WEB Private Equity - Cambridge Associates
PRIVATE EQUITYINDEX AND SELECTED BENCHMARK STATISTICSSEPTEMBER 30, 2019
PRIVATE EQUITYNOTE ON UPCOMING PRIVATE EQUITY CHANGESAS OF SEPTEMBER 30, 2019Beginning in Q1 2019, we have reconfigured the asset class constituents of the CA Private Equity (PE) benchmark. The PE benchmarks nowinclude only Buyout and Growth Equity funds, and exclude Private Equity Energy and Subordinated Capital strategies.As the private investments landscape continues to evolve, strategies once considered a part of the PE benchmark grouping have becomemore distinct. Historically, the private equity grouping has been comprised of four asset classes: Buyouts, Growth Equity, Private EquityEnergy, and Subordinated Capital. The focus on Buyout and Growth Equity funds is to better represent the private equity asset class; theremoved strategies are established independent strategies in their own right and should be analyzed separately. As a result of thisreconfiguration, Private Equity Energy now belongs to one benchmark group, Natural Resources, and Subordinated Capital now belongs toone benchmark group, Private Credit.Please reach out to privatebenchmarks@cambridgeassociates.com with any questions.page 1
PRIVATE EQUITYDISCLAIMERAS OF SEPTEMBER 30, 2019DISCLAIMEROur goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge Associates’ researchorganization continually monitors the constantly evolving private investments space and its fund managers. When we discern materialchanges in the structure of an asset class and/or a fund’s investment strategy, it is in the interest of all users of our benchmark statistics thatwe implement the appropriate classification realignments.In addition, Cambridge Associates is always working to grow our private investments performance database and ensure that our benchmarksare as representative as possible of investors’ institutional-quality opportunity set. As a result we continually add funds to the database (bothnewly-raised funds and backfill funds) and occasionally we must remove funds that cease reporting. Our private investments performancedatabase is dynamic and will reflect both classification adjustments and changes to the underlying pool of contributing funds. As a result, youmay notice quarter to quarter changes in the results of some historical benchmark return analyses.page 2
PRIVATE EQUITYOVERVIEWAS OF SEPTEMBER 30, 2019Cambridge Associates’ Private Investments Database is one of the most robust collections of institutional quality private fund performance. Itcontains the historical performance records of over 2,000 fund managers and their over 7,800 funds. In addition, we capture the performanceinformation (gross) of over 79,000 investments underlying our venture capital, growth equity, and buyout funds. This is one of the largestcollections of portfolio-level performance information in the world and represents the investments of approximately 79% of these funds on acount basis and 87% on a total commitment basis. This fund and investment-level performance information is drawn from the quarterly andaudited annual financial statements of the fund managers and each manager’s reported performance numbers are independently recreatedfrom the financial statements and verified by Cambridge Associates.Institutional Quality DataCambridge Associates strives to include only institutional quality funds in our benchmarks. “Institutional quality” funds, in our definition, tendto meet the following criteria: closed-end funds, commingled funds that invest 3rd party capital (we exclude firms that invest off of theirbalance sheet, such as a bank’s principal investing group or a corporate’s venture capital arm), and fund vehicles. This institutional qualityscreen seeks to provide investors with performance data consistent with their investible opportunity set.Sources of Benchmark DataOur benchmark database utilizes the quarterly unaudited and annual audited fund financial statements produced by the fund managers (GPs)for their Limited Partners (LPs). These documents are provided to Cambridge Associates by the fund managers themselves. Unlike other dataproviders, Cambridge Associates does not use Freedom of Information Act (FOIA) requests, regulatory filings, manager surveys, or press“scrapings” to obtain information. Our goal is to have a complete historical record of the quarterly cash flows and net asset values for all fundsin the benchmarks. We use a number of paths to encourage fund managers to submit their performance data to our database: our clients forwhom we provide private investment performance reporting, our research organization’s regular meetings with thousands of managers, ourspecial projects designed to enhance existing benchmarks or launch new ones, our exclusive relationships with over ten globally-diverse fundmanager associations, and finally, our exclusive relationships with Thomson Reuters and the Institutional Limited Partners Association (ILPA).By leveraging these varied sources and proprietary relationships, Cambridge Associates has constructed a rich and diversified benchmark dataset.Vintage Year DefinitionVintage year is defined as the legal inception date as noted in a fund's financial statement. This date can usually be found in the first note tothe audited financial statements and is prior to the first close or capital call.page 3
PRIVATE EQUITYTIMING OF FINAL BENCHMARKS AND DATA EVOLUTIONAS OF SEPTEMBER 30, 2019The Cambridge Associates’ benchmarks are reported on a one-quarter lag from the end of the performance quarter due to the reporting timeframe of private investments fund managers.Published Data: When the vast majority of a benchmark group’s (organized by asset class, e.g. Venture Capital or Real Estate) performanceinformation is updated for a performance quarter, that benchmark is considered final and the data is “published” via the quarterly benchmarkreports.Changes to Data: After a benchmark group is published, any updates to historical data for these funds, which can include adding a fund and itsperformance history to the database (“backfills”) and/or updating past information for an existing fund due to late-arriving, updated, orrefined information, would be reflected when that group is published for the next performance quarter.In addition, Cambridge Associates may change the classification of certain funds; this often driven by the evolution of private investments andthe resulting need to introduce new benchmarks or refine our classification scheme. For example, as growth equity emerged as an asset classwe reclassified certain venture capital and buyout funds accordingly.Survivorship Bias: In order to track the performance of a fund in our benchmarks, we require the complete set of financial statements fromthe fund’s inception to the most current reporting date. When an active fund stops providing financial statements, we reach out to themanager and make several attempts to encourage them to continue to submit their data. We may, during this communication period, rollforward the fund’s last reported quarter’s net asset value (NAV) for several quarters. When we are convinced that the manager will notresume reporting to us, the fund’s entire performance history is removed from the database.When fund managers stop reporting before their fund’s return history is complete, an element of “survivorship bias” may be introduced to aperformance database, which could skew the reported returns upwards if the funds dropping out had poorer returns than those funds thatremained. Survivorship bias can affect all investment manager databases, including those for public stock managers and hedge funds.Compared to public stocks and hedge funds, however, the illiquid nature of private investments can actually help limit this survivorship effect.Whereas an underperforming stock manager may simply close up shop or drop out of databases as clients liquidate their positions and fire themanager, private investment partnerships owning illiquid assets continue to exist and require reporting to the limited partners, even if theoriginal manager ceases to exist.Over the last ten years the number of fund managers that stopped reporting to Cambridge Associates before liquidation represented anaverage of 0.7% (per year) of the total number of funds in the database during the respective year, and an average of 0.5% (per year) as apercentage of total NAV in the database during that respective year. During that same period the overall number of funds in our databaseincreased by an average of 7% (per year). The performance of the small number of funds that have stopped reporting has been spreadamongst all quartiles and has not been concentrated consistently in the poorer performing quartiles.page 4
PRIVATE EQUITYTABLE OF CONTENTSAS OF SEPTEMBER 30, 2019PRIVATE EQUITY (US & EX US)Fund Index Analysis8Index ReturnsmPME ReturnsFund Since Inception Analysis13Since Inception ReturnsmPME ReturnsPRIVATE EQUITY (US ONLY)Fund Index Analysis21Index ReturnsmPME ReturnsFund Since Inception Analysis26Since Inception ReturnsmPME ReturnsPRIVATE EQUITY (EX US ONLY)Fund Index Analysis34Index ReturnsmPME ReturnsFund Since Inception Analysis39Since Inception ReturnsmPME Returnspage 5
PRIVATE EQUITYTABLE OF CONTENTSAS OF SEPTEMBER 30, 2019BUYOUT (US & EX US)Fund Index Analysis47Index ReturnsmPME ReturnsFund Since Inception Analysis52Since Inception ReturnsmPME ReturnsBUYOUT (US ONLY)Fund Index Analysis60Index ReturnsmPME ReturnsFund Since Inception Analysis65Since Inception ReturnsmPME ReturnsBUYOUT (EX US ONLY)Fund Index Analysis73Index ReturnsmPME ReturnsFund Since Inception Analysis78Since Inception ReturnsmPME Returnspage 6
PRIVATE EQUITYTABLE OF CONTENTSAS OF SEPTEMBER 30, 2019GROWTH EQUITY (US & EX US)Fund Index Analysis86Index ReturnsmPME ReturnsFund Since Inception Analysis91Since Inception ReturnsmPME ReturnsGROWTH EQUITY (US ONLY)Fund Index Analysis99Index ReturnsmPME ReturnsGROWTH EQUITY (EX US ONLY)Fund Index Analysis104Index ReturnsmPME ReturnsAPPENDICESMethodology109page 7
PRIVATE EQUITY: FUND INDEX ANALYSIS
PRIVATE EQUITYPRIVATE EQUITYAS OF SEPTEMBER 30, 2019FUND INDEX SUMMARY: HORIZON POOLED RETURNNet to Limited 3.6112.1913.49BUYOUT ROWTH EQUITY Bloomberg Barclays Capital Government/Credit Bond Index2.649.7211.323.163.613.944.265.125.65Dow Jones Industrial Average 13.4510.8213.299.276.599.85MSCI Emerging Markets Index (gross)-4.116.22-1.636.372.713.738.187.644.88MSCI Europe Index (US ) (net)-1.8013.72-0.756.572.384.615.193.956.71MSCI Europe Index ( ) (net)2.5719.245.747.655.447.736.113.837.31MSCI Pacific Index 10.075.499.85Russell 1000 ll 2000 0.554.2513.3910.8413.249.016.339.83PRIVATEEQUITY INDEX1Dow Jones US Small Cap IndexDow Jones US TopCap IndexMSCI World Ex US Index (net)MSCI World Index (net)Nasdaq Composite Index*S&P 500 IndexThe index is a horizon calculation based on data compiled from 2,220 private equity funds, including fully liquidated partnerships, formed between 1986 and 2019.1 Private indexes are pooled horizon internal rate of return (IRR) calculations, net of fees, expenses, and carried interest. The timing and magnitude of fund cash flows are integral to theIRR performance calculation. Public indexes are average annual compounded return (AACR) calculations which are time weighted measures over the specified time horizon, and areshown for reference and directional purposes only. Due to the fundamental differences between the two calculations, direct comparison of IRRs to AACRs is not recommended. For amore accurate means of comparing private investment performance relative to public alternatives, see the analyses in this document using CA Modified Public Market Equivalent(mPME). See Methodology section for more detail.Sources: Cambridge Associates LLC, Bloomberg Barclays, Dow Jones Indices, Frank Russell Company, MSCI Inc., Standard & Poor’s and Thomson Reuters Datastream.MSCI data provided “as is” without any express or implied warranties. Total returns for MSCI Emerging Markets Indices are gross of dividend taxes. Total Returns for MSCI DevelopedMarkets Indices are net of dividend taxes.page 9
PRIVATE EQUITYPRIVATE EQUITYAS OF SEPTEMBER 30, 2019FUND INDEX SUMMARY: HORIZON POOLED RETURN COMPARED TO CA MODIFIED PUBLIC MARKET EQUIVALENT (MPME)Net to Limited PartnersCA 154.574.134.38Value-Add (bps)1,086894958934904806912MSCI Europe Index (net)-0.416.632.344.944.494.154.76Value-Add .457.968.93Value-Add (bps)55318921687416423456Russell 2000 Index-8.728.678.5312.188.798.658.80Value-Add (bps)1,856682428231483354470Russell 3000 Index2.9813.0610.3113.559.528.169.01Value-Add 6.78771502573536631585672PRIVATEEQUITY INDEX1MPME ANALYSIS2MSCI EAFE Index (net)S&P 500 IndexConstructed Index: MSCI World/MSCI All Country World Index3 (gross)Value-Add (bps)The index is a horizon calculation based on data compiled from 2,220 private equity funds, including fully liquidated partnerships, formed between 1986 and 2019.1 Pooled horizon return, net of fees, expenses, and carried interest.2 CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold accordingto the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public indexreturns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.3 Constructed Index: MSCI World/MSCI All Country World Index: Data rom 1/1/1986 to 12/31/1987 represented by MSCI index gross total return. Data from 1/1/1988 to presentrepresented by MSCI ACWI gross total return.Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor’s, and Thomson Reuters Datastream.MSCI data provided "as is" without any express or implied warranties. Total returns for MSCI Emerging Markets indexes are gross of dividend taxes. Total returns for MSCI DevelopedMarkets indexes are net of dividend taxes.page 10
PRIVATE EQUITYPRIVATE EQUITYAS OF SEPTEMBER 30, 2019FUND INDEX DETAILS: ONE QUARTER HORIZON POOLED RETURNNet to Limited ORIZONRETURN1994 Q12.042000 Q3-0.692007 Q15.272013 Q35.841994 Q22.832000 Q4-5.012007 Q210.482013 Q47.561994 Q31.982001 Q1-6.022007 Q33.202014 Q13.181994 Q46.242001 Q22.172007 Q44.322014 Q24.821995 Q13.962001 Q3-6.682008 Q1-0.522014 Q3-0.391995 Q23.952001 Q4-0.992008 Q2-1.682014 Q42.191995 Q34.162002 Q1-0.552008 Q3-10.372015 Q11.481995 Q49.802002 Q2-0.312008 Q4-18.832015 Q25.391996 Q15.382002 Q3-4.452009 Q1-5.042015 Q3-1.001996 Q26.662002 Q41.372009 Q26.832015 Q42.671996 Q36.402003 Q1-0.102009 Q37.542016 Q11.491996 Q48.602003 Q27.182009 Q47.192016 Q22.611997 Q10.612003 Q34.562010 Q12.752016 Q34.081997 Q210.232003 Q410.782010 Q20.222016 Q42.751997 Q36.372004 Q12.672010 Q37.312017 Q14.371997 Q48.722004 Q24.232010 Q49.242017 Q26.011998 Q19.112004 Q33.092011 Q15.222017 Q34.891998 Q25.562004 Q416.462011 Q25.272017 Q45.771998 Q3-5.072005 Q10.942011 Q3-6.462018 Q12.691998 Q46.742005 Q27.562011 Q43.202018 Q24.381999 Q14.522005 Q36.812012 Q16.332018 Q33.261999 Q29.792005 Q49.162012 Q2-0.672018 Q4-1.031999 Q34.052006 Q16.372012 Q33.892019 Q14.991999 Q417.162006 Q27.782012 Q44.252019 Q24.252000 Q112.502006 Q33.802013 Q13.312019 Q31.402000 Q2-0.772006 Q415.892013 Q22.65The index is a horizon calculation based on data compiled from 2,220 private equity funds, including fully liquidated partnerships, formed between 1986 and 2019. All returns are net offees, expenses, and carried interest.page 11
PRIVATE EQUITYPRIVATE EQUITYAS OF SEPTEMBER 30, 2019FUND INDEX DETAILS: HORIZON POOLED RETURNNet to Limited PartnersMULTI-YEAR RETURNSONE YEAR ROLLING RETURNSYEARSHORIZONRETURN (%)YEARSHORIZONRETURN (%)ONE YEARENDEDHORIZONRETURN (%)ONE YEARENDEDHORIZONRETURN (%)1 Year9.8414 Years12.399/30/20199.849/30/200629.962 Years13.5115 Years13.619/30/201817.139/30/200535.383 Years15.4916 Years14.129/30/201719.139/30/200422.504 Years14.2617 Years14.109/30/201611.189/30/200313.725 Years12.8118 Years13.019/30/20158.309/30/2002-6.286 Years13.5319 Years11.579/30/201416.229/30/2001-14.857 Years14.1920 Years12.199/30/201316.949/30/200028.228 Years14.0221 Years12.639/30/201213.229/30/199927.359 Years13.9222 Years12.759/30/201113.369/30/199817.9910 Years14.4923 Years13.059/30/201018.439/30/199728.1911 Years11.5224 Years13.399/30/2009-10.499/30/199631.2012 Years9.5725 Years13.499/30/2008-9.589/30/199519.5713 Years11.359/30/200738.94The index is a horizon calculation based on data compiled from 2,220 private equity funds, including fully liquidated partnerships, formed between 1986 and 2019. All returns are net offees, expenses, and carried interest.page 12
PRIVATE EQUITY: FUND SINCE INCEPTION ANALYSIS
PRIVATE EQUITYPRIVATE EQUITYAS OF SEPTEMBER 30, 2019SINCE INCEPTION IRR & MULTIPLES BY FUND VINTAGE YEARNet to Limited )MEDIAN(%)EQUAL-WEIGHTEDPOOLED EVIATION(%)DPIRVPITVPINUMBEROF 741.648.159.52-9.9823.600.021.011.0370Notes: Based on data compiled from 2,024 private equity funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of fees, expensesand carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 otherquartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with “—” have an insufficient number of funds in thevintage year sample to produce a meaningful return.page 14
PRIVATE EQUITYPRIVATE EQUITYAS OF SEPTEMBER 30, 2019SINCE INCEPTION IRR & MULTIPLES COMPARED TO CA MODIFIED PUBLIC MARKET EQUIVALENT (MPME)Net to Limited PartnersPOOLED IRR (%) AND IRR-BASED VALUE-ADD (BPS)CABENCHMARKINDEXMSCI EAFE INDEX (NET)TOTAL VALUE TO PAID IN (TVPI)MSCI EUROPE INDEX (NET)DISTRIBUTIONS TO PAID IN (DPI)CABENCHMARKINDEXMSCI EAFEINDEX (NET)MSCI EUROPEINDEX (NET)CABENCHMARKINDEXMSCI EAFEINDEX (NET)MSCI EUROPEINDEX (NET)VINTAGEYEARNUMBEROF FUNDSIRRMPME IRRVALUE-ADDMPME IRRVALUE-ADDTVPIMPME TVPIMPME TVPIDPIMPME DPIMPME 22.80841.031.021.020.020.020.02Notes: Based on data compiled from 2,024 private equity funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of fees, expensesand carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 otherquartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with “—” have an insufficient number of funds in thevintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, MSCI Inc., and Thomson Reuters Datastream.MSCI data provided "as is" without any express or implied warranties. Total returns for MSCI Emerging Markets indexes are gross of dividend taxes. Total returns for MSCI DevelopedMarkets indexes are net of dividend taxes.page 15
PRIVATE EQUITYPRIVATE EQUITYAS OF SEPTEMBER 30, 2019SINCE INCEPTION IRR & MULTIPLES COMPARED TO CA MODIFIED PUBLIC MARKET EQUIVALENT (MPME)Net to Limited PartnersPOOLED IRR (%) AND IRR-BASED VALUE-ADD (BPS)CABENCHMARKINDEXS&P 500 INDEXTOTAL VALUE TO PAID IN (TVPI)RUSSELL 2000 INDEXDISTRIBUTIONS TO PAID IN (DPI)CABENCHMARKINDEXS&P 500INDEXRUSSELL2000 INDEXCABENCHMARKINDEXS&P 500INDEXRUSSELL2000 INDEXVINTAGEYEARNUMBEROF FUNDSIRRMPME IRRVALUE-ADDMPME IRRVALUE-ADDTVPIMPME TVPIMPME TVPIDPIMPME DPIMPME .091.000.020.020.02Notes: Based on data compiled from 2,024 private equity funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of fees, expensesand carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 otherquartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with “—” have an insufficient number of funds in thevintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, Standard & Poor’s, and Thomson Reuters Datastream.page 16
PRIVATE EQUITYPRIVATE EQUITYAS OF SEPTEMBER 30, 2019SINCE INCEPTION IRR & MULTIPLES COMPARED TO CA MODIFIED PUBLIC MARKET EQUIVALENT (MPME)Net to Limited PartnersPOOLED IRR (%) AND IRR-BASED VALUE-ADD (BPS)CABENCHMARKINDEXRUSSELL 3000 INDEXTOTAL VALUE TO PAID IN (TVPI)MSCI ALL COUNTRY WORLDINDEX (GROSS)DISTRIBUTIONS TO PAID IN (DPI)CABENCHMARKINDEXRUSSELL3000 INDEXMSCI ALLCOUNTRYWORLD INDEX(GROSS)CABENCHMARKINDEXRUSSELL3000 INDEXMSCI ALLCOUNTRYWORLD INDEX(GROSS)VINTAGEYEARNUMBEROF FUNDSIRRMPME IRRVALUE-ADDMPME IRRVALUE-ADDTVPIMPME TVPIMPME TVPIDPIMPME DPIMPME 81.050.020.020.02Notes: Based on data compiled from 2,024 private equity funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of fees, expensesand carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 otherquartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with “—” have an insufficient number of funds in thevintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., and Thomson Reuters Datastream.MSCI data provided "as is" without any express or implied warranties. Total returns for MSCI Emerging Markets indexes are gross of dividend taxes. Total returns for MSCI DevelopedMarkets indexes are net of dividend taxes.page 17
PRIVATE EQUITYPRIVATE EQUITYAS OF SEPTEMBER 30, 2019TOTAL VALUE TO PAID IN CAPITAL MULTIPLE (TVPI)Net to Limited PartnersVINTAGE YEARPOOLED RETURNARITHMETIC MEANMEDIANUPPER QUARTILELOWER QUARTILENUMBER OF .321.078320171.031.001.011.090.9170Notes: Based on data compiled from 2,024 private equity funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of fees, expensesand carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 otherquartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with “—” have an insufficient number of funds in thevintage year sample to produce a meaningful return.page 18
PRIVATE EQUITYPRIVATE EQUITYAS OF SEPTEMBER 30, 2019DISTRIBUTION TO PAID IN CAPITAL MULTIPLE (DPI)Net to Limited PartnersVINTAGE YEARPOOLED RETURNARITHMETIC MEANMEDIANUPPER QUARTILELOWER QUARTILENUMBER OF 1.94
PRIVATE EQUITY. NOTE ON UPCOMING PRIVATE EQUITY CHANGES . Beginning in Q1 2019, we have reconfigured the asset class constituents of the CA Private Equity (PE) benchmark. The PE benchmarks now include only Buyout and Growth Equity funds,
U.S. Private Equity Index and Selected Benchmark Statistics The Cambridge Associates LLC U.S. Private Equity Index is an end-to-end calculation based on data compiled from 1,199 U.S. private equity funds (buyout, growth equity, private equity energy and mezzanine funds), including fully liquidated partnerships, formed between 1986 and 2014.
All contiguous periods from 1996 to 2015 show a private equity PME 1 except for 2006 to 2015 Kaplan: " Phalippou's definition of private equity is too broad" Phalippou's private equity universe includes real assets, real estate, infrastructure and energy. When private equity is defined just as buyout, growth equity and venture capital
2. Private equity in South Africa Private equity is an asset class which differs in nature from most other assets, including listed equity. Typically, private equity fund investments show low correlation to quoted equity markets and are relatively illiquid, particularly in the early years. Private equity will normally show a drop in net asset value
9.2.1. Real estate private equity definition 33 9.2.2. Electricity generation private equity definition 33 9.2.3. Relevant criteria 33 9.2.4. SDA for real estate private equity investments 34 9.2.5. SDA for electricity generation private equity investments 34 9.3. Asset classes: private equity direct investments including buyout, growth capital and
PRIVATE EQUITY. NOTE ON UPCOMING PRIVATE EQUITY CHANGES . Beginning in Q1 2019, we have reconfigured the asset class constituents of the CA Private Equity (PE) benchmark. The PE benchmarks now include only Buyout and Growth Equity funds,
Employment Levels at Private Equity and Private Debt Firms There are currently over 7,400 firms actively managing private equity and private debt funds worldwide (i.e. currently raising funds or that have raised a fund in the past 10 years). In the case of private equity, when private equity firms that do not raise or
The Private Equity Conundrum: Reconciling Private and Public Equity Risk/Return Profiles Private equity (PE) seems to contradict the investment maxim that greater reward only comes with increased risk. On an observed basis, private equity has higher returns and lower volatility than public equities, as shown in the chart below: Benchmark Annualized Return Annualized Volatility State Street .
Black Holes: The Myth of Elusiveness Most of the debate about the existence of black holes that took place during the 20th century was centred around the final states of massive stars. There are good reasons to believe that stars larger than four solar masses cannot avoid complete gravitational collapse. Under these conditions, the ultimate fate of
