US PE/VC Benchmark Commentary: Calendar Year 2025

Published on August 10, 2026

Amid an environment where tech companies reigned supreme, returns for US private equity and venture capital diverged from one another, with venture besting both public and private equities. For 2025, the Cambridge Associates LLC US Private Equity Index® returned 8.7% and the Cambridge Associates LLC US Venture Capital Index® returned 21.1%. Within the private equity cohort, growth equity (11.9%) outperformed buyouts (7.6%). Figure 1 depicts performance for the private asset classes compared to the public markets. 1

A table comparing Cambridge Associates’ US private equity and venture capital index returns compared to the modified public market equivalent for returns over 6 months, one year, three years, five years, ten years, 15 years, 20 years, and 25 years

 

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Has Gold Found a Bottom?

August 4, 2026
No. Gold has fallen roughly 25% from its recent peak to around $4,000 per troy ounce, but we still see further downside. Several of the forces that drove gold higher have weakened or reversed in recent months. A more challenging real-rate backdrop, less supportive demand trends, and fading investor momentum still argue for caution.It’s easy to see why investors would expect gold to provide a safe