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
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 »
Proposed Tax on Endowment Income Would Mean Difficult Choices for Many Schools
College and university leaders are paying close attention to the tax plans moving through the Senate and House. As currently written, both proposals would levy…
Read More »
Funding Development for Public Universities
Investing in revenue development and fundraising while simultaneously pursuing goals for asset growth is a balancing act. Public universities commonly draw from a combination of…
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 »
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 »
Keeping Underwater Endowments Afloat (and the Programs They Support)
When endowment funds slip “underwater” (below the historic dollar value of the original gift), institutions face a tradeoff between distributing anticipated budget support and restoring the endowment to its original value. Ultimately, the choice of underwater policy depends on the situation and needs of each institution in balancing endowment preservation with program support.
Read More »
The Foundation of Good Governance for Endowments and Investment Committees
To create the conditions for good governance, endowments should assess whether they have in place the appropriate model for portfolio oversight and management, are upholding their fiduciary responsibilities, and are learning about peer best practices in structure, process, policies, and role of the portfolio.
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 »
Proposed Tax on Endowment Income Would Mean Difficult Choices for Many Schools
College and university leaders are paying close attention to the tax plans moving through the Senate and House. As currently written, both proposals would levy…
Read More »
Funding Development for Public Universities
Investing in revenue development and fundraising while simultaneously pursuing goals for asset growth is a balancing act. Public universities commonly draw from a combination of…
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 »
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 »
Keeping Underwater Endowments Afloat (and the Programs They Support)
When endowment funds slip “underwater” (below the historic dollar value of the original gift), institutions face a tradeoff between distributing anticipated budget support and restoring the endowment to its original value. Ultimately, the choice of underwater policy depends on the situation and needs of each institution in balancing endowment preservation with program support.
Read More »
The Foundation of Good Governance for Endowments and Investment Committees
To create the conditions for good governance, endowments should assess whether they have in place the appropriate model for portfolio oversight and management, are upholding their fiduciary responsibilities, and are learning about peer best practices in structure, process, policies, and role of the portfolio.
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
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 »
Keeping Underwater Endowments Afloat (and the Programs They Support)
When endowment funds slip “underwater” (below the historic dollar value of the original gift), institutions face a tradeoff between distributing anticipated budget support and restoring the endowment to its original value. Ultimately, the choice of underwater policy depends on the situation and needs of each institution in balancing endowment preservation with program support.
Read More »
The Foundation of Good Governance for Endowments and Investment Committees
To create the conditions for good governance, endowments should assess whether they have in place the appropriate model for portfolio oversight and management, are upholding their fiduciary responsibilities, and are learning about peer best practices in structure, process, policies, and role of the portfolio.
Read More »
Are Your Reserves Long-Term Capital?
Determining the appropriate size of near-term reserves and how to invest any remaining reserves is more art than science and requires careful consideration of a number of factors.
Read More »
Have You Considered Your Portfolio’s Enterprise Risk?
The portfolio’s enterprise risk is the potential effect of portfolio volatility on the bottom line of your organization. For a given institution, the risk may be lower than Trustees think it is—or it may be higher. How does one measure this risk? How should it be dealt with when constructing a long-term investment portfolio? What can be done to avoid poor returns caused by inadequate enterprise analysis? We suggest the use of the portfolio/enterprise risk tool.
Read More »
The Missing Metric for Endowment Growth: Net Flow Rate
Read The Missing Metric for Endowment Growth: Net Flow Rate. By comparing the net flow rate with the real investment return, an institution can determine whether its LTIP is successfully sustaining its role in the institution’s business model.
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 »
Keeping Underwater Endowments Afloat (and the Programs They Support)
When endowment funds slip “underwater” (below the historic dollar value of the original gift), institutions face a tradeoff between distributing anticipated budget support and restoring the endowment to its original value. Ultimately, the choice of underwater policy depends on the situation and needs of each institution in balancing endowment preservation with program support.
Read More »
The Foundation of Good Governance for Endowments and Investment Committees
To create the conditions for good governance, endowments should assess whether they have in place the appropriate model for portfolio oversight and management, are upholding their fiduciary responsibilities, and are learning about peer best practices in structure, process, policies, and role of the portfolio.
Read More »
Are Your Reserves Long-Term Capital?
Determining the appropriate size of near-term reserves and how to invest any remaining reserves is more art than science and requires careful consideration of a number of factors.
Read More »
Have You Considered Your Portfolio’s Enterprise Risk?
The portfolio’s enterprise risk is the potential effect of portfolio volatility on the bottom line of your organization. For a given institution, the risk may be lower than Trustees think it is—or it may be higher. How does one measure this risk? How should it be dealt with when constructing a long-term investment portfolio? What can be done to avoid poor returns caused by inadequate enterprise analysis? We suggest the use of the portfolio/enterprise risk tool.
Read More »
The Missing Metric for Endowment Growth: Net Flow Rate
Read The Missing Metric for Endowment Growth: Net Flow Rate. By comparing the net flow rate with the real investment return, an institution can determine whether its LTIP is successfully sustaining its role in the institution’s business model.
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
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 »
CA Answers: Should Institutional Investors Hold Cryptocurrencies?
In our opinion, institutional investors are better served focusing on investing in companies seeking to profit from the development and adoption of blockchain technology and “fintech” more broadly than holding cryptocurrencies directly.
Read More »
Have You Considered Your Portfolio’s Enterprise Risk?
The portfolio’s enterprise risk is the potential effect of portfolio volatility on the bottom line of your organization. For a given institution, the risk may be lower than Trustees think it is—or it may be higher. How does one measure this risk? How should it be dealt with when constructing a long-term investment portfolio? What can be done to avoid poor returns caused by inadequate enterprise analysis? We suggest the use of the portfolio/enterprise risk tool.
Read More »
Fossil Fuel Divestment
No one answer to the question of whether to divest will serve all institutions equally. The question of whether and to what degree an investment portfolio should reflect ethical stances is best addressed by individual institutions and their distinct investment policies.
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 »
CA Answers: Should Institutional Investors Hold Cryptocurrencies?
In our opinion, institutional investors are better served focusing on investing in companies seeking to profit from the development and adoption of blockchain technology and “fintech” more broadly than holding cryptocurrencies directly.
Read More »
Have You Considered Your Portfolio’s Enterprise Risk?
The portfolio’s enterprise risk is the potential effect of portfolio volatility on the bottom line of your organization. For a given institution, the risk may be lower than Trustees think it is—or it may be higher. How does one measure this risk? How should it be dealt with when constructing a long-term investment portfolio? What can be done to avoid poor returns caused by inadequate enterprise analysis? We suggest the use of the portfolio/enterprise risk tool.
Read More »
Fossil Fuel Divestment
No one answer to the question of whether to divest will serve all institutions equally. The question of whether and to what degree an investment portfolio should reflect ethical stances is best addressed by individual institutions and their distinct investment policies.
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
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 »
CA Answers: Should Institutional Investors Hold Cryptocurrencies?
In our opinion, institutional investors are better served focusing on investing in companies seeking to profit from the development and adoption of blockchain technology and “fintech” more broadly than holding cryptocurrencies directly.
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 »
Have You Considered Your Portfolio’s Enterprise Risk?
The portfolio’s enterprise risk is the potential effect of portfolio volatility on the bottom line of your organization. For a given institution, the risk may be lower than Trustees think it is—or it may be higher. How does one measure this risk? How should it be dealt with when constructing a long-term investment portfolio? What can be done to avoid poor returns caused by inadequate enterprise analysis? We suggest the use of the portfolio/enterprise risk tool.
Read More »
Fossil Fuel Divestment
No one answer to the question of whether to divest will serve all institutions equally. The question of whether and to what degree an investment portfolio should reflect ethical stances is best addressed by individual institutions and their distinct investment policies.
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 »
CA Answers: Should Institutional Investors Hold Cryptocurrencies?
In our opinion, institutional investors are better served focusing on investing in companies seeking to profit from the development and adoption of blockchain technology and “fintech” more broadly than holding cryptocurrencies directly.
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 »
Have You Considered Your Portfolio’s Enterprise Risk?
The portfolio’s enterprise risk is the potential effect of portfolio volatility on the bottom line of your organization. For a given institution, the risk may be lower than Trustees think it is—or it may be higher. How does one measure this risk? How should it be dealt with when constructing a long-term investment portfolio? What can be done to avoid poor returns caused by inadequate enterprise analysis? We suggest the use of the portfolio/enterprise risk tool.
Read More »
Fossil Fuel Divestment
No one answer to the question of whether to divest will serve all institutions equally. The question of whether and to what degree an investment portfolio should reflect ethical stances is best addressed by individual institutions and their distinct investment policies.
Read More »
