A new perspective on alternative investments.

1 For illustration purposes. Source Cambridge Associates, as of March 31, 2023, the growth of $100,000 is based on cumulative returns from January 1, 2007, to March 31, 2023, capturing performance throughout the Global Financial Crisis. Past performance does not predict future returns. "Private Equity" is represented by the Cambridge Private Equity Index, including buyout, secondary, and growth equity funds. "Public Equities" are represented by the Cambridge Modified Public Market Equivalent (PME) analysis of the MSCI ACWI Index. Comparisons between private equity and public indices are based on the difference in performance between the Cambridge Private Equity Index IRR and the hypothetical PME return, with timing adjustments for cash flows. The returns shown are compounded quarterly for comparison and may not reflect actual historical returns. Indices are illustrative, and relying on comparisons involves risks and limitations, including PME adjustments. The PME methodology mimics the timing and amount of cash flows from the Cambridge Global Private Equity Index in a public market index, tracking its performance for hypothetical PME NAV calculations. Thus, comparisons are based on the difference between the Cambridge Global Private Equity Index IRR and the hypothetical PME IRR, including PME adjustments.