All Rights Reserved. As of June 2019, there were six meaningfully sized sectors; IT was by far the largest, representing nearly a third of the index’s value at mid-year. In the largest vintage, 2012, write-ups were dominated by four of the large sectors, IT, healthcare, industrials, and consumer discretionary (in rank order). 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. All seven of the meaningfully sized sectors posted positive first half returns (Figure 8). 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. *** Capital change only. 9 E-MAILED, CASE ASSIGNED TO POST REGISTRATION PARALEGAL, REGISTERED AND RENEWED (SECOND RENEWAL - 10 YRS), NOTICE OF ACCEPTANCE OF SEC. The US VC index struggled most to beat the NASDAQ composite, reflecting the strong performance of IT in the public markets. Venture managers returned 13.8% for the first six months of 2019 with all meaningfully sized vintage years, 2007–08 and 2010–16, earning positive returns for the period (Figure 5). 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. These returns are net of management fees, expenses, and performance fees that take the form of a carried interest. The Russell 2000® Index includes the smallest 2,000 companies of the Russell 3000® Index (which is composed of the largest 3,000 companies by market capitalization). Funds formed from 2015 to 2018 were responsible for 84% ($9.4 billion) of the total capital called during the first six months. 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. Because the indexes’ returns are measured in US dollars, the currency’s value vis-à-vis the euro impacts performance. For first half 2019, US private equity 1 Capital calls were largely concentrated among five vintage years (2014–18), each of which drew down at least $7.7 billion in first half 2019; as a group, they called $46.5 billion and accounted for 90% of the capital drawn during the period. 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. IT performance was similarly strong in the public markets. 15 Jan 2019. The breakdown provides context when comparing the performance of the two indexes. Eight of the nine vintages produced positive returns for first half 2019, contributing to solid year-to-date performance (5.8%). Second Quarter 2019 Download Report For first half 2019, US private equity and venture capital produced double-digit returns, as indicated by the Cambridge Associates LLC benchmark indexes. 3rd February 2021. It raised $300 million in a Series E round at an $8 billion valuation after having raised Built with ︎ by Datalicious ©2021 A daughter company of TNW. Venture Capital. Figure 7 shows the GICS sector breakdown of the Emerging Markets PE/VC Index and a public market counterpart, the MSCI Emerging Markets Index. The other two sectors that attracted meaningful capital in 2019 were consumer discretionary and communication services. 8 & 9 - E-MAILED. All eight meaningfully sized sectors earned positive returns for first half 2019 in both USD and euro terms, with performance in euros being the marginally stronger of the two (Figure 4). Cambridge Associates’ mPME calculation is a private-to-public comparison that seeks to replicate private investment performance under public market conditions. Index.co is not affiliated with Index Ventures. Discover. These returns are net of management fees, expenses, and performance fees that take the form of carried interest. Total fund-level cash flows (contributions plus distributions) were the third highest for any six-month period in the history of the index, a figure that has experienced a primarily upward trend since the most recent low in first half 2003. 1 April 2019. Cambridge Innovation Capital completes £150 million new capital raise. In the first six months of 2019, in USD terms, the Cambridge Associates LLC Developed Markets ex US Private Equity and Venture Capital (PE/VC) Index returned 9.7%, following strong performance in both the first and second quarters (3.6% and 5.9%, respectively). Cambridge Associates has hired Antonella Amatulli as an investment director., People, UK / Ireland, LPs, United Kingdom, people moves 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. EMERGING MARKETS U.S. venture capital Hedge funds Private and public manager dispersion Based on returns over a 10 year window* Sources: Lipper, NCREIF, Cambridge Associates, HFRI, J.P. Morgan Asset Management. As of June 30, 2019 • USD Terms • Percent (%)[. In communication services (the smallest of the key sectors), write-ups were relatively modest, with vintage year 2012 seeing the highest amount of writeups. £7,100,000 Venture capital (Series A) Cambridge Innovation Capital, AlbionVC. The indices used for private equity, venture capital and hedge funds are net of fees. Cambridge Associates was founded by Harvard College roommates Hunter Lewis and James Bailey in … The Cambridge Associates LLC U.S. Venture Capital Index® is an end-to-end calculation based on data compiled from 1,368 U.S. venture capital funds (899 early stage, 174 late & expansion stage, 289 multi-stage and 6 venture debt funds), including fully liquidated partnerships, formed between 1981 and 2012. Source: Cambridge Associates LLC, Nasdaq, and Factset Research Systems. 8 (10-YR) ACCEPTED/SEC. ** MSCI EM Constructed Index: Data from 1/1/1986 to 12/31/1987 represented by GFD Emerging Markets price return. ILPA AND CAMBRIDGE ASSOCIATES CALL ON PRIVATE EQUITY AND VENTURE CAPITAL ... ” IN ALL LEGAL REFERENCES . FIGURE 6 EMERGING MARKETS PE/VC INDEX VINTAGE YEAR RETURNS: Healthcare valuation increases were concentrated in four vintages, 2013–16. Copyright © 2021 Cambridge Associates LLC. Overview Investments 3 Add info Add round 08 ... FinSMEs. AI-tool maker Seldon raises £7.1M Series A from AlbionVC and Cambridge Innovation Capital. As of June 30, 2019 • USD Terms • Percent (%). 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. Overview News Investments 30 Portfolio Portfolio Tracker Add info Add round 17 Nov 2020. VENTURE CAPITAL INDEX FROM REFINITIV DECEMBER 2019 venture capital sector portfolios. Cambridge Capital Group is a business angel network comprised of private investors, family offices, and venture funds that have been investing in technology startups across the UK's Golden Triangle for more than 15 years. It provides investment portfolio management and advisory services to institutional investors, including foundations and endowments, pensions, private clients, and corporate and government entities.. History. Sources: Cambridge Associates LLC, Frank Russell Company, and FTSE International Limited. During first half 2019, public companies generally rebounded from their fourth quarter losses, led by technology and large-cap businesses. FIGURE 2 US PRIVATE EQUITY INDEX VINTAGE YEAR RETURNS: For first half 2019, US private equity 1 and venture capital produced double-digit returns, as indicated by the Cambridge Associates LLC benchmark indexes. Tecklu reflects on her rise in venture capital and how she's using her experience to change the world for others around her. As of June 30, 2019 • Percent (%). The Nasdaq Composite Index is a broad-based index that measures all securities (over 3,000) listed on the Nasdaq Stock Market. 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. India and South Korea continue as constituents in the meaningfully sized group, and the United States is a new and growing addition as of 2018, composing 6.5% of the index. Businesses in the United States garnered about 15% of the capital invested, which is a few percentage points higher than its long-term allocation. During the first two quarters of 2019, fund managers called and distributed less capital than they did in the previous six months. For vintage year 2008, the lowest performing of the group, healthcare and consumer discretionary valuations drove returns. In first half 2019, just shy of 70% of the consumer staples write-ups were attributed to investments made by funds formed in 2007 and 2011. FIGURE 1 GLOBAL EX US PRIVATE EQUITY AND VENTURE CAPITAL INDEX RETURNS As of June 30, 2019 • Percent (%). Distributions from venture funds were $17.7 billion, almost a 26% increase from second half 2018, and the third largest semi-annual output since the inception of the benchmark. Bringing investme… * The private equity index includes only buyout and growth equity funds. 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. Aggregate cash flow amounts dropped from the fourth quarter to the first and again from the first to the second, with distributions declining more in the first quarter and calls declining more in the second. Distributions were in the top ten of largest sums for any six-month period since the inception of the index in 1986—all ten occurred in the past six years. Underweights are most significant in financials, with smaller underweights in energy and materials. FIGURE 2 DEVELOPED MARKETS EX US PE/VC INDEX VINTAGE YEAR RETURNS: IT company valuation changes were the primary drivers of the semi-annual returns for all meaningfully sized vintage years except 2008. 15 ACK. The number of women working across 160 private capital firms Women in the Australian Private Capital Industry - The 2020 Scorecard (October 2020) Get Involved. The UK’s New National Security and the Investment Regime: Cutting Through the Noise. For the six-month period, the gross dollar-weighted return for the three largest countries—the United States, the United Kingdom, and Germany—was 9.7%, about 100 basis points higher than the index’s total gross return. The underweights include financials, consumer staples, and real assets (energy and real estate, which are part of the “other” category). Cambridge Associates: Investors might see more risk, less return in 2019 The venture capital index had mixed success against the various public market indexes in periods of ten years or less, but outperformed in the longer time periods listed in the table. 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 developed and emerging markets PE/VC indexes have outperformed their public market counterparts across time (based on modified public market equivalent returns). Private equity includes only buyout and growth equity funds. Global equities (large cap) and global bonds dispersion are based on the world large stock and world bond categories, respectively. Sourcing, Analytics, Execution. 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%. [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. 9 GRANTED, REGISTERED AND RENEWED (FIRST RENEWAL - 10 YRS), COURTESY REMINDER - SEC. 8 (6-YR) ACCEPTED & SEC. Cambridge US Private Equity Index1,iii,iv $213,325 S&P 500 Index2,iv,vii Value of a $25,000 Investment $61,643 Cambridge US Private Equity Index S&P 500 Index Source: Cambridge Associates, The Cambridge Associates U.S. Going back to 2008, global annual VC investment sat at $53 billion, which means that there has been a 17% CAGR in financing over the past decade. FIGURE 1 US PRIVATE EQUITY AND VENTURE CAPITAL INDEX RETURNS As of June 30, 2019 • USD Terms • Percent (%). GROSS COMPANY-LEVEL PERFORMANCE The IT return was mostly driven by write-ups in the 2007, 2011, 2010, and 2012–14, and 2016 vintage year funds (in rank order) which, combined, represented about three fourths of the sector’s write-ups. The MSCI Emerging Markets Index is a free float–adjusted, market capitalization–weighted index that is designed to measure large- and mid-cap equity performance of emerging markets. GROSS COMPANY–LEVEL PERFORMANCE As a preferred investor for the University of Cambridge, we have unparalleled access to investment opportunities in the ecosystem. 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. The developed and emerging markets PE/VC indexes have outperformed their public market counterparts across time (based on modified public market equivalent [mPME] returns). Cambridge Associates derives its Emerging Markets Private Equity and Venture Capital Index from the financial information contained in its proprietary database of global ex US buyouts, growth equity, and venture capital funds. 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. ** 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. Reuters Datastream. $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. Sources: Cambridge Associates LLC, FactSet Research Systems, and MSCI Inc. MSCI data provided “as is” without any express or implied warranties. Consumer discretionary was relatively flat across all vintages with the exception of 2012 and 2014, which each saw meaningful write-ups in the sector. "Cambridge Capital Group were an absolute pleasure to … As of June 30, 2019, the database comprised 1,879 US venture capital funds formed from 1981 to 2019, with a value of $266 billion. 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 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. These four vintage years each called more than $1.1 billion; the 2018 vintage led the way with capital calls of more than $3.0 billion. Despite its “age,” the 2007 vintage year still represented one of the largest components of the index. For first half 2019, US private equity and venture capital produced double-digit returns, as indicated by the Cambridge Associates LLC benchmark indexes. Index.co is not affiliated with Index Ventures. IT and industrials were instrumental in driving performance for vintages 2016 and 2011, and healthcare was also a key contributor to the best-performing 2016 vintage. Funds in the 2014 vintage, the largest vintage of those meaningfully sized, returned the most capital, topping $2.1 billion for first half 2019. The Nasdaq Composite is calculated under a market capitalization–weighted methodology. India attracted the second-highest amount of capital year-to-date, roughly 11% of all invested capital, with Japan following close behind at 10% of all invested capital. The breakdown provides context when comparing the performance of the two indexes. Companies across five sectors (in rank order: consumer discretionary, healthcare, industrials, financials, and consumer staples) garnered 73% of the capital invested in the first six months of 2019, with consumer discretionary, healthcare, and industrials alone attracting more than 53% of all capital. First half 2019 performance was much stronger than that of the last six months of 2018, when the benchmark returned 7.1%. Six-month returns among the six sectors ranged from 6.4% (communication services) to 17.4% (IT) (Figure 4). Derisk 2019 capped off a record decade for venture that saw deal count grow by roughly 2.4x, while aggregate yearly deal value grew by … Driving the difference is the percentage of capital allocated to IT, which historically was about 22% of invested capital. The Australian Investment Council has had a proud, long-standing partnership with one of the leading international private markets advisory firms, Cambridge Associates. FIGURE 9 EMERGING MARKETS PE/VC INDEX COUNTRY RETURNS: On a gross dollar-weighted basis, when combined, companies based in China, India, South Korea, and the United States returned 7.4%, beating out the full index by less than 100 basis points in first half 2019. Periods Ended June 30, 2019 • Percent (%). Alex van Someren will be participating on a panel 'The UK's New National Security and the Investment Regime: Cutting Through the Noise' alongside other industry leaders. Influence Policy. FIGURE 4 DEVELOPED MARKETS EX US PE/VC INDEX SECTOR RETURNS: NET FUND–LEVEL PERFORMANCE 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. Additionally, net cash flows—a measure that tends to be cyclical—have seen an increasing trend recently, with the difference between distributions and contributions reaching its widest level since first half 2015. GROSS COMPANY-LEVEL PERFORMANCE The MSCI World Index represents a free float–adjusted, market capitalization–weighted index that is designed to measure the equity market performance of developed markets. Eight of the nine large vintages—2007 and 2010–16—posted double-digit returns, with 2011 returning the highest (19.1%). The developed markets country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. 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 … Over the long term, these sectors have attracted about 80% of invested capital; IT company investments account for nearly all the difference. Vintage year 2011, the best-performing vintage, enjoyed significant write-ups in IT and healthcare; however, IT valuations were responsible for a disproportionate share of the vintage’s valuation increase. Adina Tecklu Is The VC Investing In The Next Generation | 30 Under 30 2019 Wyatt Yasinski, Investment Associate. Developed markets PE/VC funds called $13.4 billion from investors, a 34% drop, and distributions totaled $24.5 billion, a 16% decline. 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 While the impact investing industry is in an early stage of development, it is poised January 29, 2019 (Washington, DC and Boston, MA) ... Cambridge Associates delivers a range of services, including outsourced CIO, non- VC Investment Criteria (click to view larger) ... At Cambridge our focus is delivering excellent investment performance, acting as responsible managers of our investors capital, managing risk and innovating. Companies in developed European countries attracted 78% of the capital invested during the first two quarters, equaling the long-term norm for the region. Figure 1 depicts performance for the private asset classes compared to the public markets. Write-ups for IT companies were widespread and by dollar, led by vintages 2007 and 2014–2016. The remaining five sectors experienced middling returns ranging from 2.6% (IT) to 6.8% (consumer discretionary). Stocks in the index are chosen for market size, liquidity, and industry group representation. Five other countries—Australia, Brazil, Hong Kong, Japan, and Singapore—represented between 2.1% and 4.0% of the index. Cambridge Associates derives its Global ex US Developed Markets Private Equity and Venture Capital Index from the financial information contained in its proprietary database of global ex US private equity and venture capital funds. Private Equity Index® (Data as of 12/31/18) and S&P 500 Total Return data 14 Jun 2019. The etymology of this extended cycle would require its own article, but some catalysts have been: 1. As of June 30, 2019, the MSCI ACWI consisted of 49 country indexes comprising 23 developed and 26 emerging markets country indexes. For first half 2019, US private equity and venture capital produced double-digit returns, as indicated by … 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. NET FUND-LEVEL PERFORMANCE Write-ups in communication services were most prominent in 2014 vintage funds. Cambridge Associates derives its US venture capital benchmark from the financial information contained in its proprietary database of venture capital funds. The 2010 vintage’s return was dampened by write-downs in healthcare. Managers of funds raised from 2013 to 2018 called $12.5 billion, or 94% of the total capital called during the first two quarters. The Standard & Poor’s 500 Composite Stock Price Index is a capitalization-weighted index of 500 stocks intended to be a representative sample of leading companies in leading industries within the US economy. We build breakthrough biotech companies with remarkable life science entrepreneurs. China-based companies again received more capital than any other country, 33% of invested capital. Four sectors dominated investment activity in first half 2019. Bringg. Distributions were more widespread, with 11 vintage years (2005–15) each returning $2.3 billion or more for a total of $51.3 billion. Periods Ended June 30, 2019 • Percent (%). The 2007 vintage year led the way, distributing almost $6 billion. MSCI data provided “as is” without any express or implied warranties. Sources: Cambridge Associates LLC, Global Financial Data, Inc., MSCI Inc., and Thomson Reuters Datastream. Ten years ago, as of June 30, 2009, the index included 1,303 funds whose value was $85 billion. No key vintage year suffered losses in the IT sector; the 2007 and 2012 vintages had the largest increases. Six vintages, 2007–08 and 2010–13, each distributed at least $2.0 billion for a combined amount of $20.7 billion (84% of total distributions). 8 (6-YR) & SEC. Performance varied among the large vintages, with returns ranging from -3.9% (2008) to 10.8% (2016). FIGURE 8 EMERGING MARKETS PE/VC INDEX SECTOR RETURNS: * MSCI All Country World Constructed Index: Data from 1/1/1986 to 12/31/1987 represented by MSCI World Index gross total return. The Cambridge Associates LLC US Private Equity Index® returned 10.6% from January through June (5.6% and 4.7% for first quarter and second quarter, respectively), a significant improvement over the previous six-month period. $25,000,000 Venture capital (Series C) Aleph, Salesforce Ventures, Pereg Ventures, +8. Cambridge Capital 3083. Ten years ago, as of June 30, 2009, the benchmark index included 387 emerging markets funds, whose value was about $50 billion. 15 FILED. Status: 800 - Registered And Renewed Serial Number The Cambridge Associates LLC Emerging Markets Private Equity and Venture Capital Index earned 5.8%, with a much stronger first quarter than second (4.3% and 1.4%, respectively). As of June 30, 2019 • USD Terms • Percent (%). The emerging markets country indexes included are: 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. Among the key sectors, IT earned by far the highest return and communication services the lowest. More capital than any other country, 33 % of the group, healthcare and consumer discretionary valuations returns... For others Around her adjusted returns in a non-leveraged low-risk profile structure financials with... Is ” without any express or implied warranties - Trademark Details to beat the Nasdaq Composite calculated! Distributions outpaced contributions in 31 of the 34 quarters since the beginning of 2011 Add Add. Profile structure increases were concentrated in four vintages, with returns ranging from 2.6 % ( communication services ) 10.8... 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