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Insights

US PE/VC Benchmark Commentary: First Half 2021

In the first half of 2021, US private equity and venture capital returns continued the torrid pace that started in second quarter 2020. For the six months ended June 30, 2021, the Cambridge Associates LLC US Private Equity Index® returned 25.5% (11.4% and 12.5% in first and second quarters, respectively) and the Cambridge Associates LLC […]

January 2022

Case Study: Building custom portfolios to reflect each family member’s distinct impact investing goals

The Hahn family’s wealth, which originated in manufacturing four generations ago, is today overseen by Wilson, the current family patriarch, and supported by a family office staff of two investment professionals. The family members themselves have minimal investment experience. CLIENT BRIEF Client: Hahn family Source of wealth: Manufacturing (inherited wealth) Situation: Family members with distinct […]

December 2021

Global Equity Performance Exceeds That of High-Quality Bonds

Global equities have returned more to investors than high-quality global bonds in nearly three quarters of the last 30 years. The margin of outperformance during those years has been considerable, averaging 12.5 percentage points. That high historical success rate, along with our view that healthy economic activity will support both positive earnings growth and risk appetite, leads us to expect that equities will yet again outperform high-quality bonds.

December 2021

China A-Shares Outperform Global Equities

China’s equity markets have lagged global equities sharply thus far in 2021 in the face of a regulatory crackdown. We expect Chinese equities, particularly China onshore A-shares, to outperform global equities in 2022.

December 2021

Don’t Expect EM ex China Performance to Impress

Emerging markets ex China equities have underperformed their DM peers this year due, in part, to greater economic and political challenges, which have weighed on sentiment toward the bloc. We expect these issues to persist into next year and are skeptical that EM ex China equities can outperform DM equivalents.

December 2021

Interest in Private Investments Continues to Expand

Investors with mature private investment programs tend to have private exposure to major developed markets, such as the United States and Europe. While many of these investors have added Chinese exposure to their private programs over the last decade, interest has recently increased in less-trafficked Asian markets and more specialized European strategies. We expect this interest will continue to expand next year.

December 2021