Bigger private-market exposure found to bring higher overall returns

Moves by Asian institutional investors to raise their exposure to private-market assets in recent years may prove wise, if a study by investment consultancy Cambridge Associates is anything to go by. The gap between top-performing endowment portfolios and the median has been wide of late, and a key indicator of better performance is a 15% or greater allocation to private investments such as venture capital, private equity and distressed assets. That is the conclusion of Cambridg…