BOSTON (November 6, 2018) – Cambridge Associates, the global investment firm, announced that it has completed the final close of a transaction in which several of its clients purchased minority interests in the firm.
The roster of nine new minority client investors was led by Sofina S.A., a Belgium-based, family-run and -controlled investment company that has been a Cambridge Associates client for over a decade. Cambridge announced the initial agreement with Sofina in May.
Other Cambridge Associates clients that purchased minority stakes in the firm via the now-completed transaction include: Inasmuch Foundation; the Anna-Maria and Stephen Kellen Foundation, Inc.; the Julie and Sebastien Lepinard family; Sutton Place and a pioneering family office in Mainland China. Three other client investors have chosen to remain confidential.
“We are sincerely honored that clients not only select us as their investment partner, but also choose to invest in our future and business strategy,” said Cambridge Associates CEO David Druley. “It is gratifying that our client shareholders share our core values and appreciate our long-term approach — our focus on delivering outstanding investment results while remaining aligned with clients’ best interests.”
Cambridge Associates’ management team and business strategy will not change as a result of the transaction and senior employees remain significant shareholders in the firm as well, said Druley, who joined Cambridge in 2003 and became CEO in 2016. Two clients who have held minority positions for 20 years – the Hall family of Hallmark Cards, Inc. and the Rothschild family – remain minority investors. Bridget Macaskill, the firm’s non-executive independent chair of the Board, also took a minority stake via the transaction, Druley said.
The firm, founded in 1973, manages portfolios for endowments, foundations, pensions, hospitals and private clients. Its founders, who have held minority stakes in the company, participated in the transaction for legacy planning and to fund philanthropic initiatives.
“We are thrilled, and humbled, that the transaction has been so successful and that a group of premier investors, who are clients, were highly motivated to purchase minority equity positions in Cambridge Associates,” Druley said.
About Cambridge Associates
Cambridge Associates is a leading global investment firm. We aim to help endowments & foundations, pension plans, and private clients implement and manage custom investment portfolios that generate outperformance so they can maximize their impact on the world. Working alongside its early clients, among them leading university endowments, the firm pioneered the strategy of high-equity orientation and broad diversification, which since the 1980s has been a primary driver of performance for institutional investors. Cambridge Associates delivers a range of services, including outsourced CIO, non-discretionary portfolio management, and investment advisory services.
Cambridge Associates maintains offices in Boston; Arlington, VA; Beijing; Dallas; London; Menlo Park, CA; New York; San Francisco; Singapore; and Sydney. Cambridge Associates consists of five global investment affiliates that are all under common ownership and control. For more information, please visit www.cambridgeassociates.com.