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Solvency Beyond Relief: Unlocking the Full Potential of SFA Program Assets

The American Rescue Plan Act of 2021 (ARPA) included substantial relief funds for the most troubled US multiemployer pension plans through its Special Financial Assistance (SFA) program. The SFA program was created to help seriously underfunded multiemployer pension plans maintain solvency through 2051. Multiemployer pension plans receiving SFA funds now have a unique opportunity to […]

November 2022

Endowment Governance: Aligning Foundation Investments and Mission

Where Do We Start? An institution considering initiating or adding to a mission-aligned investing strategy must first define its objectives. Next, it should evaluate the available approaches and tools on portfolio structure, impact, and performance expectations. Any planned changes must be balanced with the need to continue support for ongoing operations and grantmaking activities. Drawing […]

November 2022

Right-Sizing Private Investments for the Evolving Pension

Most defined benefit plans—including public, multi-employer, and even frozen corporate plans—can benefit from private investment (PI) strategies. It is fairly common knowledge that private investments offer important value in the form of increased expected investment returns, and that they can be instrumental in improving funded status and achieving other plan goals. Despite this, many plan […]

September 2022

Implementing a Sustainable and Impact Investing Strategy – A Family Perspective

In the second of our two-part series on philanthropy and sustainable investing, we take a closer look at portfolio implementation best practices for families. In doing so, we outline how families may wish to identify opportunities within sustainable and impact investing (SII) themes. We discuss the broad opportunity set, how to construct and then actively […]

August 2022

Unblurring the Boundary Between Philanthropy and Impact Investing for Families

In engaging with our family clients around the world, we are often asked for views on two related topics – how to think about philanthropy versus impact investing and how to best implement a socially and/or environmentally impactful investment strategy. Whilst common themes transcend these topics, each is distinct, and, as such, we will outline […]

August 2022

Endowment Radar Study 2021: A Growing Role

Endowment Radar is a methodology that Cambridge Associates developed to visually evaluate the endowment’s role in the college and university enterprise. The four components of Endowment Radar measure the endowment’s impact on budget funding (Endowment Dependence), pricing strategy (Endowment Support-to-Financial Aid), balance sheet health (Endowment-to-Debt), and an indicator of future purchasing power (Net Flow Rate). […]

April 2022

The Other E in ESG Accelerates: Engagement by Shareholders

In the midst of heightened awareness of systemic risks in climate change and social inequality, many investors concerned about long-term portfolio resilience have used their voice to seek change that benefits all investors and the broader system. We expect investors will adopt active engagement practices to a greater extent in 2022, assuming significant policy changes around climate and social issues do not materialize. 

December 2021