This report provides an overview of our progress and achievements over the past year, all aimed at supporting client priorities.
CAMBRIDGE ASSOCIATES YEAR IN REVIEW 2024–25
about cambridge associates
Mission Statement Cambridge Associates is a global investment firm that helps private clients, endowments, foundations, retirement and insurance plans, government funds, and other institutional investors build portfolios that meet their investment objectives and create a positive impact on the world. We strive to keep our interests aligned only with our clients’ and prioritize partnership, networks, and people—recruiting and investing in the most dynamic talent and empowering them to maximize results and deliver an exceptional client experience.
1973 FOUNDED MORE
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THAN 50 YEARS AGO
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London Bridge re-opens.
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Jim Bailey co-founds Cambridge Associates.
Skylab launches as first US space station.
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Hank Aaron pursues Babe Ruth's home run record.
Secretariat wins the triple crown.
Sydney Opera House opens.
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about cambridge associates
Letter from the CEO
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Investing has never been more complex, with more risks and more opportunities for alpha. Our investment
We are living in a time marked by both tremendous opportunities and significant challenges. As a firm, we remain steadfast in our commitment to maintaining excellent client partnerships, continuously improving our service, and pursuing investment strategies aimed at generating alpha. As Cambridge Associates continues to evolve, our focus is on deepening our client relationships by operating in the same markets as our clients. We are investing in our global client solutions team, expanding our geographic footprint, and strengthening our research capabilities to deliver insights and investment ideas that support our clients’ pursuit of strong portfolio performance. We are also investing in financial technologies and artificial intelligence to better serve our clients every day. By automating many activities that deliver information, data, analytics, and reporting, we can provide rapid, high-quality access to portfolio information and analytics, empowering clients to more directly access and use their portfolio data. While we embrace innovation and change, the core of what we do will not change. We will continue to pair seasoned senior investors with clients to build bespoke portfolios tailored to their specific needs. This approach has defined us for generations, and it will remain at the heart of our work going forward. Thank you for your continued trust and partnership. david druley chief executive officer
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teams help clients sort through the landscape, balancing the goal of outperformance with appropriate risk management. ”
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about cambridge associates
A Global Firm In November 2024, we expanded our footprint in Europe by opening our new office in Zurich, Switzerland, made possible through the acquisition of SIGLO Capital Advisors. In 2025, we expanded our global presence with a new office in Dubai, United Arab Emirates, to address the increasing demand for custom investment solutions in the Middle East. These new locations enable us to deepen client relationships and provide world-class expertise with a local focus.
Combined AUA/AUM 1
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$616 BILLION
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$464 BILLION as of 12/31/19
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Arlington, VA Beijing, China Boston, MA Dallas, TX Dubai, UAE Hong Kong SAR, China London, UK
Munich, Germany New York, NY San Francisco, CA Singapore Sydney, Australia Zurich, Switzerland
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as of 12/31/24
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Zurich, Switzerland
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Our Clients Our clients span the globe and include some of the most prestigious and well-known families and institutions in the world. We are privileged to serve a diverse client base that encompasses ultra-high-net-worth families, leading endowments, foundations, healthcare systems, retirement and insurance plans, and government funds across North America, Europe, the Middle East, Asia, and Australia. We are proud to partner with such an esteemed group of clients, many of whom have entrusted us with their investment portfolios for decades. We believe our clients understand and appreciate the deep knowledge, rigorous research, and specialized expertise that our investment teams bring to their relationships. We are honored to be a trusted advisor to such a distinguished group and remain dedicated to helping them navigate the complexities of the global investment landscape.
Clients, by type 2
Government & Union
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Corporate & Insurance
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6%
8%
Private Client & Family Office
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31%
Other Non-profit
15%
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4%
Healthcare System
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19%
16%
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College & University
Foundation
14 average client tenure (years) 3
96% average annual retention rate 4
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Clients First
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I’m often asked what makes working with Cambridge feel different. The unique characteristics, summarized to the left, are all rooted in our core mission—providing an exceptional client experience and helping clients achieve their investment objectives—so they can fulfill their own missions with greater impact. ”
a passion for investing Our investment teams are relentless in their pursuit of alpha for their clients. They thrive on the intellectual challenge of designing portfolios that address a client’s needs. They dig into portfolio and risk analytics to understand what’s working—and what’s not. And they work diligently to understand how each manager may impact their clients’ portfolios. the right portfolio for you Building a portfolio is easy. Building a portfolio that reflects each clients’ needs takes a lot more effort. In working directly with their investment teams, clients understand that the entire investing process begins with an understanding of their goals, how they prefer to invest, tax planning considerations, and what level of risk feels right for them. And that also includes, where appropriate, developing portfolios that align with each client’s values (we even built a bird-friendly portfolio for the National Audubon Society).
alignment with clients Trust is everything. We’re very proud of the fact that we work hard to ensure our interests are aligned with those of our clients. It was a founding principle and continues to drive us today. We always put our clients’ needs first and are open about all fees, so that clients are confident that we’re acting in their best interests. With a 96% client retention rate, we believe our clients appreciate the value of that alignment. 4 a global network of ideas Partnering with us means joining a real community—one built on shared knowledge, experience, and opportunity—connecting clients, CA alumni, and a vast network of investment managers across geographies and asset classes. With more than 50 years of expertise, we bring a broad perspective to building diversified portfolios across market cycles. More than half of our recommended private investment managers are emerging managers whose exceptional experience we recognize by actively tracking their ongoing success. This collaborative network gives our clients access to insights and connections that help them achieve their investment objectives.
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samantha davidson president and head of global investing
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The investment landscape has become much more complex relative to 20 years ago, as have the environments in which our clients operate—making it essential to leverage segment-specific investors who possess deep expertise tailored to each client’s unique needs. Families need to consider the tax implications to build a legacy. University endowments need to consider capital needs. Retirement, Insurance, and Government plans must manage a unique set of regulations. Our clients appreciate that our structure aligns with their organization types and the unique issues each client faces; this accelerates understanding and builds a level of trust. Practice Areas Built Around Client Priorities
Private Clients & Family Offices
Endowments & Foundations
Retirement, Insurance & Government
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Successful pools must constantly and deliberately manage difficult tradeoffs—balancing liquidity
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Preserving and building wealth for our private clients and family offices is our core goal, especially as it transitions from generation to generation. Balancing the need for liquidity with opportunities in private investments is one area where we have conversations with our clients to help them think through their choices.”
The endowment and foundation space has been evolving over the past decade and recent policies have made it even harder, but more important, to navigate the role of their investments. Our experience and networks help our E&F clients work through the challenges that they face every day.” margaret chen head of endowments & foundations practice
needs against the growth opportunities provided by
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private investments and private credit, or excess returns against tracking error. With sophisticated modeling tools and 50+ years of experience, we are well- positioned to help clients manage and execute on these equations.” brian mcdonnell head of retirement, insurance & government practice
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gretchen curry head of private client practice
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client profile The Wilson 5 Foundation on a Legacy of Philanthropy and Conservation The Wilson 5 Foundation, established by Chip and Summer Wilson, founder of lululemon athletica, reflects their family’s commitment to meaningful philanthropy. Named after their five sons, the foundation was created to ensure that each son had a voice in shaping its direction. Together, the Wilson family has embraced a mission focused on conservation and education, combining their passion for nature with their leadership expertise to build a legacy. To support their vision, the Wilsons partnered with Cambridge Associates to manage the foundation’s $500 million portfolio. This partnership has enabled them to balance portfolio growth with sufficient liquidity to fund large donations, including their historic CAD $100 million donation to the BC Parks Foundation’s 25x25 initiative. This landmark gift—the largest in Canadian history—aims to protect 25% of British Columbia’s land, highlighting the Wilsons’ commitment to conservation and their desire to drive lasting change.
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Our family philosophy is based on the Iroquois idea of seven generations. What do we want the world to be for our great-great-great-grandchildren? Because if it works for them, it will work for everyone.”
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chip wilson founder of lululemon athletica and the wilson 5 foundation
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Assets
How We Work With Clients We structure our service offerings to meet the needs of our clients and we will further adjust the operational aspects to meet specific client needs. Our portfolio management services include the following:
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total (usd billions)
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$86
assets under management
asset class mandates For clients who wish to leverage our specialized investment skill and manager networks in private equity, hedge funds, real assets, private credit, co-investments, and secondaries, we manage asset class mandates on a discretionary or non-discretionary basis. staff extension For institutions and family offices with a well-staffed investment office, we also provide a tailored approach to augment existing staff resources. Functioning as an extension of the client’s team, we offer access to specific skills, manager networks, or a sounding board as required by the organization.
ocio/discretionary portfolio management For clients who wish to delegate total portfolio management decision making, we serve as their fully resourced investment office, accountable for portfolio strategy, implementation, day-to-day management, and operations. non-discretionary portfolio management For clients who wish to be actively involved in investment decisions, we augment their in-house resources with our robust manager networks and provide recommendations on asset allocation, portfolio structure, and manager selection.
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$530 $616
assets under advisement
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total
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by asset class
total (usd billions)
$283 $91 $224 $18 $616
Long-Only
Hedge Funds
Private Investments
Cash Holdings
total
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client profile Longwood Gardens on Moving to OCIO Longwood Gardens, a renowned horticultural institution in Kennett Square, PA, has inspired visitors with its gardens for more than 115 years. In selecting Cambridge Associates as their OCIO, Longwood’s board and investment committee adopted a more strategic approach, delegating day-to-day portfolio management so they could focus on advancing their mission. This shift supported initiatives like Longwood Reimagined , an ambitious project that opened in 2024, reimagining 17 acres of the Conservatory and grounds and showcasing their commitment to innovation and preservation.
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We felt it would make sense to move to the OCIO model, primarily to free up our ability to focus on the strategic aspects of asset allocation. We had started to lose sight of the bigger picture and the need for strategic thinking around the overall set of asset classes we were investing with.”
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valerie sill investment committee chair
The Decision to Delegate: Read or listen to a discussion with four clients, assets $200 million to $850 million, who made the decision to delegate decision making on their investment portfolios.
Learn More ↗
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Focused on Generating Alpha and an Exceptional Client Experience
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With a world-class client base and leading intellectual capital provided by dedicated investment professionals, we’re uniquely positioned to deliver better outcomes for families and institutions globally—and I’m energized by the opportunity to help shape that impact.”
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The investment strategy office is a critical ‘center point’ of CA, and my role is to ensure that our investment teams have what they need to build bespoke portfolios that meet the individual needs of each of our clients.”
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Kristen Tongberg, Head of Investment Strategy Office
Mary Pang, Head of Global Client Solutions
Kristen Tongberg, a 21-year veteran of CA, is the head of the firm’s Investment Strategy Office, which ensures that all investment teams have the resources and support they need to create high-performing portfolios designed to meet clients’ individual objectives. She also continues to spend about half her time managing portfolios, ensuring she remains closely connected to client objectives and challenges.
Mary Pang is CA’s Global Head of Client Solutions, overseeing our relationship management and client engagement teams. An experienced financial services executive, Mary’s role is to ensure we are thoughtfully investing in delivering an exceptional client experience.
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Investing in Our Capabilities We constantly examine our processes to see how we can improve our clients’ experience. Here are some recent changes designed to deliver better outcomes for our clients.
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easy access to account information Access CA offers clients secure, streamlined access to portfolio reports and documents, including interactive views for total portfolio clients. Clients can easily sign and share materials with their investment team.
private investment secondary and co-investment programs We provide expertise in both private investment secondaries and co-investments, and, depending on asset size, can help clients build out stand-alone investment programs or participate in turnkey solutions with favorable terms.
preferred custodian pricing We have negotiated very competitive custodial pricing with a number of industry-leading
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providers of institutional services to help our client lower administrative costs.
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integrated tax and structuring expertise We continue to add expertise to our Private Wealth Strategies team, serving as a resource for private clients with respect to tax, structuring, and other considerations as they consider their investment options and implementation.
governance best practices We recognize that good governance is critical to client success. That is why we have dedicated expertise within our Private Client and Endowment & Foundation practices to conduct research on investment oversight, share peer experiences and best practices, and deliver trustee training programs throughout our client network.
digital access to private investment analytics & manager information Our iLevel application and enhanced PI Manager platform give clients seamless access to advanced portfolio analytics and CA’s intellectual capital.
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employee profile Will Lawrence on Building Relationships
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My most successful client relationships are the ones where I have a solid understanding of what they’re trying to accomplish and the experiences that shape their worldview. From there, it’s much easier
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Will Lawrence is a Partner and Investment Director in the London office. With a focus on advising private clients and foundations on portfolio construction and private investments, Will believes that every relationship begins with an in-depth understanding of each client’s unique objectives and risk tolerances. Those discussions become the foundation for developing a tailored solution that spans both asset classes and geographies. Will spoke to FT Wealth Management about the growing influence of family offices on the private investment market and how the entrepreneurial spirit and illiquidity tolerance make private markets a great asset class for them.
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to build the portfolio that aligns with those goals.”
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Read the Article ↗
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2025 Events
2026 Events
In 2024 We Hosted
private investments summit boston, march 2025 A gathering of industry thought leaders to discuss private markets, portfolio strategies, and opportunities and challenges shaping private investing, with regional events in Hong Kong (May), Singapore (May), Los Angeles (June), Dubai (September), and London (September). nextgen leaders connect santa monica, october 2025 Future family leaders come together to be inspired and educated by sharing perspectives and participating in meaningful conversations on entrepreneurship, impact, and engagement.
investment leaders exchange chicago, april 2026 Asset allocators, fund managers, and industry thought leaders convene for dynamic discussions and actionable insights aimed at driving portfolio outperformance. global family summit fall 2026 Select wealth owners and distinguished investors come together to discuss strategies and best practices for building, preserving, and growing wealth across generations, while also exploring timely and impactful investment topics. Invite only.
investment leaders exchange washington, dc Asset allocators, fund managers, and industry leaders convened to discuss all aspects of portfolio management, from energy transition and macro environment to asset allocation and governance. global family summit lake lucerne, switzerland Private family clients gathered to explore strategies for sustaining multi-generational wealth, navigating markets, and finding opportunities in emerging sectors.
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impact investing forum atlanta, ga
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Forward-thinking allocators and industry stakeholders engaged in timely discussions, and interactive thematic spotlight sessions focused on best practices in SII. additionally, we hosted • Client appreciation events and networking receptions in New York, California, Singapore, and Hong Kong • Investment Roundtables in Belgium, Italy, Singapore, the United States, Hong Kong, and the United Kingdom • Investment webinars and foundational online learning series for new trustees
For more information and to see the full calendar of CA Events visit: cambridgeassociates.com/events or contact: events@cambridgeassociates.com
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employee profile Emily Bonkowski on Building Client Community Emily Bonkowski has been the driving force behind Cambridge Associates’ global events for the last decade, creating memorable experiences for clients and prospective clients around the world. Thanks to her vision, CA has brought people together in iconic cities like Mumbai, Tokyo, and Lake Lucerne, and at exceptional venues—from private estates like Waddesdon Manor to cultural landmarks like the JFK and Huntington Libraries, the National Gallery of Art, and BAFTA in London. Every event is carefully designed to immerse guests in settings that showcase the sophistication and international reach of the CA community. Emily’s passion lies in building a vibrant client network where attendees connect with peers, share ideas, and learn from one another, all while engaging with world-class thought leaders. Whether it’s a private tour at a renowned museum or an interactive discussion led by industry pioneers, every gathering is an opportunity to foster meaningful relationships and gain fresh perspectives.
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We love creating forums where clients can come together, get to know each other, and listen to world-class speakers talk about their areas of expertise. I’m always so impressed by the caliber
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of the thought leaders that participate in our events.
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They recognize the importance and influence of CA clients and create thought-provoking discussions that echo throughout these events.”
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Global Networks, Local Expertise
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manager concessions negotiated since 2016
The best-performing PI managers operate at all levels of fund size and maturity. We seek out those up-and-coming managers who have proven themselves, even if though they may not have an established track record. 50% emerging managers as percent of overall pi recommendations Sustainable and Impact Investing (SII) 6 is not an afterthought or separate workstream at CA. We consider the merits of every investment using multiple criteria, including whether they factor sustainability into their own investment processes. percent integration of our sii research criteria 100%
We search the globe for the best investment ideas and with 25% of our investment team outside the United States, we believe that local presence helps us find ideas worthy of our client portfolios. tracked investment strategies outside of the united states 36%
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We leverage our scale to improve fees and terms, collectively saving our clients millions of dollars. 700
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tracked funds recommended 5%
We pride ourselves on the thoroughness of our due diligence process, resulting in only recommending 1 in 20 of those managers we follow.
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Private Investment Capabilities
Secondaries
Co-investments
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Co-investments play an increasingly important role in private market portfolios as investors seek more direct access to opportunities and greater flexibility in portfolio construction. Over the last year, CA’s Co-investment Practice sourced 275 deals that spanned the globe, industries, and sectors—including our first co-investment in Asia. Clients are showing significant demand for both lower middle market private equity and infrastructure opportunities, including traditional infrastructure as well as energy transition and digital.
Global secondary transaction volume rose to a record $162 billion in 2024, up 45% on the previous year, as a function of increased amount of private equity capital raised over the past decade, companies staying private for longer, exits and liquidity being limited due to muted IPO and M&A markets, and secondary trades becoming an accepted tool for portfolio management.
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Commitments Over Time
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• 101,000+ investments covered • 630+ clients with assets committed to private investments • 2,000+ meetings held with GPs annually • 7,000 GP relationships • 16,000+ covered companies for operating metrics $788 billion total client capital invested in private investments since 1980. 7 $224 billion total private investment assets under advisement & management. 8
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We have seen a strong and increasing supply of secondary opportunites, both on the sell- and buy-side. We believe CA is well-positioned to help deliver secondary returns for its clients, both through our integral position in the market and our CASA secondary fund.”
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2024 was a tale of two halves, with the first part of the year being very active and then a slower pace in the second half as rising interest rates and the US election slowed deal flow.”
alex shivananda head of global secondaries
scott martin head of global co-investments
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client profile The Ralph M. Parsons Foundation on Increasing Private Investment Allocation The Ralph M. Parsons Foundation is a cornerstone of philanthropy in Los Angeles County, dedicated to advancing community well- being through support for arts and culture, education, health, and human services. Over the past decade, in partnership with Cambridge Associates, the Foundation undertook a deliberate increase to its private investment allocation, moving from 5% to more than 36%. This strategic shift has contributed to the growth of the endowment through improved performance, enabling the Foundation to expand its grantmaking capacity, respond to urgent needs like wildfire relief and recovery, and pursue longer-term impact projects. The strong investment performance has provided the Foundation with greater resources when residents need them most. The Foundation’s approach is supported by a strong governance model and a commitment to ongoing learning. By embracing new opportunities for growth, Parsons has positioned itself to further its mission of enhancing the lives of Los Angeles County residents.
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Cambridge has helped us focus not only on what we felt comfortable with, but also on not rushing to a full allocation right away. We’ve been able to build up our allocation at a deliberate pace, picking the right opportunities without feeling pressured to grab everything just to hit a target percentage. The process has been comfortable for us, and we’ve learned a lot along the way.”
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paul g. haaga, jr. chair of the board
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employee profile Jill Shaw on Guiding Clients Through Private Investment Complexity Jill Shaw partners with endowments, foundations, and families to help them navigate the evolving landscape of private investments. She is known for her ability to translate complex market dynamics into actionable strategies that align with each client’s mission and long-term objectives. Jill’s approach is rooted in open, honest communication and a deep understanding of the unique challenges facing institutional investors. Jill is laser focused on building portfolios that are both resilient and forward-looking, with a clear emphasis on delivering strong performance over time. She leverages Cambridge Associates’ global investment platform to identify opportunities that fit each client’s needs, constructing private investment allocations designed to help clients achieve their goals. Jill’s collaborative style and commitment to transparency foster trust and empower clients to make informed decisions, even in turbulent times.
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My goal is to help clients feel confident in their private investment decisions—no matter the market environment—by providing clear guidance, thoughtful analysis, and a partnership built on trust.”
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Sustainable Investing to Maximize Performance & Impact
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Markets don’t exist in isolation; they exist and function well on a healthy planet and in healthy societies.”
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We lead with a research-driven approach to Sustainable & Impact Investing (SII), 6 integrating environmental, social, and governance (ESG) tools across our investment platform. We believe sustainable investing means meeting clients’ present return needs without compromising future returns. Our approach is built on four pillars unique to CA insight Forty years of sustainable investing experience
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annachiara marcandalli global head of sii solutions
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influence Scale and expertise allow us to seed managers leading in this space, mobilize capital to fill gaps, and shape industry standards. We actively engage with clients, managers, and industry groups to drive progress. commitment We are in this for the long run. We hold ourselves and our partners to the highest standards of integrity and stewardship. Our commitment to SII is evident in the support of our board and shareholders, our leadership in industry initiatives, and our relentless pursuit of innovative approaches that keep our clients at the forefront of the field.
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and our deep sector research enable us to identify material risks and opportunities that traditional analysis may miss. partnership We work side-by-side with clients, tailoring SII strategies to their missions, values, and regulatory needs. We focus on the most relevant factors for each investment, sector, and client to deliver actionable insights.
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client profile Saint Ignatius on Aligning Portfolio and Values
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As we strengthen our endowment, we’re investing in the future of our students and our community. We’re able to keep Saint Ignatius affordable, attract exceptional educators, and ensure every student has the opportunity to change their life’s trajectory. That’s the true measure of our success.”
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Saint Ignatius College Prep, a Jesuit Catholic school in Chicago, is committed to providing a high-quality, financially accessible education to a diverse student body. The school became the first Catholic institution in the country to implement an Emerging Manager Policy for its endowment, focusing on allocating capital to top-performing investment firms at least 51% owned by women or people of color. With support from its Board and executive staff, Saint Ignatius worked with Cambridge Associates to restructure its portfolio to increase exposure to these managers, particularly in private investments—resulting in a portfolio that generated competitive returns and outperformed its benchmark. By measuring diversity across ownership and leadership, and setting ambitious goals, Saint Ignatius continues to expand educational access and opportunity. The school hopes its pioneering work will inspire other Catholic institutions to follow suit, furthering the impact of mission-driven investing for generations to come.
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martin cabrera chairman of the endowment committee, st. ignatius college prep
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Our Colleagues, by the Numbers
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number of employees
percent of employees
region
TOTAL NUMBER OF EMPLOYEES: 1408 9
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1122 201 85
80% 14% 6%
US EMEA APAC
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languages spoken Afrikaans Amharic Arabic Bengali Chinese (Mandarin, Cantonese) Croatian Dutch English Farsi French German Greek
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Indonesian Irish Italian Japanese Kazakh Korean Lithuanian Marathi Polish Portuguese Punjabi Russian Slovenian Spanish Vietnamese
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Gujarati Hebrew Hindi
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employee profile Rahul Arora on Harnessing Artificial Intelligence to Improve Business Results Rahul Arora, CFA, is Head of AI and a Managing Director at Cambridge Associates, leading the firm’s efforts to harness AI to amplify the work of employees across the organization. His focus is on equipping colleagues with AI-powered tools that streamline workflows and improve access to information. By automating routine processes, Rahul’s work enables colleagues to spend more time on portfolio construction, strategic thinking, and delivering differentiated outcomes for clients. This approach also ensures that investment decisions continue to be guided by human expertise and judgment.
Time is finite. Every minute we reclaim through innovation is a minute we can invest in our clients’ success—enabling us to spend more time with them and focus on delivering what matters most.”
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Employee and Firm Awards
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chris varco award for sustainability
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employee awards
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In memory of our late colleague Chris Varco and his commitment to sustainability, we established the Chris Varco Award for Sustainability in 2022 to honor employees driving meaningful progress against climate change. In fall 2024, Sarah Edwards was recognized for her work in spearheading the ESG Framework now in use at CA.
Unseen Upside named a Best Branded Podcast Honoree by the 28th Annual Webby Awards
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Andrea Auerbach: Buyouts Women in PE Class of 2024
Chavon Sutton: P&I Influential Women in Institutional Investing
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Recognized as a Best Place to Work for Disability Inclusion
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2024 recipient:
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Recognized by Human Rights
Sukari Gaylor: P&I Influential Women in Institutional Investing Rising Star
Keon Holmes: Honored by UNCF with New England Leadership Award
Campaign (HRC) for LGBTQ+ workplace inclusion
Sarah Edwards
Each year, the SII Committee also selects a non-profit organization to receive a charitable donation in his honor. In 2024, the recipient was Project Drawdown , an organization that is doing rigorous scientific research to identify, promote, and scale effective climate solutions.
Liqian Ma: New Private Markets Influencer in Sustainable Private Markets
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New Managing Directors and Partners
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We’re committed to helping our people grow and stay with us, and we celebrate their achievements in many ways. Each year, our promotion cycle gives us the chance to recognize the hard work and accomplishments of colleagues across our global community.
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new managing directors
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Olga Braun-Cangl
John Humphrey
Yen Yen Ooi
Chavon Sutton
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Christopher Houston
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Becca Davis
Lisa Jago
Nick Shea
Brian Taylor
Audrey The
Song Han
Petros Krappas
Pierpaolo Spisso
Cameron Wakley
Judy Zhang
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Investing in Our People
Mentoring and Early Talent Programs
ignite Our firmwide mentorship program, CA Ignite, connects colleagues across offices and functions, expanding networks and actively developing leadership and other skills. It formalizes a legacy and culture of mentorship that has always been a part of life at CA. campp An early talent program, Cambridge Associates: Managing Private Investment Portfolios (CAMPP) is designed to provide foundational understanding of private equity, venture capital, ESG/impact-focused strategies, and other private markets, such as real estate and private credit, and to build enthusiasm for private investing among rising college sophomores and juniors of diverse backgrounds. The 2024 class included 19 students from 15 different schools. investx This four-day immersive experience is designed for students from Historically Black Colleges and Universities (HBCUs) and first-generation college students. Each year, a select group of participants gains valuable insights into investment management and learns how Cambridge Associates partners with clients to achieve their goals. Through interactive sessions and real-world exposure, students are introduced to the dynamic world of finance and the impactful work we do. Our aspiration is that some of these talented individuals will choose to launch their professional careers with CA.
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Over the course of 2024 and the first half of 2025, Talent Development hosted 91 learning experiences for more than 950 global employees, achieving an average participant satisfaction rating of 97%. More than 64% of firm employees participated in these learning opportunities, and 66% of the firm engaged with on-demand resources from CA University Online. During this period, we also saw the launch and continued expansion of two new programs: ORBIT, providing holistic, career-spanning development for Operations colleagues at key inflection points; and DRIVE, building on foundational learnings to further empower people leaders in advancing the firm’s strategic vision and fostering engaged, effective teams.
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We believe that businesses should not only create value for shareholders and employees, but should create opportunity for broader humanity. CA is uniquely positioned to not only create opportunities for others, but also to magnify our impact through leadership and stewardship that inspires others to do the same. We view this work as core to our business model, and an essential part of our leadership. Our commitment to creating opportunity for others is focused in the following areas: Corporate Social Responsibility
equity • Sourcing talent such that under represented groups have equal access and opportunity in our sector • Ensuring every employee is valued and supported by resources to reach their greatest potential • Broadening our research scope to increase the number of diverse managers we include in our due diligence pipeline
community • Strengthening
sustainability • Supporting our clients
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philanthropic and charity communities by providing
actively and boldly in being “climate aware” investors
bespoke investment portfolios to support their missions
• Integrating net zero information into our investment process • Reducing our operational carbon footprint each year, and offsetting those emissions effectively to be carbon neutral in our impact
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• Supporting clients who are leaders in the philanthropic community to increase effectiveness and impact • Marshalling our employee base to actively volunteer and play a philanthropic role in the communities where we operate
investment research
our colleagues
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notes
CA Carbon Emissions 10 Measured in Tons of Carbon Equivalent (tCO2e)
Net Zero Pledge and Carbon Offsets
We have made a commitment to support our clients in targeting the real-world reduction of greenhouse gas emissions to net zero by 2050 or sooner, both for their portfolios and the economy at large. We formalized this commitment in September 2021 through a Net Zero Pledge in collaboration with eleven of our industry peers.
9,514
-52%
4,589
2019
2023
27 cambridge associates year in review 2024–25
firm ownership
Ownership Structure
The ownership structure breakdown: owned 11 Jim Bailey 17% shareholder
detail
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Co-founder of Cambridge Associates
the client experience
CA Partners 12
13%
Ownership stake continues to grow as equity is granted on an ongoing basis to senior leaders
As an independent, privately held firm, we can invest for the long term with the goal of how to best serve our clients as the guiding touchstone. Specifically, Cambridge Associates is 31% owned by current and former senior employees and 69% by client investors, two of which have been owners for more than two decades. In an age where more and more firms are being acquired, we take great pride in our independence and believe that the structure underscores our commitment to our clients’ best interests.
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Sofina S.A. (Boel Family)
47% 22%
Longstanding client
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Other Client Investors
Includes 12 other clients investors. No individual shareholder holds more than 10%.
our colleagues
New York
Bridget and John Macaskill
Gundlach Family and Trusts
New York
31% current & former employees 69% client investors
firm ownership
Hall Family
Missouri
notes
Inasmuch Foundation
Oklahoma
Julie and Sebastien Lepinard Family Luxembourg
Rothschild Family
United Kingdom
Sutton Place
Nevada
Additional client investors include a pioneering family office in Mainland China and four confidential clients.
28 cambridge associates year in review 2024–25
notes
All data is as of December 31, 2024 unless otherwise noted.
3 C lient tenure does not necessarily indicate client satisfaction and should not be viewed as an endorsement of Cambridge Associates’ services. 4 R etention rate is the average annual rate for five years ending on December 31, 2024. 5 “Assets under advisement” include the portfolio values of the firm's and its affiliates' clients that receive investment advice or management and performance reporting. In a limited number of instances, client portfolio values include assets for which Cambridge Associates is only responsible for reporting performance and does not have an investment advisory responsibility. For portfolio values without final December 31, 2024 data available, assets from the prior quarter or estimates have been used. 6 S ustainability and Impact Investing take into consideration all material factors for risk management and economic value creation and intentionally seek investment in market-driven solutions to real world challenges. This includes the practice of using investments to directly achieve, or be aligned with, an institution's values or mission and a recognition that climate change and social inequality are systemic, structural factors that create risks and opportunities material to long-term portfolio management. Cambridge Associates uses the
1 A ssets under advisement and assets under management include the portfolio values of the firm’s and its affiliates’ clients that receive investment advice or management and performance reporting globally. In a limited number of instances, client portfolio values include assets for which Cambridge Associates is only responsible for reporting performance and does not have an investment advisory responsibility. For portfolio values without final December 31, 2024 data available, assets from the prior quarter or estimates have been used. 2 C lient type by number of clients: n = 1,028. Percentages may not sum to 100 due to rounding. Other non-profit includes a wide variety of non-profit organizations including, but not limited to, museums and libraries, independent schools, medical institutions, professional and research organizations, service organizations, religious institutions, performing arts institutions, and settlement trusts. Private client & family office includes individuals, families, and family offices. Government & union includes public and government-related funds, superannuation funds, and sovereign wealth funds.
term SII to encompass a spectrum of strategies and approaches, including, but not limited to, proactive integration of Environmental, Social, and/or Governance (ESG) factors, diversity, equity, and inclusion (DEI), impact investing, mission-related investing, and negative screening. 7 R efers to all Cambridge Associates client commitments to private investments from January 1, 1980 – December 31, 2024. 8 A ssets under advisement and management include the portfolio values of the firm’s and its affiliates’ clients that receive investment advice or management and performance reporting. In a limited number of instances, client portfolio values include assets for which Cambridge Associates is only responsible for reporting performance and does not have an investment advisory responsibility. For portfolio values without final December 31, 2024 data available, assets from the prior quarter or estimates have been used. Strategy values may not sum to the total due to rounding. 9 Includes regular employees only, and excludes fixed-term, intern, temp or contractors.
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29 cambridge associates year in review 2024–25
notes
10 tCO2e/employee was calculated based on the total FTE count as of 01/02/24. Each total includes Scope 1, Scope 2, and Scope 3. Scope 1 includes the direct emissions that are owned or controlled by CA, Scope 2 includes emissions that a company causes indirectly and come from where the energy it purchases and uses is produced, and Scope 3 includes emissions that are not produced by the company itself and are not the result of activities from assets owned or controlled by them, but by those that it’s indirectly responsible for up and down its value chain. 11 F ully diluted. As of January 1, 2025. In addition to those listed, other former Cambridge Associates senior leaders collectively retain a 1% ownership interest. This includes a combination of direct equity, profits interests, and options held by former senior employees. 12 Includes a combination of indirect equity, profits interests, and options held by current senior employees responsible for the firm’s business results.
Note: Client profiles and survey results do not necessarily indicate client satisfaction and should not be viewed as an endorsement of Cambridge Associates’ services. Copyright © 2025 Cambridge Associates LLC. All rights reserved. This document may not be displayed, reproduced, distributed, transmitted, or used to create derivative works in any form, in whole or part, without written permission from Cambridge Associates (“CA”). This document does not represent investment advice or recommendations, nor does it constitute an offer to sell or a solicitation of an offer to buy any securities. Information in this document or on which the information is based may be based on publicly available data. CA considers such data reliable but does not represent it as accurate, complete, or independently verified, and it should not be relied on as such. Nothing contained in this document should be construed as the provision of tax, accounting, or legal advice.
about ca
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30 cambridge associates year in review 2024–25
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