Private Market Talks: Conversations and insights on the private markets with private capital’s leading figures. Charting the Future of Private Markets with Cambridge Associates’ Andrea Auerbach
Nov 14, 2025
Andrea Auerbach, Global Head of Private Investments at Cambridge Associates, shares her two decades of experience navigating private markets. She discusses the transformation from leverage-based returns to a focus on active value creation. Andrea highlights the growing influence of AI in sourcing and diligence, and the implications of GP-led secondaries for liquidity. She also sheds light on current fundraising trends and the importance of qualitative judgment for emerging LPs, offering valuable insights for investors looking to seize unique opportunities.
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How An Apprenticeship Shaped A Career
- Andrea joined Cambridge Associates in 2001 after working in Prudential's leveraged buyout group and credited that experience with teaching her the private markets process.
- That early apprenticeship shaped her enthusiasm and long-term commitment to advising institutional investors.
Size Is A 'Frenemy' Of Performance
- Cambridge data shows larger funds have lower downside losses but face higher performance dispersion and scaling limits.
- Sector-focused managers often outperform generalists due to deeper domain expertise.
Embed AI To Accelerate Diligence
- Cambridge uses a private AI instance (CAI) to index and compare documents, CVs, and fund terms to speed diligence.
- Do embed AI into workflow to surface differences and accelerate underwriting, not just as experimentation.