-investing

Co-investments allow investors to make opportunistic investments that can enhance and complement their total portfolio. In this video series, our co-investment team discusses the opportunity set, the role of co-investments in a portfolio, guidelines for implementation, and what we believe are keys to success. Explore our collection of videos:      

March 2024

Video: Advancing Family Values: Philanthropy and Impact Investing

Philanthropy and impact investing, while different, can be aligned and complementary in their intents. Understanding the nuances between the two can help families gain clarity about how to positively influence the world while maintaining their unique investment goals and engaging family members across generations. In this video, Nick Rees, Managing Director in the Private Client […]

March 2024

Endowment Radar Study 2023: Endowment Dependence Grows with Higher Costs

Higher costs and higher rates of endowment spending are the major story lines of the 2023 Endowment Radar Study. In 2023, the endowment provided a stable source of funding for the growing costs of private college and university business model (Figure 1). The four components of Endowment Radar measure the endowment’s role in supporting the […]

March 2024

Should Investors Chase the Bitcoin and Gold Rallies?

No. While recent developments may be a sign that bitcoin is gaining credibility, it remains a highly speculative investment that offers no cash flows. Gold—a more stable and defensive option than bitcoin—also offers no yield. Investors looking for portfolio defense should look to long US Treasury securities, which offer reasonable yields and protection in a […]

March 2024

Better Alternative(s): Private Investments May Improve Outcomes for Defined Contribution Plan Participants

For decades, many institutional investors with private investment (PI) exposure have generated strong long-term returns. However, defined contribution (DC) plan participants have not been able to benefit in the same way, as employers have historically been limited to investment line-ups featuring predominantly public market asset classes. Although greater flexibility is emerging, the question remains how […]

March 2024

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