Which asset class has the best pooled returns by year:
2013: Multi-Stage VC 2014: Late-Stage VC 2015: Growth Equity 2016: Growth Equity 2017: US SMID (small/mid cap growth) 2018: EU Buyout 2019: Late-Stage VC 2020: Natural Resources 2021: ROW Buyout 2022: Late-Stage VC
(data from Hamilton Lane's recent market update report)
Obviously some of the more recent years have much maturing to do before this is concretized. But beyond that, it is difficult to predict which part of private markets will yield the best returns in any given vintage.
Perhaps this is a case study for steady and consistent allocations.
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