Insights

Germany’s Fiscal Boost Remains a Tailwind Despite Near-Term Risks

German equities entered 2025 with strong momentum, supported in part by a sharp shift in Germany’s fiscal outlook. After years of underinvestment, the government announced materially higher spending on infrastructure and defense. However, that momentum faded through 2025 into 2026, and German equities stalled (Figure 1). Slow implementation of the announced fiscal packages, limited exposure […]

April 2026

Endowment Radar Study 2025: A Widening Divide

Endowments are more than just financial reserves—they are strategic resources that empower higher education institutions to navigate and adapt to mounting political and operational pressures. The 2025 Endowment Radar Study reveals a widening divide: well-endowed institutions have more capacity to deliver their mission, while those with smaller endowments face growing financial vulnerability. The Endowment Radar […]

March 2026

Sustainable Investing in Focus: Green Horizons or Gridlocked

In the third episode of Sustainable Investing in Focus, Simon Hallett, Head of Climate Strategy, and Antonella Amatulli, Senior Investment Director, discuss key themes from a recent Cambridge Associates event, Green Horizons or Gridlocked: Challenges & Opportunities in Europe’s Energy Transition. Their conversation explores Europe’s “electrotech revolution,” highlighting both the region’s competitive strengths and one […]

March 2026

Does the Iran War Change Our View on the US Dollar?

No, we continue to believe the US dollar faces meaningful downside risks over the next few years and recommend that investors remain underweight the dollar in portfolios. While the US dollar could appreciate further in the near term if the conflict in Iran intensifies and oil prices continue to rise, the situation in the Middle […]

March 2026

Will the Iran Conflict Trigger a Pandemic-Style Inflation Spike?

No, we do not think this is the likely outcome. While the path forward is highly uncertain, several key factors—including the typically limited pass-through of energy price increases to broader inflation, the possibility that the conflict remains short-lived, and the unique circumstances behind the 2021–22 inflation surge—suggest that a repeat of pandemic-era inflation is unlikely. […]

March 2026

The Biggest Mistake Investors Make When Building a Venture Capital Portfolio

In this episode of “How I Invest,” host David Weisburd sits down with Michael Larsen, Partner at Cambridge Associates, to discuss the nuanced challenges and opportunities in venture capital portfolio construction. Drawing on decades of experience advising leading institutions and family offices, Michael explores why venture portfolios behave differently from other asset classes and highlights […]

March 2026

Should Credit Investors Be Concerned About Rising AI-Related Debt Issuance?

Yes. Credit investors should be concerned about rising artificial intelligence (AI)-related debt issuance for several reasons. Credit spreads are near historic lows and are likely to face pressure from surging bond supply, of which AI-related investment is just one driver. Fundamentals look healthy for most so-called “hyperscalers,” but other companies may see a concerning rise […]

March 2026

A Look Inside Our Co-Investment Playbook: Top 3 Takeaways

The co-investment landscape has transformed significantly over the past decade. Once the domain of only the largest LPs, co-investment opportunities are now more widely available and have become a common feature in private markets portfolios. At Cambridge Associates, we’ve witnessed this evolution firsthand. We’re excited to share a few key insights from our own playbook […]

March 2026