![]() ![]() Because of the public market sell-off that started in the spring, these figures are down significantly from where they were at the end of 2021. Within the indexes, public companies accounted for a larger portion of venture capital than of private equity (about 9% and less than 7%, respectively).Despite its double-digit negative first half performance, the US venture capital index has outperformed the public indexes in all time periods but one, the 20-year horizon against the Nasdaq Composite. As of June 30, 2022, the US private equity benchmark had handily outperformed the public indexes in all time periods, with recent outperformance exacerbated by volatility in the public markets.Figure 1 depicts performance for the private asset classes compared to the public markets. In both asset classes, as in the public markets, given its large size and negative performance, the IT sector was a major drag on performance and industrials helped to offset losses in other sectors. For the six months ended June 30, 2022, the Cambridge Associates LLC US Private Equity Index® returned -5.3% (-0.4% and -5.0% in first and second quarters, respectively) and the Cambridge Associates LLC US Venture Capital Index® returned -13.0% (-4.5% and -9.8% in the first and second quarters, respectively). In first half 2022, US private equity and venture capital broke their trend of sustained positive performance as the downturn in the public markets spilled over to privates.
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