“Yes, we are concerned about overall long-term returns in private investing being challenged and pressured,” says Cambridge Associates‘ head of private markets Andrea Auerbach.
In this 25-minute interview, Auerbach describes how investors are making some progress in chipping away at fees, even though headline “rack rate” fees remain the same; and how managers are coming back to market earlier than expected to raise capital – a “red flag” for her.
Also on the agenda:
- How preferential fund terms and the use of subscription credit lines is making investment due diligence harder
- Whether a more serious debate around fees is coming down the track
- How investors are thinking about gender diversity at the manager level and “taking a step back” if they don’t see progress
- What managers need to think about to get a commitment from a Cambridge client?