PRivate INVESTING
Our private investing professionals are at the forefront of activity in the private equity and venture capital asset classes. Drawing on daily conversations with fund managers and clients, several of these practitioners have come together to share their insights on the rapidly changing market landscape.
In this video series, you will hear our practitioners' thoughts on deal and sector trends, investing in prior recessionary environments, near-term expectations, emerging opportunities, and ways in which they are putting their ideas to work for our clients every day.
Deal Trends
Cash Flows, Valuations and Expectations
Investing in a Recessionary Environment, Market Trends and Opportunities
Market Perspectives and Dynamics
PRivate equity
Venture Capital
Andrea Auerbach
Global Head of Private Investments
Anouk van der Boor
Investment Managing Director, Pensions Practice
Michael Larsen
Investment Managing Director, Private Client Practice
Theresa Hajer
Co-Head of US Venture Capital Research
Featured Speakers
Click on the photo for the speaker's bio
Co-Head of U.S. Private Equity Research
Before re-joining Cambridge Associates in 2013, Josh was in the equity research group at Macquarie Capital covering the Gaming & Lodging sector. Previously, he worked directly with a range of non-profit, family office, and pension clients at Cambridge Associates to build and manage long-term investment portfolios.
Josh is a Managing Director at Cambridge Associates’ Boston office. He co-leads the US Private Equity Research team, performing due diligence on investment opportunities in US buyouts, growth equity, and distressed markets, as well as monitoring investment firms and their portfolio companies. Josh also chairs Cambridge Associates’ Global Private Investment Research Committee.
Theresa Hajer
Co-Head of U.S. Venture Capital Research
Theresa has authored several market research reports on venture capital and is a frequent speaker at Cambridge Associates and industry conferences.
Theresa joined Cambridge Associates as an investment associate, working on client portfolios and special projects focused on private investments. She began her career at Coopers & Lybrand.
Theresa is a Managing Director and a member of the Global Private Investment Research team, specializing in venture capital and growth equity. Theresa is head of the US venture and growth team and is also a member of the firm’s Global Private Investment Research Committee. She is responsible for tracking the industry and performing market research, identifying and conducting primary research on high-quality investment firms, and managing relationships with firms in which clients are invested. She joined Cambridge Associates in 1998 and has over 20 years of private investment experience.
Michael Larsen
Managing Director, Private Client Practice
Prior to joining Cambridge Associates, Michael began his career at Boston Millennia Partners, a multistage venture capital firm. He made early-stage investments in biotechnology and enterprise software and shared responsibility for seven portfolio companies totaling over $30 million in invested capital. Michael also worked in economic development as a consultant to OTF Group. Working in Afghanistan, he formed and advised a commercial banking association and a legislative working group to lay a foundation for private investment in small and medium sized enterprises
Michael is a Managing Director is a member of the firm's Private Client Practice. He advises a range of institutions, foundations, endowments, and private clients in the U.S., Asia, and Europe on private investment portfolio construction and manager selection. Michael is also a member of the firm’s Global Private Equity Research Committee and serves as a firm-wide resource on U.S. and China venture capital, emerging managers, and secondary markets. Michael regularly leads manager due diligence projects in private equity and is a frequent speaker at conferences on the topics of venture capital, private markets, and portfolio construction. Mike joined Cambridge Associates in 2007 and has over 15 years of private investment experience.
Anouk van der Boor
Managing Director, Pensions Practice
Before Anouk joined Cambridge Associates in 2005, she managed the endowment fund and the affiliated investment office at Citizens Energy Corporation, developing and overseeing a portfolio of early-stage technology and life sciences investments. Prior to Citizens Energy, Anouk was a Principal at The Parthenon Group, a Boston-based strategy consulting firm. She started her career at Merrill Lynch in Mergers & Acquisitions in London.
Anouk is a Managing Director and is a member of the firm’s Pension Practice. She works with a range of clients, including pension funds, endowments, government agencies, and family offices across the US, Europe and Asia and is responsible for building and overseeing their dedicated global private investment portfolios. Anouk serves on the global real assets research committee at Cambridge Associates as well as the private investment advisory committee. Anouk has led manager due diligence projects in private equity, venture capital, and private real assets. After having spent six years at the Cambridge Associates Singapore office, she transferred back to Boston in June 2014.
Andrea Auerbach
Global Head of Private Investments
Andrea regularly co-authors in-depth private investment research, backed by over 40 years of CA’s proprietary data, most recently focused on growth equity, co-investing, and investment level benchmarking in private equity and venture capital. Andrea is frequently asked to keynote at private investment industry conferences worldwide. She is also a faculty member at the Institutional Limited Partner Association (ILPA) Institute, where she has taught classes for 10 years.
Andrea joined Cambridge Associates in 2001 as Head of International Private Equity and Venture Capital Research. Prior to that, she was a Senior Director in the Leveraged Buyout Group at Prudential Insurance. There, she led early efforts to benchmark Prudential’s $5 billion buyout portfolio, and domestic and European private equity and venture capital fund investment portfolios, among other investment responsibilities. Andrea received her MBA from Harvard Business School and a BA in Economics from Smith College.
Andrea is Head of Global Private Investments, where she leads a 50-person global team sourcing and underwriting private equity, growth equity, distressed, and venture capital funds, as well as direct, co-investment, and secondary investment opportunities. Her career with CA spans nearly two decades.
Video Series
Private Investing: Market Perspectives and Dynamics
Andrea introduces the video series with an overview of what she’s hearing in conversations with GPs, covering their portfolios, trends seen in new deals, and initial market impressions in the COVID-19 era.
Private Investing: Deal Trends
Andrea shares her thoughts on deal and sector opportunities that may be most promising for investors.
Private Equity: Cash Flows, Valuations and Expectations
Josh weighs in on capital call expectations for 2020, as well as GPs’ thoughts on first quarter valuations and beyond, and their approaches to portfolio planning.
Private Equity: Investing in a Recessionary Environment, Market Trends and Opportunities
Anouk explains how staying the course while remaining nimble and tactical could benefit portfolios in the long run. She also shares insights on ESG investing during the current crisis.
Venture Capital: Cash Flows, Valuations and Expectations
Theresa discusses what she’s hearing from managers about both early-stage and mature VC-backed companies, the pricing environment, distributions and valuations, and expectations for recovery.
Venture Capital: Investing in a Recessionary Environment, Market Trends and Opportunities
Mike shares how he’s advising clients to approach investing in a recessionary market, including the opportunities and trends he’s seeing and his stance on committing to new managers
PRivate INVESTING
Venture Capital
PRivate equity
Josh Zweig
Andrea Auerbach
with
Andrea Auerbach
with
Anouk van der Boor
with
Michael Larsen
with
Josh Zweig
with
Theresa Hajer
with
Jump to videos
Josh Zweig
Co-Head of US Private Equity Research
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Cash Flows, Valuations and Expectations
Investing in a Recessionary Environment, Market Trends and Opportunities
MAY 2020