Emerging market PE beats listed stocks

Private equity and venture capital funds focused on emerging markets outperformed listed EM stocks in the fourth quarter and last year, according to investment consultancy Cambridge Associates*. The Cambridge Associates LLC Emerging Markets Private Equity and Venture Capital Index gained 7.3% in the fourth quarter of last year and 13.6% in 2013. The MSCI Emerging Markets index rose 1.9% in the quarter but fell 2.3% during the year. China accounted for 37% of the Cambridge EM ind…