Andrea Auerbach of Cambridge Associates stops by Middle Market Musings to offer a master class in the trends defining the private equity asset class.  Cambridge Associates is a leading advisor/portfolio manager to institutional investors.  Andrea oversees a team directing $12-15 billion per year to private investments, co-investments, and secondary opportunities.  She shares how different GPs manage to different valuation expectations, the emergence of direct and co-investing, and the advent of greater specialization, not just in industry verticals but in functional areas of expertise.  She holds her own with the guys in making vintage cultural references, including a callback to Mutual of Omaha’s Animal Kingdom.  Forget all the other times Andy and Charlie touted a guest.  Andrea delivers the goods!