Cobalt LP
March 27, 2020
Chart of the Month: IRR by Vintage Year and Strategy
Understanding Historic IRR by Vintage Year within the Private Markets When we look at historic IRR by vintage year, private equity funds have the highest returns in each of the past ten vintage years. Historically, private equity has higher returns relative to credit and real assets because it is a[...]
March 23, 2020
Deal Level Benchmark – Updated through Sept 30, 2019
Cobalt LP has just updated our deal level benchmark through September 30, 2019. Leverage this updated benchmark in the following ways and more: During diligence, compare a manager's historic acquisition multiples at entry to the broader market Dive deep across four layers of GICS to access multiples specific to the[...]
March 16, 2020
Private Markets Performance
Investors in the private markets are typically focused on private markets performance in two ways: How have the private markets performed? How does that performance compare to the public markets? Using Cobalt LP’s benchmark and industry-level data, we’re able to take a look at both of these areas. Private Markets[...]
February 25, 2020
Measuring Risk in Private Equity
We have all heard the comment that your private equity portfolio is riskier than your public equity portfolio. But, is this true? How do you even measure risk in private equity? Glad you asked. We, at Cobalt, think of measuring risk in private equity in two ways: versus short-term Treasuries[...]
February 21, 2020
Chart of the Month: IRR by Time Horizon and Strategy
When we view historical IRR by time horizon and strategy, we see that in the most recent quarter, private credit was the only negative returning strategy. YTD, the public markets have outperformed the private markets. However, private market strategies should be viewed over several years rather than just short-time horizons.[...]
February 11, 2020
4Q 2019 Market Insights
Cobalt Market Insights is just a sample of the intelligence that can be gained from the Market Analysis part of the Cobalt LP platform. Investors are using our comprehensive, accurate, and timely market data to drive portfolio construction and investment selection decisions.
February 3, 2020
Fundraising in the Private Markets
As we reflect back on 2019, one thing that stands out is the strong fundraising seen in the private markets. When we think of fundraising, we measure it in two ways: Looking at total opportunities received by a large institution Understanding the total exposure of the private markets, by strategy[...]
January 28, 2020
2019 Hamilton Lane Market Overview
The Hamilton Lane Market Overview is a global presentation that reviews the trends, challenges and opportunities found in today's global financial and private equity markets. It's a comprehensive and, we believe, unique perspective on the markets that utilizes Hamilton Lane’s industry insights, research capabilities and expansive, proprietary database to identify[...]
January 24, 2020
Chart of the Month: Private Markets Annual Liquidity Ratios
By: Bryan Jenkins, Vice President, Private Market Analytics, Hamilton Lane This chart provides a snapshot of annual liquidity ratios segmented by various private markets strategies. We define the “liquidity ratio” as the ratio of distributions to contributions in a given calendar year. A liquidity ratio above the dashed lined (>[...]
January 7, 2020
Key Considerations for Private Credit Investors
By: Drew Schardt, Head of Private Credit at Hamilton Lane Private credit continues to grow as an asset class within the private markets. When we look at private debt fundraising by year, you can see that the fundraising amounts continue to increase and diversify. As we look at a new[...]
