![]() Based on market values at June 30, 2022, public companies accounted for a larger percentage of the emerging markets PE/VC index (just under 16%) than of the developed markets PE/VC index (less than 6%).ĭeveloped ex US Markets Private Equity and Venture Capital Performance Insights Vintage Years.The sharp correction in global financial markets during first half 2022 was evident for both the developed and emerging PE/VC indexes, as negative returns were widespread across vintage years, sectors, and countries.The developed markets and emerging markets PE/VC indexes have handily outperformed their public market counterparts across time (based on modified public market equivalent returns), with the widest margins occurring within the last five years. The Cambridge Associates LLC Emerging Markets PE/VC Index earned -5.9% for the period, breaking a long-term trend of generating weaker returns than the developed markets index (Figure 1). Amid fears of a global recession, the US dollar strengthened against most currencies, including the euro, making returns relatively weaker. Because returns are measured in US dollars, the currency’s value relative to the euro impacts performance of the developed markets index. ![]() ![]() The Cambridge Associates LLC Developed Markets ex US PE/VC Index returned -11.1% in the period, in USD terms, and -3.3% in euros. According to Cambridge Associates (CA) indexes, private equity and venture capital (PE/VC) in the developed markets underperformed those in emerging markets in first half 2022.
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