Key Takeaways
- • US private equity delivered low single-digit quarterly returns throughout the first half of 2025, continuing a pattern of modest performance in the asset class.
- • US venture capital extended its recovery trajectory during H1 2025, moving away from a prior period of flat performance and showing renewed momentum.
- • Cambridge Associates' research team, led by Managing Directors Caryn Slotsky and Investment Director Drew Carneal, published comprehensive benchmark commentary tracking PE and VC performance metrics for institutional investors.
- • The report provides institutional investors—including pension plans, endowments, foundations, and healthcare systems—with detailed performance analysis across both private equity and venture capital segments.
Summary
US private equity and venture capital markets demonstrated divergent performance patterns during the first half of 2025, according to benchmark analysis from Cambridge Associates. Private equity maintained its established trajectory of low single-digit quarterly returns, reflecting an extended period of modest but consistent performance in the asset class. This performance level aligns with broader market conditions and valuations that have characterized the PE landscape over recent quarters.
Venture capital, by contrast, showed more positive momentum during the period, extending a recovery from an earlier stretch of flat performance. This uptick signals renewed investor activity and deal momentum in the venture space, suggesting improved conditions or investor confidence compared to the prior challenging period.
Cambridge Associates, a global investment firm with over 50 years of institutional investing experience, released this benchmark commentary to serve its core client base of pension plans, endowments, foundations, healthcare systems, and private clients. The research, authored by Managing Director Caryn Slotsky and Investment Director Drew Carneal, along with Associate Investment Director Wyatt Yasinski, CFA, provides the detailed performance metrics and analysis that institutional investors require for portfolio decision-making and asset allocation strategy.
The report underscores the continued importance of comprehensive benchmarking and performance monitoring in private markets, where quarterly returns and relative performance metrics drive institutional investment decisions across alternative asset classes.
Venture capital, by contrast, showed more positive momentum during the period, extending a recovery from an earlier stretch of flat performance. This uptick signals renewed investor activity and deal momentum in the venture space, suggesting improved conditions or investor confidence compared to the prior challenging period.
Cambridge Associates, a global investment firm with over 50 years of institutional investing experience, released this benchmark commentary to serve its core client base of pension plans, endowments, foundations, healthcare systems, and private clients. The research, authored by Managing Director Caryn Slotsky and Investment Director Drew Carneal, along with Associate Investment Director Wyatt Yasinski, CFA, provides the detailed performance metrics and analysis that institutional investors require for portfolio decision-making and asset allocation strategy.
The report underscores the continued importance of comprehensive benchmarking and performance monitoring in private markets, where quarterly returns and relative performance metrics drive institutional investment decisions across alternative asset classes.
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