{"id":43661,"date":"2025-03-21T11:37:37","date_gmt":"2025-03-21T16:37:37","guid":{"rendered":"https:\/\/www.cambridgeassociates.com\/?p=43661"},"modified":"2025-03-24T11:19:28","modified_gmt":"2025-03-24T16:19:28","slug":"us-pe-vc-benchmark-commentary-first-half-2024","status":"publish","type":"post","link":"https:\/\/www.cambridgeassociates.com\/insight\/us-pe-vc-benchmark-commentary-first-half-2024\/","title":{"rendered":"US PE\/VC Benchmark Commentary: First Half 2024"},"content":{"rendered":"<p>In the first half of 2024, returns from US <a href=\"https:\/\/www.cambridgeassociates.com\/private-equity\/\" target=\"_blank\" rel=\"noopener\">private equity<\/a> and <a href=\"https:\/\/www.cambridgeassociates.com\/venture-capital\/\" target=\"_blank\" rel=\"noopener\">venture capital<\/a> (PE\/VC) were modest; the Cambridge Associates LLC US Private Equity Index\u00ae earned 3.4% and the Cambridge Associates LLC US Venture Capital Index\u00ae earned 1.4%. Within PE, buyouts and growth equity posted similar results (3.3% and 3.6%, respectively), but PE\/VC returns generally trailed those of the public market. Figure 1 depicts short- and long-term performance for the private asset classes compared to the public markets.<\/p>\n<h2>First Half 2024 Highlights<\/h2>\n<ul>\n<li>Both private asset classes have struggled to keep up with the public indexes over the past three years as large-cap information technology (IT) companies have dominated the market. Over longer time periods, PE\/VC indexes have performed well vis-\u00e0-vis public peers.<\/li>\n<li>By market value, public companies accounted for similar percentages of the VC and PE indexes (about 7% and 6%, respectively), as of June 30, 2024. Non-US companies represented a bit more than 20% of PE and a little less than 15% of VC.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-43668\" src=\"https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-01.png\" alt=\"\" width=\"736\" height=\"465\" srcset=\"https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-01.png 736w, https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-01-300x190.png 300w\" sizes=\"(max-width: 736px) 100vw, 736px\" \/><\/p>\n<h2>US Private Equity Performance Insights<\/h2>\n<h3>Vintage Years<\/h3>\n<p>As of June 2024, eight vintage years (2015\u201322) were meaningfully sized\u2014representing at least 5% of the benchmark\u2019s value\u2014and, combined, accounted for 86% of the index\u2019s value. Six-month returns among the key vintages ranged from 1.3% for vintage year 2016 to 7.5% for vintage year 2022 (Figure 2).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-43672\" src=\"https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-02.png\" alt=\"\" width=\"720\" height=\"419\" srcset=\"https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-02.png 720w, https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-02-300x175.png 300w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><\/p>\n<p>Investments in industrials were far and away the largest contributor to the strong performance for the 2022 vintage, while returns across the largest sectors for the 2016 funds were muted\u2014slightly positive for IT and slightly negative for industrials.<\/p>\n<h3>LP Cash Flow<\/h3>\n<p>During the first two quarters of 2024, fund managers distributed and called roughly equal amounts of capital, $67.4 billion and $66.6 billion, respectively. If this cash flow pattern holds for all of 2024, the year would be markedly different than 2022 and 2023, a two-year stretch when managers called nearly $64 billion more than they distributed.<\/p>\n<p>Four vintage years (2021\u201324) in the prime of their investment periods represented 83% ($55 billion) of the capital calls, with the three more mature vintages (2021\u201323) drawing down at least $14.8 billion in first half 2024. Five vintage years (2015\u201319) distributed 65% ($44 billion) of all capital returned to limited partners (LPs), led by the 2017 vintage\u2019s nearly $12 billion total. There were seven other vintages that distributed at least $1 billion, going back as far as the 2009 cohort.<\/p>\n<h3>Sectors<\/h3>\n<p>Figure 3 shows the Global Industry Classification Standard (GICS\u00ae) sector comparison by market value of the PE index and a public market counterpart, the Russell 2000\u00ae Index. The breakdown provides context when comparing the performance of the two indexes. The PE index has a significant overweight to IT and communication services as well as a meaningful underweight in \u201creal assets,\u201d including energy, real estate, and utilities (reflected in the \u201cOther\u201d category), while the public market has long been overweighted to financials.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-43676\" src=\"https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-03.png\" alt=\"\" width=\"719\" height=\"688\" srcset=\"https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-03.png 719w, https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-03-300x287.png 300w\" sizes=\"(max-width: 719px) 100vw, 719px\" \/><\/p>\n<p>As of June 2024, at roughly 37% of the index\u2019s value, IT remained the largest among the six meaningfully sized sectors. Combined, the next three sectors by size\u2014industrials, healthcare, and consumer discretionary\u2014accounted for another 39% of the index\u2019s value. Among the key sectors, first half returns were lowest and mostly negative for healthcare, while all others posted low to mid-single-digit results.<\/p>\n<h2>US Venture Capital Performance Insights<\/h2>\n<h3>Vintage Years<\/h3>\n<p>As of June 2024, nine vintage years (2014\u201322) were meaningfully sized and combined, accounting for 81% of the index\u2019s value. Performance for the key vintages during the first half of the year was mixed, ranging from -1.4% (2015 and 2016) to 9.1% (2022) (Figure 4). While the VC index was up slightly for the full six months, it was down in the second quarter, marking the eighth negative quarter since the beginning of 2022.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-43680\" src=\"https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-04.png\" alt=\"\" width=\"699\" height=\"420\" srcset=\"https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-04.png 699w, https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-04-300x180.png 300w\" sizes=\"(max-width: 699px) 100vw, 699px\" \/><\/p>\n<p>For the youngest and best-performing large-sized vintage (2022), write-ups were widespread but most impactful in the vintage\u2019s two largest sectors: IT and healthcare. In the two lowest-performing vintages, 2015 and 2016, write-downs were most pronounced in IT, but the 2015 group also suffered losses in communication services. Write-ups in healthcare in both vintages\u2014and financials for 2016 funds\u2014helped to offset some of the write-downs.<\/p>\n<h3>LP Cash Flows<\/h3>\n<p>In first half 2024, VC managers called $20.4 billion from and returned $11.4 billion to LPs, which represented a slight uptick in cash flow activity over the prior year. US VC managers have called more capital than they have distributed in nine of the ten previous quarters (covering the time period of January 2022 to June 2024), at a ratio of calls to distributions of 1.4x.<\/p>\n<p>Three vintages (2021\u201323) accounted for nearly 80% (almost $16 billion) of the total capital called during the first six months. While each called more than $4 billion, the 2022 group called the most, $7 billion. Distributions were much less concentrated than contributions, with every vintage from 2011 to 2022 accounting for at least 5% of the distributions during the six-month period. Three vintage years, 2015 and 2017\u201318 distributed more than $1 billion each, representing about one-third of all capital returned to LPs.<\/p>\n<h3>Sectors<\/h3>\n<p>Figure 5 shows the GICS\u00ae sector breakdown of the VC index by market value and a public market counterpart, the Nasdaq Composite Index. The breakdown provides context when comparing the performance of the two indexes. The chart highlights the VC index\u2019s substantial relative overweight in healthcare and notable higher exposures to financials and industrials. The VC index\u2019s exposure to IT was historically higher than that of the Nasdaq, but starting in 2023, that dynamic shifted in conjunction with tech\u2019s strong performance in the public markets coupled with modest returns in the sector in VC. Exposures to communication services and consumer discretionary companies are also much higher in the Nasdaq than in the VC index.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-43685\" src=\"https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-05.png\" alt=\"\" width=\"713\" height=\"693\" srcset=\"https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-05.png 713w, https:\/\/www.cambridgeassociates.com\/wp-content\/uploads\/2025\/03\/US-PEVC1H2024-05-300x292.png 300w\" sizes=\"(max-width: 713px) 100vw, 713px\" \/><\/p>\n<p>As a group, the five meaningfully sized sectors made up 91% of the VC index. Communications services earned the lowest return and industrials and more so financials had strong performance.<\/p>\n<hr \/>\n<p><strong>Caryn Slotsky, Managing Director<\/strong><\/p>\n<p>Drew Carneal, Associate Investment Director<\/p>\n<p>Wyatt Yasinski, Associate Investment Director<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><small><strong>Figure Notes<\/strong><\/small><\/p>\n<p><strong><small>US Private Equity and Venture Capital Index Returns<\/small><\/strong><\/p>\n<p><small>Private indexes are pooled horizon internal rates of return, net of fees, expenses, and carried interest. Returns are annualized, with the exception of returns less than one year, which are cumulative. Because the US private equity and venture capital indexes are capitalization weighted, the largest vintage years mainly drive the indexes\u2019 performance.<\/small><\/p>\n<p><small>Public index returns are shown as both time-weighted returns (average annual compound returns) and dollar-weighted returns (mPME). The CA Modified Public Market Equivalent replicates private investment performance under public market conditions. The public index\u2019s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME net asset value is a function of mPME cash flows and public index returns.<\/small><\/p>\n<p><strong><small>Vintage Year Returns<\/small><\/strong><\/p>\n<p><small>Vintage year fund-level returns are net of fees, expenses, and carried interest.<\/small><\/p>\n<p><strong><small>Sector Returns<\/small><\/strong><\/p>\n<p><small>Industry-specific gross company-level returns are before fees, expenses, and carried interest.<\/small><\/p>\n<p><small><strong>GICS\u00ae Sector Comparisons<\/strong><\/small><\/p>\n<p><small>The Global Industry Classification Standard (GICS\u00ae) was developed by and is the exclusive property and a service mark of MSCI Inc. and S&amp;P Global Market Intelligence LLC and is licensed for use by Cambridge Associates LLC.<\/small><\/p>\n<p><strong><small>About the Cambridge Associates LLC Indexes<\/small><\/strong><\/p>\n<p><small>Cambridge Associates derives its US private equity benchmark from the financial information contained in its proprietary database of private equity funds. As of June 30, 2024, the database included 1,607 US buyout and growth equity funds formed from 1983 to 2024, with a value of $1.4 trillion. Ten years ago, as of June 30, 2014, the index included 937 funds whose value was $478 billion.<\/small><\/p>\n<p><small>Cambridge Associates derives its US venture capital benchmark from the financial information contained in its proprietary database of venture capital funds. As of June 30, 2024, the database comprised 2,537 US venture capital funds formed from 1981 to 2024, with a value of $417 billion. Ten years ago, as of June 30, 2014, the index included 1,500 funds whose value was $138 billion.<\/small><\/p>\n<p><small>The pooled returns represent the net end-to-end rates of return calculated on the aggregate of all cash flows and market values as reported to Cambridge Associates by the funds\u2019 general partners in their quarterly and annual audited financial reports. These returns are net of management fees, expenses, and performance fees that take the form of a carried interest.<\/small><\/p>\n<p><small><strong>About the Public Indexes<\/strong><\/small><\/p>\n<p><small>The Nasdaq Composite Index is a broad-based index that measures all securities (more than 3,000) listed on the Nasdaq Stock Market. The Nasdaq Composite is calculated under a market capitalization\u2013weighted methodology. The Russell 2000\u00ae Index includes the smallest 2,000 companies of the Russell 3000\u00ae Index (which is composed of the largest 3,000 companies by market capitalization). The Standard &amp; Poor\u2019s 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. Stocks in the index are chosen for market size, liquidity, and industry group representation.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the first half of 2024, returns from US private equity and venture capital (PE\/VC) were modest; the Cambridge Associates LLC US Private Equity Index\u00ae earned 3.4% and the Cambridge Associates LLC US Venture Capital Index\u00ae earned 1.4%. Within PE, buyouts and growth equity posted similar results (3.3% and 3.6%, respectively), but PE\/VC returns generally [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":43697,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","footnotes":""},"categories":[57],"class_list":["post-43661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-private-investments","topics-pe-vc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US PE\/VC Benchmark Commentary: First Half 2024 - Cambridge Associates<\/title>\n<meta name=\"description\" content=\"Gain insights from the Cambridge Associates First Half 2024 US Private Equity and Venture Capital Benchmark Commentary.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cambridgeassociates.com\/wp-json\/wp\/v2\/posts\/43661\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US PE\/VC Benchmark Commentary: First Half 2024 - 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