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Chart of the Month: Historic Recessions in the Private Markets
April 24, 2020

Chart of the Month: Historic Recessions in the Private Markets

When we think about the potential impact of a recession on the private markets, we thought it best to look at cash flow behavior during historic recessions. Continue reading to understand the net cash flows, contribution rates and distribution rates during prior recessionary periods. Net cash flows are generally negative[...]
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Chart of the Month: IRR by Vintage Year and Strategy
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[...]
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Chart of the Month: IRR by Time Horizon and Strategy
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.[...]
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Chart of the Month: Private Markets Annual Liquidity Ratios
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 (>[...]
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Chart of the Month: IRR by Strategy and Time Horizon
December 20, 2019

Chart of the Month: IRR by Strategy and Time Horizon

Historically, Private Equity has provided the highest returns across all time horizons relative to Private Credit and Real Assets While Private Credit and Real Assets historically generate lower returns than Private Equity, Private Credit provides stable and predictable cashflows. Private Real Assets provides diversification benefits by being less correlated to[...]
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Chart of the Month: Dispersion of Returns by Strategy
November 22, 2019

Chart of the Month: Dispersion of Returns by Strategy

Each bar represents the dispersion of returns as measured as the difference in IRR between top and bottom quartile funds Historically, the difference in investing with bottom quartile managers instead of those in the top quartile in private markets is approximately 15% The purple dot represents the median IRR for[...]
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Chart of the Month: Private Equity IRR by Vintage Year
October 25, 2019

Chart of the Month: Private Equity IRR by Vintage Year

Private markets often use IRR as a performance metric to measure returns over a fund's life Quartiles break down the IRRs, ranked least to greatest, for each vintage year by 25% increments of each grouping Historically top quartile funds generate significantly higher returns than bottom quartile funds Returns during the[...]
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Chart of the Month: Leverage Multiples Across Vintage Years
September 27, 2019

Chart of the Month: Leverage Multiples Across Vintage Years

The above chart shows how leverage multiples can dramatically impact the overall gross IRR of a deal: the highest IRR's come in deals with a 6x-8x leverage multiple (Acquisition Net Debt/EBITDA) the lowest volatility returns in deals come from investments made with a 4x-6x leverage multiple which is expected
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Chart of the Month: Infrastructure Returns in Private Equity
August 23, 2019

Chart of the Month: Infrastructure Returns in Private Equity

Cobalt’s August Chart of the Month explores private equity infrastructure returns.
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Capital Raised by the 20 Largest Closed-End Funds
July 19, 2019

Capital Raised by the 20 Largest Closed-End Funds

The 20 largest funds raised each year have represented a larger portion of total private markets fundraising, but we are still off peak levels.
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In 2016, Hamilton Lane, a global private markets asset management firm with more than 28 years of experience, together with Bison, a cutting-edge software solutions firm, brought Cobalt to the market. This unique partnership created a leading private markets platform with a robust product suite of solutions for both GPs and LPs.

In 2020, Hamilton Lane wholly acquired the Cobalt LP business from Bison, fully bringing the limited partner product in house. Hamilton Lane continues to enhance capabilities and drive the Cobalt LP vision forward by delivering data, analysis, reporting, and diligence solutions to limited partners.

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