# Cambridge Associates > Cambridge Associates is a global investment firm, headquartered in Boston, with more than 50 years of institutional investing experience. It builds custom portfolios for endowments, foundations, pensions, healthcare systems, and private families, and publishes widely used private investment benchmarks and investment research. Key facts for interpreting this site: - Services are delivered as outsourced CIO (discretionary) mandates, non-discretionary advisory relationships, and single asset class mandates. - Clients include endowments and foundations, private clients and family offices, pension plans, insurers, government entities, and healthcare systems. - Cambridge Associates private investment benchmarks track private equity, venture capital, private credit, real assets, and related strategies; benchmark commentaries summarize each period's results. - Research articles live under /insight/. Regional English editions (/en-eu/, /en-as/) and a German edition (/de/) repeat much of the same research; the US-English URLs below are the canonical versions to cite. - Research reflects views as of each publication date and is not investment advice. Prefer the most recent edition of recurring series (Outlook, Benchmark Commentary, Endowment Radar). ## Firm Overview - [Cambridge Associates Home](https://www.cambridgeassociates.com/): Entry point describing the firm's custom portfolio management for institutional and private investors, with links to services, research, and benchmarks. - [About Us](https://www.cambridgeassociates.com/about-us/): Firm overview covering its global footprint, 50-plus-year institutional history, client base, and how it partners with investors. - [Investment Approach](https://www.cambridgeassociates.com/investment-approach/): Explains the firm's value-based, diversified, long-horizon investment philosophy and how it guides portfolio construction. - [Our History](https://www.cambridgeassociates.com/our-history/): Timeline of how the firm evolved from its founding into a global investment firm serving institutions and families. - [Leadership](https://www.cambridgeassociates.com/leadership/): Directory of the firm's executive and investment leadership across client types and asset classes. - [Locations](https://www.cambridgeassociates.com/locations/): Office locations, with headquarters in Boston and offices across North America, the UK and Europe, Asia, and Oceania. - [Contact Us](https://www.cambridgeassociates.com/contact-us/): Inquiry form for prospective clients to connect with the appropriate Cambridge Associates team. ## Who We Serve - [Endowments & Foundations](https://www.cambridgeassociates.com/endowments-foundations/): How the firm manages custom portfolios for colleges, universities, foundations, and other not-for-profit organizations. - [Private Clients & Family Offices](https://www.cambridgeassociates.com/private-clients-family-offices/): Portfolio management for wealthy families and family offices focused on multi-generational wealth growth and preservation. - [Retirement, Insurance & Government](https://www.cambridgeassociates.com/retirement-insurance-government/): Customized investment programs for pension plan sponsors, insurers, and public entities, including liability-aware portfolio design. - [Healthcare Systems](https://www.cambridgeassociates.com/healthcare/): Investment services addressing the operating, liquidity, and balance-sheet considerations specific to healthcare system portfolios. ## Services and Capabilities - [Outsourced CIO (OCIO) and Discretionary Management](https://www.cambridgeassociates.com/outsourced-cio-discretionary-management/): How the firm acts as an outsourced chief investment officer with discretion over total portfolio implementation. - [Advisory Services](https://www.cambridgeassociates.com/advisory-services/): Non-discretionary advice and research for investors who want to retain decision-making authority over their portfolios. - [Asset Class Mandates](https://www.cambridgeassociates.com/asset-class-mandates/): Delegated management of a specific portion of a portfolio, such as a private investment or hedge fund program. - [Diverse Manager Investing](https://www.cambridgeassociates.com/diverse-manager-investing/): The firm's Diverse Manager Research team and its process for sourcing and evaluating diverse-owned investment managers. - [Sustainable & Impact Investing](https://www.cambridgeassociates.com/impact-investing/): Approach to building portfolios that pursue financial returns alongside environmental and social objectives. ## Asset Classes - [Private Investments](https://www.cambridgeassociates.com/private-markets-investing/): Overview of the firm's private markets platform spanning strategies, sub-asset classes, and geographies. - [Private Equity](https://www.cambridgeassociates.com/private-equity/): The firm's private equity manager research, fund selection, and global general partner network. - [Venture Capital](https://www.cambridgeassociates.com/venture-capital/): How the firm sources and evaluates venture capital funds across stages and regions. - [Co-investments](https://www.cambridgeassociates.com/coinvestments/): The firm's co-investment program and how direct deal exposure can target returns, fees, and specific exposures. - [Credit](https://www.cambridgeassociates.com/credit/): Credit Investment Group coverage of public and private credit strategies, from investment grade to high yield. - [Hedge Funds](https://www.cambridgeassociates.com/hedge-funds/): Hedge fund manager research and how the firm builds relationships with managers across strategies. - [Real Assets](https://www.cambridgeassociates.com/real-assets/): Real estate, infrastructure, and natural resources research, including early identification of emerging managers. - [Public Equities](https://www.cambridgeassociates.com/public-equities/): Global public equity manager research covered by investment teams in the US, UK, Europe, and Asia. ## Private Investment Benchmarks - [Private Investment Benchmarks](https://www.cambridgeassociates.com/private-investment-benchmarks/): Current quarterly benchmark reports for private equity, venture capital, private credit, real assets, and other private strategies. - [Private Investment Benchmarks FAQ](https://www.cambridgeassociates.com/private-investment-benchmarks-faq/): Answers on benchmark data sourcing, fund types included, calculation methods, and reporting timelines. - [Archived Benchmark Reports](https://www.cambridgeassociates.com/archived-benchmark-reports/): Historical benchmark reports for prior periods across private investment strategies. - [US PE/VC Benchmark Commentary: Calendar Year 2025](https://www.cambridgeassociates.com/insight/us-pe-vc-benchmark-commentary-calendar-year-2025/): Analysis of 2025 US private equity and venture capital returns and why the two diverged amid tech-led markets. - [A Framework for Benchmarking Private Investments](https://www.cambridgeassociates.com/insight/a-framework-for-benchmarking/): Methodology guide to evaluating private investment performance using IRR, multiples, public market equivalents, and peer comparisons. - [Private Credit Benchmarks: A User's Guide](https://www.cambridgeassociates.com/insight/private-credit-benchmarks-a-users-guide/): How limited partners can use private credit benchmarks to assess manager performance across credit strategies. - [Investment-Level Benchmarks for Private Investment Performance](https://www.cambridgeassociates.com/insight/private-investment-performance-measurement/): Introduces deal-level benchmarks as a complement to fund-level analysis for measuring private equity performance. - [Policy Benchmarking: A Guide to Best Practices](https://www.cambridgeassociates.com/insight/policy-benchmarking-guide-best-practices/): How to construct and use policy benchmarks to evaluate total portfolio performance. - [Portfolio Benchmarking: Best Practices for Private Investments](https://www.cambridgeassociates.com/insight/portfolio-benchmarking-best-practices-for-private-investments/): Why private funds take years to mature and how to measure a private investment program fairly over time. - [Ten Years of CA Operating Metrics for US Private Equity](https://www.cambridgeassociates.com/insight/us-private-equity-looking-back-looking-forward-ten-years-of-ca-operating-metrics/): Decade of company-level data on US private equity performance, revenue growth, sector results, and small-cap outcomes. ## 2026 Outlook - [2026 Outlook: Finding Value Amid the Hype](https://www.cambridgeassociates.com/insight/2026-outlook-finding-value-amid-the-hype/): Summary of the firm's 2026 economic view and 15 key positioning calls across asset classes. - [2026 Outlook: Portfolio-Wide Views](https://www.cambridgeassociates.com/insight/2026-outlook-portfolio-wide-views/): Total-portfolio guidance for 2026 on diversification, AI exposure, electricity transmission, equity risk, and the US dollar. - [2026 Outlook: Public Equity Views](https://www.cambridgeassociates.com/insight/2026-outlook-public-equity-views/): Regional equity views for 2026, including modest overweights to ex-US, developed small-cap, and Latin American stocks. - [2026 Outlook: Fixed Income Views](https://www.cambridgeassociates.com/insight/2026-outlook-fixed-income-views/): Quality-focused positioning across government bonds, credit, and private credit for 2026. - [2026 Outlook: Private Equity & Venture Capital Views](https://www.cambridgeassociates.com/insight/2026-outlook-private-equity-venture-capital-views/): Private markets portfolio construction priorities and return expectations for 2026. - [2026 Outlook: Diversifier Views](https://www.cambridgeassociates.com/insight/2026-outlook-diversifier-views/): 2026 views on hedge funds, real assets, and California Carbon Allowances as portfolio diversifiers. ## Research: Private Credit - [Private Credit Strategies: An Introduction](https://www.cambridgeassociates.com/insight/private-credit-strategies-introduction/): Primer on private credit sub-asset classes, their return drivers, and how to build and implement a private credit allocation. - [Specialty Finance Investing: A Versatile Tool for Private Credit Investors](https://www.cambridgeassociates.com/insight/specialty-finance-investing-a-versatile-tool-for-private-credit-investors/): How asset-backed and specialty finance strategies can complement a broader private credit portfolio. - [A New Era of Dispersion in Direct Lending](https://www.cambridgeassociates.com/insight/a-new-era-of-dispersion-in-direct-lending-favors-disciplined-managers/): Why widening dispersion in direct lending raises the importance of manager selection and diversification. - [Private Direct Lending or Public BDCs?](https://www.cambridgeassociates.com/insight/private-direct-lending-or-public-bdcs-guidance-for-pension-plan-sponsors/): Comparison of private direct lending funds and public business development companies for pension plan sponsors. - [Private Credit After the First Brands and Tricolor Bankruptcies](https://www.cambridgeassociates.com/insight/do-the-recent-bankruptcies-of-first-brands-and-tricolor-suggest-trouble-ahead-in-private-credit/): The firm's view on whether two high-profile bankruptcies signal systemic risk in private credit markets. - [The Private Credit Playbook for Family Investors](https://www.cambridgeassociates.com/insight/the-private-credit-playbook-understanding-opportunities-for-family-investors/): How private families can use private credit for asset-protected returns and faster capital deployment. - [Infrastructure Debt: Understanding the Opportunity](https://www.cambridgeassociates.com/insight/infrastructure-debt-understanding-the-opportunity/): Return, cash flow, and diversification characteristics of infrastructure debt for institutional portfolios. - [Trade Finance: An Expanding Opportunity](https://www.cambridgeassociates.com/insight/trade-finance-an-expanding-opportunity-for-institutional-investors/): Liquidity, return, and risk profile of trade finance strategies for institutional investors. ## Research: Private Equity, Venture Capital, and Co-investments - [Six Things to Know About Co-investments](https://www.cambridgeassociates.com/insight/six-things-to-know-about-co-investments/): Answers to six common questions on how co-investing works and its benefits for general and limited partners. - [A Look Inside Our Co-Investment Playbook](https://www.cambridgeassociates.com/insight/a-look-inside-our-co-investment-playbook/): Three key takeaways from the firm's approach to co-investing for institutions and private clients. - [Seven Things to Know About the Private Equity Secondary Market](https://www.cambridgeassociates.com/insight/seven-things-investors-should-know-about-the-private-equity-secondary-market/): Answers to seven key questions on how PE secondary funds work and what they offer investors. - [When Secondaries Should Come First](https://www.cambridgeassociates.com/insight/when-secondaries-should-come-first/): Comparison of secondary funds and funds-of-funds on cash flow and performance for building private portfolios. - [Declaring a Major: Sector-Focused Private Investment Funds](https://www.cambridgeassociates.com/insight/declaring-a-major-sector-focused-private-investment-funds/): Research comparing sector-specialist and generalist private equity fund performance, with portfolio construction implications. - [Growth Equity: It's All About the Growth](https://www.cambridgeassociates.com/insight/growth-equity-turns-out-its-all-about-the-growth/): Analysis of growth equity returns, revenue growth, and valuations relative to venture capital and buyouts. - [Blockchain and Crypto Venture Capital Funds](https://www.cambridgeassociates.com/insight/blockchain-and-crypto-vc-funds/): Market dynamics of crypto assets and considerations for including blockchain-focused VC funds in portfolios. ## Research: Real Assets and Diversifiers - [Powering the Future: Infrastructure Trends and Portfolio Impact](https://www.cambridgeassociates.com/insight/powering-the-future-infrastructure-trends-performance-and-portfolio-impact/): Infrastructure investment themes, performance history, risks, and the asset class's role within portfolios. - [Are California Carbon Allowances an Attractive Investment?](https://www.cambridgeassociates.com/insight/are-california-carbon-allowances-an-attractive-investment/): The case for California Carbon Allowances as an investment, including the policy risks involved. - [Climate Solutions Investing](https://www.cambridgeassociates.com/insight/climate-solutions-investing/): How investors can build diversified climate solutions exposure across public and private asset classes. - [Liquid Diversifiers for Today's Institutional Challenges](https://www.cambridgeassociates.com/insight/liquid-diversifiers-for-todays-institutional-challenges/): How liquid diversifying strategies can add uncorrelated returns and liquidity to institutional portfolios. - [A More Appealing Environment for Equity Long/Short](https://www.cambridgeassociates.com/insight/a-more-appealing-environment-for-equity-long-short-strategies/): Factors the firm believes should improve return prospects for equity long/short hedge fund strategies. - [Is Trend-Following Structurally Broken?](https://www.cambridgeassociates.com/insight/does-trend-followings-recent-struggle-signal-that-the-strategy-is-structurally-broken/): Why the firm views recent trend-following underperformance as cyclical rather than structural. ## Research: Portfolio Strategy and Markets - [VantagePoint: Strategic Portfolio Construction in a Changing World](https://www.cambridgeassociates.com/insight/vantagepoint-strategic-portfolio-construction-in-a-changing-world/): Core principles of disciplined, diversified, long-term portfolio construction and how to adapt them to change. - [The Complex Relationship Between Inflation and Asset Prices](https://www.cambridgeassociates.com/insight/the-complex-relationship-between-inflation-and-asset-prices/): Decades of data on how equities, bonds, commodities, and other assets respond to inflation. - [Portfolio Liquidity](https://www.cambridgeassociates.com/insight/portfolio-liquidity/): Guidance on liquidity stress testing and sizing private investment allocations ahead of market downturns. - [Over the Long Term, Diversification Still Wins](https://www.cambridgeassociates.com/insight/long-term-diversification-still-wins/): Historical comparison of diversified portfolios versus simple stock and bond portfolios over 20 years. - [Manager Sizing With Active Risk](https://www.cambridgeassociates.com/insight/improving-investment-returns-manager-sizing-with-active-risk/): A method for sizing manager allocations by active risk to align position size with conviction. - [AI's Far Reach in Shaping Asset Allocation](https://www.cambridgeassociates.com/insight/ais-far-reach-in-shaping-asset-allocation-opportunities/): Opportunities, risks, and implementation considerations artificial intelligence creates for asset allocation. - [Has AI Made Market Concentration Less Risky?](https://www.cambridgeassociates.com/insight/has-artificial-intelligence-made-market-concentration-less-risky/): The firm's view on whether AI-driven gains justify today's concentrated US equity market. - [Does the Iran War Change Our View on the US Dollar?](https://www.cambridgeassociates.com/insight/does-the-iran-war-change-our-view-on-the-us-dollar/): Why the firm still sees multi-year downside risk for the US dollar despite Middle East conflict. - [VantagePoint: What to Do About the US Dollar?](https://www.cambridgeassociates.com/insight/vantagepoint-what-to-do-about-the-us-dollar/): Historical context on the dollar, the case for a multi-year bear market, and ways to reduce exposure. - [VantagePoint: Asian Equities Revisited](https://www.cambridgeassociates.com/insight/vantagepoint-asian-equities-revisited/): Update on developments in Asian equity markets and where the firm sees the most compelling opportunities. - [Portfolio Protection: Challenges with Equity Put Options](https://www.cambridgeassociates.com/insight/portfolio-protection-challenges-with-equity-put-options/): Limits of equity put options for downside protection, plus alternative hedging approaches. ## Research: Endowments, Foundations, and Governance - [The Foundation of Good Governance](https://www.cambridgeassociates.com/insight/good-governance/): Governance practices for endowment investment committees, covering oversight, fiduciary duty, and committee structure. - [Endowment Radar Study 2025: A Widening Divide](https://www.cambridgeassociates.com/insight/endowment-radar-study-2025-a-widening-divide/): Research on the growing financial gap between well-endowed and less-endowed colleges and universities. - [Endowment Radar Study 2024: Why Colleges Have Endowments](https://www.cambridgeassociates.com/insight/endowment-radar-study-2024-why-colleges-and-universities-have-endowments/): How endowment spending funds teaching and research and the headwinds facing that model. - [Higher Endowment Spending Needed for Some](https://www.cambridgeassociates.com/insight/higher-endowment-spending/): Survey of 104 endowments and foundations on spending policy adherence and pressure to spend more. - [Endowment Governance: Aligning Foundation Investments and Mission](https://www.cambridgeassociates.com/insight/endowment-governance-aligning-foundation-investments-and-mission/): Governance structures for developing and overseeing a mission-aligned foundation investment program. - [The Work of a Lifetime: Spend-Down Funds](https://www.cambridgeassociates.com/insight/the-work-of-a-lifetime-spend-down-funds/): History, governance, and asset allocation considerations for institutions and families spending down assets. - [Community Foundations: The Power of Aggregated Capital](https://www.cambridgeassociates.com/insight/community-foundations-the-power-of-aggregated-capital/): How community foundations can apply the endowment model to pooled philanthropic capital. - [The Divestment Question: Focus on Governance](https://www.cambridgeassociates.com/insight/the-divestment-question-focus-on-governance/): A governance-based decision process for institutions weighing divestment. - [Mission Critical: Healthcare System Investments](https://www.cambridgeassociates.com/insight/mission-critical-maximizing-the-impact-of-hospital-investments/): Asset allocation and portfolio strategy for healthcare systems facing operating and financial pressure. ## Research: Pensions and Retirement - [Pension Risk Management](https://www.cambridgeassociates.com/insight/pension-risk-management/): Liability-driven investing framework and risk budgeting approach for defined benefit plans. - [Constructing a Liability Hedging Portfolio](https://www.cambridgeassociates.com/insight/liability-hedging-portfolio/): Best practices for designing and implementing liability hedging portfolios for US pension plans. - [Liability-Hedging Handbook for US Pension Plans](https://www.cambridgeassociates.com/insight/liability-hedging-handbook-a-guide-to-best-practices-for-us-pension-plans/): Detailed handbook on liability hedging portfolio construction, risk management, and implementation. - [The Pension (Re)volution: Hybrid Retirement Plans](https://www.cambridgeassociates.com/insight/the-pension-revolution/): How hybrid plan designs can improve retirement savings outcomes relative to traditional structures. ## Research: Private Families and Wealth - [Portfolio Construction: A Blueprint for Private Families](https://www.cambridgeassociates.com/insight/portfolio-construction-private-families/): Key factors and special considerations in building investment portfolios for private investors and wealthy families. - [Investment Governance for Families](https://www.cambridgeassociates.com/insight/investment-governance-creating-a-framework-that-works-for-a-family/): How families can define objectives and build an investment decision-making framework. - [A Wealth Management Cost Framework for Families](https://www.cambridgeassociates.com/insight/determining-the-right-price-a-wealth-management-cost-framework-for-families/): Framework for evaluating wealth management costs against a family's service needs and goals. - [No Surprises: Managing Risk in Family Portfolios](https://www.cambridgeassociates.com/insight/no-surprises-managing-risk-in-family-portfolios/): Four components of family portfolio risk management: strategic risk, implementation, monitoring, and communication. - [Liquidity Hazard Planning for Families of Wealth](https://www.cambridgeassociates.com/insight/liquidity-hazard-planning-for-families-of-wealth/): Practices for monitoring illiquid holdings, spending needs, and currency exposure to manage family liquidity risk. - [How Munis Fit Within a Diversification Strategy](https://www.cambridgeassociates.com/insight/how-munis-fit/): The role of municipal bonds versus cash and Treasuries in US private family portfolios. - [From Founder to Investor](https://www.cambridgeassociates.com/insight/from-founder-to-investor/): Guidance for founders transitioning after a business sale, including building a family office. - [Philanthropy and Impact Investing for Families](https://www.cambridgeassociates.com/insight/unblurring-the-boundary-between-philanthropy-and-impact-investing-for-families/): How families can distinguish philanthropy from impact investing and approach each. ## Optional - [Insights Hub](https://www.cambridgeassociates.com/our-insights/): Index of the firm's latest research, commentary, and events. - [Endowments & Foundations Insights](https://www.cambridgeassociates.com/insights/endowments-foundations/): Research collection for nonprofit and institutional endowment investors. - [Private Investments Insights](https://www.cambridgeassociates.com/insights/private-investments/): Research collection on private equity, venture capital, credit, and real assets. - [Private Clients & Family Offices Insights](https://www.cambridgeassociates.com/insights/private-clients-family-offices/): Research collection for wealthy families and family offices. - [CA Institute](https://www.cambridgeassociates.com/ca-institute/): The firm's peer research community for endowments, foundations, institutional investors, and families. - [Client Story: Weingart Foundation](https://www.cambridgeassociates.com/client-stories/weingart-foundation/): How a foundation aligned its $850 million portfolio with its mission. - [Client Story: The Fakhouri Family](https://www.cambridgeassociates.com/client-stories/the-fakhouri-family/): A family client's experience with multi-generational wealth management. - [Client Story: HKUST](https://www.cambridgeassociates.com/client-stories/hkust/): How a Hong Kong university developed climate investment strategies with the firm. - [Sustainability and ESG Investment Policy](https://www.cambridgeassociates.com/sustainability-and-esg-investment-policy/): How the firm integrates sustainability and ESG considerations into its investment philosophy. - [Stewardship and Engagement Policy](https://www.cambridgeassociates.com/stewardship-and-engagement-policy/): How the firm engages asset managers and promotes stewardship best practices. - [Unseen Upside Podcast](https://www.cambridgeassociates.com/unseenupside/): Podcast on investments beyond returns and the investors behind emerging innovations. - [Events](https://www.cambridgeassociates.com/events/): Upcoming webinars and conferences featuring the firm's investment professionals. - [News](https://www.cambridgeassociates.com/news-pr/): Firm news, press releases, and media coverage. - [Careers](https://www.cambridgeassociates.com/careers/): Career opportunities, groups, and culture at Cambridge Associates. - [Cambridge Associates Europe](https://www.cambridgeassociates.com/en-eu/): English-language edition for UK and European investors. - [Cambridge Associates Asia](https://www.cambridgeassociates.com/en-as/): English-language edition for investors in Asia. - [Cambridge Associates Deutschland](https://www.cambridgeassociates.com/de/): German-language edition for investors in Germany.