Cambridge Associates | Introduction to Investing

INTRODUCTION TO INVESTING

This series of short, educational videos and written content provides an overview of the core elements of investing, how we at Cambridge Associates think about and build portfolios, and some of the asset classes most commonly used in portfolio construction. Explore the topics of interest to you, and please reach out to your investment team or contact us with any questions.

EDUCATIONAL MODULES

Setting an Investment Policy & Principles of Portfolio Construction

Equities and Bonds

Presenters

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US Private Equity – Recent Market Dynamics

Keirsten Lawton, Co-Head of US Private Equity Research

Keirsten discusses the unprecedented nature of the COVID-19 crisis, drawing comparisons to the Global Financial Crisis. She weighs in on mid-year PE expectations, valuations, and the response of GPs to the current environment.

Frank Fama

Global Co-Head of Credit Investment Group

Frank has more than 26 years of investment experience and is Global Co‑Head of the Credit Investment Group and a managing director with the firm. He leads and oversees the firm’s private credit research platform, performing due diligence on investments in direct lending opportunities, niche credit, and distressed markets, as well as monitoring investment firms and their portfolio companies.

Prior to joining Cambridge Associates, Frank was a managing director and global head of leveraged loans with State Street Corporation, where he managed a $5 billion proprietary portfolio of US dollar, euro, and sterling denominated leveraged loans. During his 14 years with State Street, he headed corporate credit research and established the investment platforms for investment grade corporate bonds, broadly syndicated loans, and CLOs.

His prior experience includes managing leveraged credit and structuring CLO portfolios for Bain Capital/Sankaty Advisors as well as originating, structuring, and investing in loans and mezzanine debt for BankBoston. Frank has extensive experience in corporate lending, from originating, issuing, and structuring leveraged loans through managing portfolios of loans, bonds, and CLO securities.

Heather Jablow

Head of Private Client Practice, North America

Heather is a Managing Director and Head of the Private Client Practice for North America. Heather has more than 15 years of industry experience and has been with Cambridge Associates since 2005. Based out of the Boston office, she oversees the firm’s work with our US-, Canada-, and Latin America-based family offices and private clients. Previously, Heather served as the Chief Operating Officer for the Private Client Practice. Since joining the firm, Heather has also worked directly with private clients and institutions on investment program construction, strategic and tactical asset allocation, and governance.

Prior to joining Cambridge Associates, Heather was a senior consultant with Ernst & Young, LLP’s corporate tax practice and a summer associate at Lehman Brothers.

Caryn Slotsky

Senior Investment Director, Private Investment Research

Caryn is a Senior Investment Director in the firm’s Boston office. She leads the Private Investment Strategy Research team, responsible for developing private investment thought leadership and analyses related to market environments, portfolio construction, private investment benchmarks, and operating metrics, among other topics. A 35-year veteran of the firm, Caryn’s insights and perspectives are leveraged across the entire Global Private Investment team and by several longstanding endowment clients.

Caryn began her career with Cambridge Associates in 1987 while she was still in college and transferred to the firm’s Boston office in 1988 upon graduation. Prior to becoming an investment director in 1996, she worked as the administrator and project manager on the firm’s first advisory service client. In 2000, Caryn began to focus on private investments, becoming a Private Investment Specialist, and in 2011 helped to form the Private Investment Strategy team.

Maria Sulser

Senior Investment Director, Private Client Practice

Maria is a Senior Investment Director at Cambridge Associates. She works with multi-national and U.S based families as well as select foundations and universities on asset allocation, strategy, governance, and manager selection. Prior to joining the firm, Maria was a Fixed Income Research Analyst for Franklin Templeton Investments in Mexico City. There, she played an integral role in the process of launching and managing the Mexican Debt Fund and the Inflation Linked Bond Fund. Maria was responsible for the due diligence and analysis of corporate and government issued debt, asset backed securities (mainly infrastructure and energy sector), and mortgage backed securities in Latin America. Additionally, Maria worked with endowments and pensions SMA’s helping clients manage liquidity and tactical allocation during periods of heightened market volatility in Mexico. Maria previously worked at Bank of America Merrill Lynch in Mexico City where she traded short-term Mexican government bonds. Maria also worked as a consultant for Full Harvest Asset Management, a China-based Multi-Asset Quantitative Hedge Fund.

Maria Surina

Senior Investment Director, Real Assets Investment Group

Maria is a Senior Investment Director and a member of the Real Assets Investment Group. This global group sources and monitors real asset investments (real estate, infrastructure and global natural resources), manages real asset portfolios for clients, and researches trends that impact the real assets industry. Maria is a real estate specialist and focuses on investment idea generation and due diligence primarily in North American real estate markets and across different structures such as funds, co-investments, and direct investments. In addition, Maria works with US pensions and Middle Eastern families. Prior to joining Cambridge Associates in 2018, Maria had roles with Bain Capital Real Estate (the spin out of Harvard Management Company’s Real Estate Investment Group), DESCO Group (real estate operator of the Schnuck Markets grocery chain), and Altus Group. She has experience in portfolio management, direct real estate investment and asset management in the office sector, and worked as a commercial appraiser, completing property valuations, due diligence reports, and feasibility studies. Maria started her career in 2006.

Frank Fama

Global Co-Head of Credit Investment Group

Heather Jablow

Head of Private Client Practice North America

Caryn Slotsky

Senior Investment Director Private Investment Research Group

Maria Sulser

Senior Investment Director Private Client Practice

Maria Surina

Senior Investment Director Real Assets Research Group

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Diversifiers

Venture Capital

Intro to Private Investing

Private Investing – Recent Market Dynamics

Heather Jablow Head of Private Client Practice, North America

Growth Equity

Buyouts

Private Credit

Real Estate

with MARIA SULSER

with CARYN SLOTSKY

with JOSH ZWEIG

with FRANK FAMA

with MARIA SULSER

with CARYN SLOTSKY

with JOSH ZWEIG

with MARIA SURINA

Josh Zweig

Co-Head of US Private Equity

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Introduction to Investing at Cambridge Associates

Public Investments

For related materials, please see below

Introduction to Investing at Cambridge Associates

Public Investments

Private Investments

Josh Zweig

Co-Head US Private Equity Research

Josh is a Managing Director at Cambridge Associates’ Boston office. He co-leads the US Private Equity Research team, performing due diligence on investment opportunities in US buyouts, growth equity, and distressed markets, as well as monitoring investment firms and their portfolio companies. Josh also chairs Cambridge Associates’ Global Private Investment Research Committee. Before re-joining Cambridge Associates in 2013, Josh was in the equity research group at Macquarie Capital covering the Gaming & Lodging sector. Previously, he worked directly with a range of non-profit, family office, and pension clients at Cambridge Associates to build and manage long-term investment portfolios.

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