As of June 30, 2019 • Percent (%). Cambridge Associates derives its US venture capital benchmark from the financial information contained in its proprietary database of venture capital funds. Driving the difference is the percentage of capital allocated to IT, which historically was about 22% of invested capital. During the first six months, venture capital managers in the index allocated the lion’s share of their capital to investments in IT and healthcare companies (in rank order). The Australian Investment Council has had a proud, long-standing partnership with one of the leading international private markets advisory firms, Cambridge Associates. Japan marks the biggest increase in invested capital this period compared to the long-term average of 4%, and China saw a slight decrease over the 36% long-term average. The breakdown provides context when comparing the performance of the two indexes. Global equities (large cap) and global bonds dispersion are based on the world large stock and world bond categories, respectively. Since its inception, the 2011 vintage has invested nearly equal amounts in three key sectors, IT, industrials, and consumer discretionary. Capital calls totaled $51.7 billion, a 6% decrease, while distributions equaled $54.7 billion, an 18% decline from the six months ended December 2018. Among those vintages, two, 2016 and 2017, called more than $3.0 billion. 2. Write-ups for consumer discretionary companies were by far the largest positive contributor to the 2006 and 2010 vintage years’ performance. During the first two quarters of 2019, fund managers called and distributed less capital than they did in the previous six months. As of June 30, 2019, except for the most recent six-month period, the private equity benchmark had outperformed the public indexes in all time periods. Sources: Cambridge Associates LLC, Global Financial Data, Inc., MSCI Inc., and Thomson Reuters Datastream. The developed and emerging markets PE/VC indexes have outperformed their public market counterparts across time (based on modified public market equivalent returns). As of June 30, 2019 • USD Terms • Percent (%). As of June 30, 2019, the MSCI Emerging Markets Index included 26 emerging markets country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. More than 90% of the capital invested by the managers in first half 2019 was allocated to consumer (discretionary and staples combined), IT, industrials, healthcare, and financials companies (in rank order). 14 Jun 2019. For vintage year 2008, the lowest performing of the group, healthcare and consumer discretionary valuations drove returns. Distributions from vintage years 2005–08, 2010, and 2012–14 totaled $12.9 billion, representing almost 73% of the total of the semi-annual period. 15 Jan 2019. As of June 30, 2019, the MSCI ACWI consisted of 49 country indexes comprising 23 developed and 26 emerging markets country indexes. Cambridge Capital’s Ben Gordon and operating partner Essa Al-Saleh spoke in a fireside chat at the American Shipper Global Trade Tech summit discussing trends within the logistics industry and the factors the venture capital firm looks for in a startup before investment. * The private equity index includes only buyout and growth equity funds. REGISTERED - SEC. January 29, 2019 (Washington, DC and Boston, MA) ... Cambridge Associates delivers a range of services, including outsourced CIO, non- It provides investment portfolio management and advisory services to institutional investors, including foundations and endowments, pensions, private clients, and corporate and government entities.. History. ** Data from 1/1/1986 to 10/31/2003 represented by the Nasdaq Price Index; data from 11/1/2003 to present by the Nasdaq Composite. On a gross, dollar-weighted basis, the three largest sectors by market value—consumer discretionary, IT, and healthcare—returned 5.0% during first half 2019, underperforming the return for all companies by more than 180 basis points. Cambridge Associates 3q15 U S Vc Index Selected Benchmark Us Private Equity Was Strong Us Venture Capital More Middling In U S Venture Capital Index Returns 6 72 In Q2 Overview Investments 3 Add info Add round 08 ... FinSMEs. As of June 30, 2019, the database included 1,154 US buyouts and growth equity funds formed from 1986 to 2019, with a value of $686 billion. And just in case you’re short on time, here’s a quick bullet list of what you should take away from venture capital in Q1 2019: Crunchbase projects that just under $75 billion was invested in almost 8,100 funding rounds, worldwide, in Q1 2019. REGISTERED - SEC. Cambridge Associates is a privately held investment firm based in the United States. The chart highlights the venture index’s relative overweights in healthcare and IT, and its underweights in consumer discretionary, communication services, and financials. FIGURE 2 DEVELOPED MARKETS EX US PE/VC INDEX VINTAGE YEAR RETURNS: Adina Tecklu Is The VC Investing In The Next Generation | 30 Under 30 2019 On the distributions front, managers with funds raised in four vintages (2007 and 2012–14) returned at least $1.0 billion to LPs, for a combined total of $6.4 billion, or 61% of the period’s total. IT (42%), healthcare (12%), consumer discretionary (12%), and industrials (10%) attracted more than 75% of the capital invested, which is about 11 percentage points higher than the investments in these sectors over the long term. VENTURE CAPITAL INDEX FROM REFINITIV DECEMBER 2019 venture capital sector portfolios. Yet, in the past four years, distributions have outpaced contributions in only one first or second half-year period. FIGURE 9 EMERGING MARKETS PE/VC INDEX COUNTRY RETURNS: Non-US company exposures in the private equity and venture capital indexes have remained stable, roughly 18% in the private equity benchmark and around 10% in the venture capital benchmark as of June 30, 2019. Ten years ago, as of June 30, 2009, the index included 730 funds whose value was $286 billion. The MSCI All Country World Index (ACWI) is a free float–adjusted, market capitalization–weighted index designed to measure the equity market performance of developed and emerging markets. The chart also highlights less meaningful PE overweights in communication services and consumer discretionary and the underweight in real estate, which is reflected in the “other” sector bucket. Data from 1/1/1988 to present represented by MSCI Emerging Markets total return gross. Write-ups for IT companies were widespread and by dollar, led by vintages 2007 and 2014–2016. These eight vintages each distributed an average of about $1.6 billion in the first six months, and the two vintage years with the largest distributions, 2007 and 2008, accounted for 29% of all distributions over the semi-annual period. Us Private Equity Funds Return 0 2 Us Venture Capital Funds Cambridge Associates 3q15 U S Vc Index Selected Benchmark ... State Of Venture Capital Industry In 2019 With Infographic Toptal Data from 1/1/1988 to present represented by MSCI ACWI gross total return. During first half 2019, emerging markets PE/VC funds called $11.3 billion from investors, nearly a 25% decrease from the prior six-month period but slightly above the ten-year semi-annual average of $10.2 billion. £7,100,000 Venture capital (Series A) Cambridge Innovation Capital, AlbionVC. For calendar year 2019, US private equity and venture capital produced high double-digit returns, as indicated by the Cambridge Associates LLC benchmark indexes. Periods Ended June 30, 2019 • Percent (%). As of June 30, 2019, the MSCI EAFE Index consisted of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The funds in this index invest primarily in developed markets in Australia, Canada, Israel, Japan, New Zealand, Singapore, and Western Europe. Overview News Investments 30 Portfolio Portfolio Tracker Add info Add round 17 Nov 2020. Businesses in the United States garnered about 15% of the capital invested, which is a few percentage points higher than its long-term allocation. The pooled returns represent the net periodic rates of return calculated on the aggregate of all cash flows and market values as reported to Cambridge Associates by the funds’ general partners in their quarterly and annual audited financial reports. TechCrunch. Consumer staples returned the best at 14.1% for the period, trailed closely by communication services, which returned 11.8%. ILPA and Cambridge Associates Call on Private Equity and Venture Capital Industries to Adopt the Term “Key Person” in All Legal References ... WASHINGTON and BOSTON, Jan. 29, 2019 … GROSS COMPANY-LEVEL PERFORMANCE 9 GRANTED, REGISTERED AND RENEWED (FIRST RENEWAL - 10 YRS), COURTESY REMINDER - SEC. Four sectors dominated investment activity in first half 2019. As of June 30, 2019 • Percent (%)[/caption]. The communication services sector return resulted from muted write-ups in most vintages and write-downs in the 2007 and 2010 groups. Managers of funds that were raised in 2015–18 called most of the capital in first half 2019, totaling almost $9.0 billion and about 80% of all capital called year-to-date. Ten years ago, as of June 30, 2009, the benchmark index included 535 global ex US developed markets funds, whose value was roughly $144 billion. Bringg. The Cambridge Associates LLC US Venture Capital Index® returned 13.8% for the same period (6.5% and 6.9% for first quarter and second quarter, respectively), a jump from the prior six months when US venture capital earned 7.1%. Cambridge Associates, Australia Private Equity & Venture Capital Index and Selected Benchmark Statistics (Q3 2020) 215. As of June 30, 2019 • USD Terms • Percent (%). IT earned the best return (20.7%), beating out strong performance from the healthcare sector (16.6%), while consumer discretionary and communication services companies posted more middling returns, at 11.5% and 9.7%, respectively. As of June 30, 2019 • Percent (%). Cambridge Associates and the Global Impact Investing Network have collabo-rated to launch the Impact Investing Benchmark, the first comprehensive analysis of the financial performance of market rate private equity and venture capital impact investing funds. MSCI data provided “as is” without any express or implied warranties. FIGURE 3 GICS SECTOR COMPARISONS: CA DEVELOPED MARKETS EX US PE/VC VS MSCI EAFE Ten years ago, as of June 30, 2009, the index included 1,303 funds whose value was $85 billion. As of June 30, 2019, the database comprised 674 emerging markets private equity and venture capital funds formed from 1986 to 2019 with a value of about $244 billion. Since 1986, distributions have outpaced contributions in approximately 14% of the semi-annual periods, and in the past five years they have outpaced contributions in 30% of the semi-annual periods. U.S. VENTURE CAPITAL INDEX", providing statistical information to others, REGISTERED - SEC. No key vintage year suffered losses in the IT sector; the 2007 and 2012 vintages had the largest increases. For the 2014 vintage (the largest in the index), significant write-ups in IT and healthcare were the largest contributors. The 2010 vintage’s return was dampened by write-downs in healthcare. On a one-, three- and five-year horizon, Cambridge Associates data, the most widely cited benchmark of venture capital performance, shows that its index for European VC performance is either on par or significantly outperforming indices for both US VC and, importantly, European Private Equity. For first half 2019, US private equity 1 and venture capital produced double-digit returns, as indicated by the Cambridge Associates LLC benchmark indexes. Companies based in the Netherlands (a top performer since the middle of 2017) were again the best performing, with three vintages, 2006, 2007, and 2013, contributing the most to returns. The remaining five sectors experienced middling returns ranging from 2.6% (IT) to 6.8% (consumer discretionary). [5] For this measure of a traditional balanced portfolio that is typically used by pensions to benchmark performance Wilshire used the Wilshire 5000 Total Market Index to represent U.S. equities and the Wilshire Bond Index for fixed income. For first half 2019, US private equity and venture capital produced double-digit returns, as indicated by … In the largest vintage, 2012, write-ups were dominated by four of the large sectors, IT, healthcare, industrials, and consumer discretionary (in rank order). $12.3 trillion of quantitative easingsince the 2008 Economic Crisis has suppressed fixed income yields leading to a surge in equity investing and the first $1 trillion market cap companies. Companies in developed European countries attracted 78% of the capital invested during the first two quarters, equaling the long-term norm for the region. It posted an 8.1% return, the second highest among the nine major vintages, and write-ups were widespread in first half 2019, most notably in consumer discretionary and IT. 8 (10-YR) ACCEPTED/SEC. The pooled returns represent the net end-to-end rates of return calculated on the aggregate of all cash flows and market values as reported to Cambridge Associates by the funds’ general partners in their quarterly and annual audited financial reports. FIGURE 1 US PRIVATE EQUITY AND VENTURE CAPITAL INDEX RETURNS Ten years ago, as of June 30, 2009, the benchmark index included 387 emerging markets funds, whose value was about $50 billion. Notably, investment into IT companies was slow in the first six months, with companies attracting only 9% of the total invested capital, compared to the long-term norm of 13%. 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