We do not expect a rerun of the 2000s for tech and venture capital. The similarities between the late 1990s and today are concerning, but the differences are even more sweeping.
January 2019
Growth equity continues to offer investors a compelling return profile that combines the downside protection of buyouts with some of the upside potential of venture capital.
January 2019
Yes. At a minimum, investors should consciously consider it. The co-investment “craze” isn’t going away anytime soon—we estimate co-investing currently accounts for nearly one-third of all private investment activity—and there are structural reasons why it will continue, as we will discuss.
November 2018
In short, no—their use isn’t going away any time soon. Rather than avoid them, incorporate new elements to more clearly assess the manager’s true investment skill.
June 2018
For investors with private allocations, how one incorporates them into the policy benchmark will materially impact the portfolio’s relative performance, making the choice key to informed decision making. We review the various methodologies used and make a series of recommendations on best practices to follow. In considering the performance of private investments within the total portfolio, we anchor to a set of principles: keep it simple, don’t treat private investments differently, and make performance evaluation as meaningful as possible.
May 2018
When assessing performance at the aggregate private portfolio and sub-component level, investors should take the long view. In this publication, we review how long funds take to settle into their ultimate quartile ranking and highlight our framework for benchmarking a portfolio of private investments.
May 2018
Impact investing – allocations that aim for social and/or environmental change or to solve a problem in the world – has historically stood apart from “traditional,” financial-return driven investing. But increasingly in several asset classes, including venture capital, an exciting convergence of variables is blurring the boundaries, perhaps turning this old distinction on its head. […]
May 2018
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 […]
November 2017