Endowments & Foundations
We have worked with endowments and foundations for more than 40 years, and we’re proud to be associated with so many institutions that are making the world a better place.
We understand the investment challenges non-profit investors face. We also believe that every institution is different. That’s why our investment teams work to understand each client’s needs and to build a customized portfolio, aligning the portfolio with each client’s long-term investment objectives, risk tolerances, liquidity needs, and other enterprise considerations.
We have experienced investors operating in key financial hubs around the world to source and evaluate opportunities — including many types of alternative assets — with the goal of delivering the best investment ideas to our clients. We also leverage our market presence and scale to negotiate favorable terms and fees with managers, often creating a net reduction in overall fees paid. To increase alignment with our clients, we do not offer our own proprietary off-the-shelf investment products or accept payments by managers for recommending their products.
Services We Offer
Outsourced CIO
For Investment Committees who want to delegate day-to-day portfolio management decisions, our discretionary outsourced CIO (OCIO) model seeks to replicate the best practices of leading in-house investment offices. We are responsible for portfolio strategy, implementation, day-to-day management, and operations, allowing the committee to focus its time on investment policy, spending, and other tasks where members can have the highest impact as fiduciaries. Our OCIO clients are served by CA Capital Management.
Non-Discretionary Portfolio Management
For organizations with Investment Committees who want to retain final decision-making on all investment decisions, our investment teams will provide proactive and decisive recommendations on asset allocation, portfolio structure, and manager selection — all subject to approval by the Committee. Investment teams include expertise on all relevant asset classes.
Staff Extension
For organizations with significant investment staff, we design a coverage structure to augment their in-house staff, bringing our expertise and manager relationships across asset classes or in specific asset classes only.
Asset Class Mandates
For organizations that want to leverage our expertise in a single asset class — including private investments, hedge funds, real assets, private credit, or co-investing — we develop a program within a specific asset class either on a discretionary or non-discretionary basis that meets their investment objectives.
Latest Research
Mission Critical: Maximizing the Impact of Hospital Investments
The past few decades have been generally favorable for hospitals; inexpensive debt, solid revenue growth, and consolidation have fueled the accumulation of sizable capital pools.…
Read More »
Should Fixed Income Derivatives Play a Role in Liability Hedging for Pension Plans?
Yes. Since fixed income derivatives are more capital efficient and flexible than physical bonds, they can play a key role in liability hedging for many corporate and other single-employer pension plans.
Read More »
Liability-Hedging Handbook: A Guide to Best Practices for US Pension Plans
For many pension plans, investment strategy is often structured with a liability-hedging portfolio and a growth portfolio, with the weight and composition of each determined…
Read More »
A Balancing Act: Strategies for Financial Executives in Managing Pension Risk
As pressures on pensions mount, we believe financial executives are best served by re-evaluating major decisions in terms of the true tools at their disposal. In this paper we review four levers that are fundamental drivers of pension costs and outcomes: asset returns, liability hedging, contribution policy, and benefit management. Balancing these levers is critical to enabling greater probability of success in managing pension risk, and we introduce a framework for chief financial officers and other financial executives to use in doing so.
Read More »
Harvesting the Potential of Private Investments
In the November 2017 issue of Benefits Magazine, which covers benefit issues affecting multiemployer, single employer and public plan representatives, senior investment director and investment…
Read More »
Private Credit Strategies: An Introduction
Private credit offers distinct advantages and appeal in a low return environment, but investors should be aware that behind the name is a diverse array of strategies, some more familiar to institutional investors than others, each with idiosyncratic risks. In this report, we describe the broad array of private credit strategies and position them along the risk/return spectrum, review the investment process, discuss expectations for the performance of these strategies in various parts of the economic cycle, and highlight some key risks for investors to consider.
Read More »
Can College and University Endowments Do More?
Recent policy proposals assume endowments can do more to reduce the reliance on student revenue, and thus the cost of a college education. These proposals aim to shift more endowment wealth to current student beneficiaries. Our analysis shows that while well intentioned, these proposals will affect endowment and organizational stability and intergenerational equity. While endowments may be able to do more to support the enterprise and thus lower the cost of attendance, considering the implications of current policy proposals is critical, as is examining other strategies that could address current pricing concerns.
Read More »
A Stronger Union: Addressing the Unique Investment Challenges of Multiemployer Defined Benefit Plans
Adaptive and sophisticated strategies are necessary to serve the unique features, constraints, and needs of multiemployer plans. In this note, we explore some of the key challenges that many multiemployer plans face, discuss how to invest in light of these challenges, and provide thoughts on governance and the overall role of the investment advisor in the multiemployer context.
Read More »
Mission-Related Investing: Current Practices and Views of Non-Profit Investors
Investor approaches to mission-related investing (MRI) are as varied as the social and environmental outcomes they seek to achieve. This survey report explores trends in the structure and implementation of MRI programs, investor motivations and perceived challenges, and expectations for future growth in MRI investment activity, based on responses from 159 non-profit clients, 50 of which are actively making mission-related investments.
Read More »
Mission Critical: Maximizing the Impact of Hospital Investments
The past few decades have been generally favorable for hospitals; inexpensive debt, solid revenue growth, and consolidation have fueled the accumulation of sizable capital pools.…
Read More »
Should Fixed Income Derivatives Play a Role in Liability Hedging for Pension Plans?
Yes. Since fixed income derivatives are more capital efficient and flexible than physical bonds, they can play a key role in liability hedging for many corporate and other single-employer pension plans.
Read More »
Liability-Hedging Handbook: A Guide to Best Practices for US Pension Plans
For many pension plans, investment strategy is often structured with a liability-hedging portfolio and a growth portfolio, with the weight and composition of each determined…
Read More »
A Balancing Act: Strategies for Financial Executives in Managing Pension Risk
As pressures on pensions mount, we believe financial executives are best served by re-evaluating major decisions in terms of the true tools at their disposal. In this paper we review four levers that are fundamental drivers of pension costs and outcomes: asset returns, liability hedging, contribution policy, and benefit management. Balancing these levers is critical to enabling greater probability of success in managing pension risk, and we introduce a framework for chief financial officers and other financial executives to use in doing so.
Read More »
Harvesting the Potential of Private Investments
In the November 2017 issue of Benefits Magazine, which covers benefit issues affecting multiemployer, single employer and public plan representatives, senior investment director and investment…
Read More »
Private Credit Strategies: An Introduction
Private credit offers distinct advantages and appeal in a low return environment, but investors should be aware that behind the name is a diverse array of strategies, some more familiar to institutional investors than others, each with idiosyncratic risks. In this report, we describe the broad array of private credit strategies and position them along the risk/return spectrum, review the investment process, discuss expectations for the performance of these strategies in various parts of the economic cycle, and highlight some key risks for investors to consider.
Read More »
Can College and University Endowments Do More?
Recent policy proposals assume endowments can do more to reduce the reliance on student revenue, and thus the cost of a college education. These proposals aim to shift more endowment wealth to current student beneficiaries. Our analysis shows that while well intentioned, these proposals will affect endowment and organizational stability and intergenerational equity. While endowments may be able to do more to support the enterprise and thus lower the cost of attendance, considering the implications of current policy proposals is critical, as is examining other strategies that could address current pricing concerns.
Read More »
A Stronger Union: Addressing the Unique Investment Challenges of Multiemployer Defined Benefit Plans
Adaptive and sophisticated strategies are necessary to serve the unique features, constraints, and needs of multiemployer plans. In this note, we explore some of the key challenges that many multiemployer plans face, discuss how to invest in light of these challenges, and provide thoughts on governance and the overall role of the investment advisor in the multiemployer context.
Read More »
Mission-Related Investing: Current Practices and Views of Non-Profit Investors
Investor approaches to mission-related investing (MRI) are as varied as the social and environmental outcomes they seek to achieve. This survey report explores trends in the structure and implementation of MRI programs, investor motivations and perceived challenges, and expectations for future growth in MRI investment activity, based on responses from 159 non-profit clients, 50 of which are actively making mission-related investments.
Read More »
Contact Us
We have been working with endowments, charities, and foundations for more than 40 years, and we’re proud to be associated with so many institutions that are making the world a better place.
We believe that every institution is different and understand the investment challenges non-profit investors face. Our dedicated E&F investment teams build customised portfolios to align with each client’s long-term investment objectives, risk tolerances, and liquidity needs.
With deep expertise in alternative assets, mission-related investing and governance issues, we bring the needed resources to bear and deliver the portfolio that’s right for each client. Our enterprise advisory group specialises in linking enterprise factors like governance, finance, and fundraising to the investment portfolio to help inform good investment decisions — supported by decades of peer data and best practices.
Our global footprint enables us to uncover areas of significant investment potential in diverse alternative assets including private equity, venture capital, and real assets, while our scale allows us to negotiate competitive terms that benefit our clients. For four decades, we have built a network of established and promising new managers for one simple objective: to get access to the best investment managers for each client’s unique needs.
The relationships we build are grounded in an alignment of interests with our clients. We don’t offer proprietary investment products or have financial relationships with managers for recommending their products.
Services We Offer
Portfolio Management
In building and managing a total portfolio, we work in either a fully discretionary or non-discretionary basis. Under our discretionary (OCIO) model, we are responsible for portfolio strategy, implementation, day-to-day management, and operations. Under a non-discretionary arrangement, we are responsible for day-to-day oversight of the portfolio, providing directive recommendations on asset allocation, portfolio structure, and manager selection — all subject to approval by the client.
Asset Class Mandates
With investment expertise across asset classes and specialised resources in alternative assets, we can manage a portion of a portfolio, such as private equity, private credit, co-investments, hedge funds, real assets, or other asset classes. As with our total portfolio management services, portfolio management of asset class mandates is available on either a discretionary or non-discretionary basis.
Staff Extension
We partner closely with organisations that have significant investment staff to complement and augment their in-house resources. In this capacity, we provide our expertise and manager relationships across asset classes, or in specific asset classes, and act as a sounding board for investment ideas.
Latest Research
Outlook 2019: More Risk for Less Return?
Although we are more cautious heading into 2019 than we were 12 months ago, we still think a roughly neutral allocation to risk assets is the right approach.
Read More »
Gender Lens Investing: Impact Opportunities Through Gender Equity
With a gender lens framework, investors can positively impact gender imbalances via their portfolio management choices; this paper provides tangible investment themes and implementable strategies.
Read More »
Mission-Related Investing: Current Practices and Views of Non-Profit Investors
Investor approaches to mission-related investing (MRI) are as varied as the social and environmental outcomes they seek to achieve. This survey report explores trends in the structure and implementation of MRI programs, investor motivations and perceived challenges, and expectations for future growth in MRI investment activity, based on responses from 159 non-profit clients, 50 of which are actively making mission-related investments.
Read More »
Alternative Risk Premia Funds: An Attractive Diversifier? (Sterling Edition)
Elevated equity market valuations and potentially rising bond yields suggest the return environment for traditional risk assets could be difficult. Faced with this challenge, institutional…
Read More »
Should Investors Consider Co-Investing?
Yes. At a minimum, investors should consciously consider it. The co-investment “craze” isn’t going away anytime soon—we estimate co-investing currently accounts for nearly one-third of all private investment activity—and there are structural reasons why it will continue, as we will discuss.
Read More »
Outlook 2019: More Risk for Less Return?
Although we are more cautious heading into 2019 than we were 12 months ago, we still think a roughly neutral allocation to risk assets is the right approach.
Read More »
Gender Lens Investing: Impact Opportunities Through Gender Equity
With a gender lens framework, investors can positively impact gender imbalances via their portfolio management choices; this paper provides tangible investment themes and implementable strategies.
Read More »
Mission-Related Investing: Current Practices and Views of Non-Profit Investors
Investor approaches to mission-related investing (MRI) are as varied as the social and environmental outcomes they seek to achieve. This survey report explores trends in the structure and implementation of MRI programs, investor motivations and perceived challenges, and expectations for future growth in MRI investment activity, based on responses from 159 non-profit clients, 50 of which are actively making mission-related investments.
Read More »
Alternative Risk Premia Funds: An Attractive Diversifier? (Sterling Edition)
Elevated equity market valuations and potentially rising bond yields suggest the return environment for traditional risk assets could be difficult. Faced with this challenge, institutional…
Read More »
Should Investors Consider Co-Investing?
Yes. At a minimum, investors should consciously consider it. The co-investment “craze” isn’t going away anytime soon—we estimate co-investing currently accounts for nearly one-third of all private investment activity—and there are structural reasons why it will continue, as we will discuss.
Read More »
Contact Us
We have worked with endowments and foundations for more than 40 years, and we’re proud to be associated with so many institutions that are making the world a better place.
We understand the investment challenges non-profit investors face. We also believe that every institution is different. That’s why our investment teams work to understand each client’s needs and to build a customized portfolio, aligning the portfolio with each client’s long-term investment objectives, risk tolerances, liquidity needs, and other enterprise considerations.
We have experienced investors operating in key financial hubs around the world to source and evaluate opportunities — including many types of alternative assets — with the goal of delivering the best investment ideas to our clients. We also leverage our market presence and scale to negotiate favorable terms and fees with managers, often creating a net reduction in overall fees paid. To increase alignment with our clients, we do not offer our own proprietary off-the-shelf investment products or accept payments by managers for recommending their products.
Services We Offer
Outsourced CIO
For Investment Committees who want to delegate day-to-day portfolio management decisions, our discretionary outsourced CIO (OCIO) model, which seeks to replicate the best practices of leading in-house investment offices. We are responsible for portfolio strategy, implementation, day-to-day management, and operations, allowing the committee to focus its time on investment policy, spending, and other tasks where members can have the highest impact as fiduciaries. Our OCIO clients are served by CA Capital Management.
Non-Discretionary Portfolio Management
For organizations with Investment Committees who want to retain final decision-making on all investment decisions, our investment teams will provide proactive and decisive recommendations on asset allocation, portfolio structure, and manager selection — all subject to approval by the Committee. Investment teams include expertise on all relevant asset classes.
Staff Extension
For organizations with significant investment staff, we design a coverage structure to augment their in-house staff, bringing our expertise and manager relationships across asset classes or in specific asset classes only.
Single Asset Mandates
For organizations that want to leverage our expertise in a single asset class — including private investments, hedge funds, real assets, private credit, or co-investing — we develop a program within a specific asset class either on a discretionary or non-discretionary basis that meets their investment objectives.
Latest Research
Will the Addition of Chinese A-shares to MSCI’s Global Indexes Trigger an A-Share Rally?
No, MSCI index inclusion will not trigger a bull market in Chinese A-shares.* Given the very modest initial weights and the lack of clarity on future increases, we doubt that index-driven flows will drive share prices meaningfully higher.
Read More »
Trade Finance: An Expanding Opportunity for Institutional Investors
While trade finance is among the oldest forms of institutionalized credit, it has only recently become an accessible market for most institutional investors. Providing high…
Read More »
VantagePoint: Second Quarter 2018
Advice in Brief The global economy and capital markets are constantly evolving. From the industrial revolution in the 1700s, to information technology in the last…
Read More »
Will the Addition of Chinese A-shares to MSCI’s Global Indexes Trigger an A-Share Rally?
No, MSCI index inclusion will not trigger a bull market in Chinese A-shares.* Given the very modest initial weights and the lack of clarity on future increases, we doubt that index-driven flows will drive share prices meaningfully higher.
Read More »
Trade Finance: An Expanding Opportunity for Institutional Investors
While trade finance is among the oldest forms of institutionalized credit, it has only recently become an accessible market for most institutional investors. Providing high…
Read More »
VantagePoint: Second Quarter 2018
Advice in Brief The global economy and capital markets are constantly evolving. From the industrial revolution in the 1700s, to information technology in the last…
Read More »
Contact Us
We have worked with endowments and foundations for more than 40 years, and we’re proud to be associated with so many institutions that are making the world a better place.
We understand the investment challenges non-profit investors face. We also believe that every institution is different. That’s why our investment teams work to understand each client’s needs and to build a customised portfolio, aligning the portfolio with each client’s long-term investment objectives, risk tolerances, liquidity needs, and other enterprise considerations.
We have experienced investors operating in key financial hubs around the world to source and evaluate opportunities — including many types of alternative assets — with the goal of delivering the best investment ideas to our clients. We also leverage our market presence and scale to negotiate favourable terms and fees with managers, often creating a net reduction in overall fees paid. To increase alignment with our clients, we do not offer our own proprietary off-the-shelf investment products or accept payments by managers for recommending their products.
Services We Offer
Outsourced CIO
For Investment Committees who want to delegate day-to-day portfolio management decisions, our discretionary outsourced CIO (OCIO) model seeks to replicate the best practices of leading in-house investment offices. We are responsible for portfolio strategy, implementation, day-to-day management, and operations, allowing the committee to focus its time on investment policy, spending, and other tasks where members can have the highest impact as fiduciaries. We build customised portfolios for our OCIO clients and do not offer commingled client investment solutions such as fund-of-funds.
Non-Discretionary Portfolio Management
For organisations with Investment Committees who want to retain final decision-making on all investment decisions, our investment teams will provide proactive and decisive recommendations on asset allocation, portfolio structure, and manager selection — all subject to approval by the Committee. Investment teams include expertise on all relevant asset classes.
Staff Extension
For organisations with significant investment staff, we design a coverage structure to augment their in-house staff, bringing our expertise and manager relationships across asset classes or in specific asset classes only.
Single Asset Mandates
For organisations that want to leverage our expertise in a single asset class — including private investments, hedge funds, real assets, private credit, or co-investing — we develop a program within a specific asset class either on a discretionary or non-discretionary basis that meets their investment objectives.
Latest Research
Will the Addition of Chinese A-shares to MSCI’s Global Indexes Trigger an A-Share Rally?
No, MSCI index inclusion will not trigger a bull market in Chinese A-shares.* Given the very modest initial weights and the lack of clarity on future increases, we doubt that index-driven flows will drive share prices meaningfully higher.
Read More »
Trade Finance: An Expanding Opportunity for Institutional Investors
While trade finance is among the oldest forms of institutionalized credit, it has only recently become an accessible market for most institutional investors. Providing high…
Read More »
VantagePoint: Second Quarter 2018
Advice in Brief The global economy and capital markets are constantly evolving. From the industrial revolution in the 1700s, to information technology in the last…
Read More »
Will the Addition of Chinese A-shares to MSCI’s Global Indexes Trigger an A-Share Rally?
No, MSCI index inclusion will not trigger a bull market in Chinese A-shares.* Given the very modest initial weights and the lack of clarity on future increases, we doubt that index-driven flows will drive share prices meaningfully higher.
Read More »
Trade Finance: An Expanding Opportunity for Institutional Investors
While trade finance is among the oldest forms of institutionalized credit, it has only recently become an accessible market for most institutional investors. Providing high…
Read More »
VantagePoint: Second Quarter 2018
Advice in Brief The global economy and capital markets are constantly evolving. From the industrial revolution in the 1700s, to information technology in the last…
Read More »
