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Alternative Market Briefing

Cambridge Associates: Emerging markets investments beat developed markets

Tuesday, August 09, 2016

Bailey McCann, Opalesque New York:

Strong exit environments in both Europe and Asia helped private equity and venture capital funds in emerging markets outperform public markets in those regions in 2015, according to global investment advisor Cambridge Associates. Emerging market PE and VC returns beat non-US developed market PE and VC returns, in part because of a weakening euro, which brought down non-US developed market returns when measured in US dollars.

Cambridge Associates derives its non-US developed and emerging markets PE/VC indexes from data compiled from institutional quality funds raised between 1986 and 2015. There are almost 800 funds in the developed markets index, with a value of about $253 billion, and more than 560 in the emerging markets index, with a value of roughly $158 billion.

"Distributions to investors in non-US developed market PE and VC funds outpaced contributions for the fifth consecutive year in 2015, reaching a record high. These payouts largely benefited investors in funds launched in 2005 through 2008, 2010 and 2012, who received over 80 percent of distributions," said Andrea Auerbach, Head of Global Investment Research at Cambridge Associates.

More specifically, in the fourth quarter of 2015, managers in the non-US developed markets index called $9 billion from investors and returned $20.3 billion, the second highest amount distributed during a quarter since the index's inception. For the full year, contributions were do......................

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