![]() The Renaissance IPO ETF (ticker: IPO) is down 50% YTD and over 55% from its peak in early October 2021. The correction has been especially hard on currently unprofitable companies, including many recent IPOs. Most of these declines have taken place in Q2. As I write this in 2022, the S&P 500 is down 15.6%, the NASDAQ is 24.5% lower, and the Russell 2000 has dropped 20.2%. Public equities are experiencing a material downdraft as the US Federal Reserve raises rates and reduces its balance sheet to dampen inflation, which is running at an annual rate of 7-8%. This provides us with a unique perspective on market dislocations and their impact on private markets portfolios and investment opportunities. ![]() Adams Street has been investing and managing risk in private markets for 50 years, including our first three decades as a part of larger, multi-asset class asset management firms. ![]()
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