Private Client Practice
Focused on extending client wealth and personal legacies
we are investors
For over 40 years, individuals, families, and family offices around the world have chosen Cambridge Associates as stewards of their capital.
Cambridge Associates
We are investors whose focus is on helping each client realize their unique long-term objectives. We establish a deep understanding of your needs, taking on your challenges and goals as our own. We rigorously research institutional-quality investment opportunities on your behalf, building customized portfolios grounded in sound investment principles and aimed at generating outperformance. As a result, you can move forward with greater confidence, guided by a partner who is wholly committed to growing your wealth and extending your legacy.
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dedicated investment professionals
an unbiased perspective
over 50 years of investment innovation
An independent global investment firm
Privately held since our founding, we are an independent investment firm whose allegiance is to the individuals, families, and institutions we serve. This commitment lies at the root of our firm’s culture and values, and informs our every idea and action.
We believe that our firm’s principles and purpose attract some of the industry’s finest investment professionals— individuals of exceptional intellect, character, and capability. Across our organization, in every role and function, our people are dedicated to investment excellence and committed to client success. Meet the Private Client Practice Leadership Team
Our investment recommendations are based solely on what we believe will best meet your particular goals. We do not rely on model portfolios or receive compensation from external manager fees, product recommendations, or other sources that might conflict with our clients’ interests. So when you evaluate the decisions that we make for your portfolio, you can be confident those decisions are motivated by just one thing: what we think will help maximize your long-term returns.
We do not receive compensation from external manager fees, product recommendations, or other sources that might conflict with our clients’ interests. So when you evaluate the decisions that we make for your portfolio, you can be confident those decisions are motivated by just one thing: what we think will help maximize your long-term returns.
we are aligned
Years of Investment Innovation
50+
Over 50 years of investment innovation
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experience
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Partnerships
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1973
Cambridge Associates is founded, pioneering an investment strategy of high equity orientation and broad asset class diversification to several prestigious universities. Now recognized as the endowment model, this groundbreaking approach has been the primary driver of long-term performance for these and other leading investors.
2024
Today, our innovation continues, with investment strategies that not only meet the needs of institutions but also successfully serve some of the world’s wealthiest individuals and families.
We are an early innovator in the then-unknown alternative asset classes, such as US Venture Capital, Private Equity, Real Estate and Hedge Funds.
We begin working with our first family client in 1982.
We begin implementing mission-related investing for both our family and institutional clients.
While much has changed since welcoming our first private client, our commitment to the unique goals of the individuals and families we serve has never wavered. Nor has our belief in working harder, going further, and doing more on behalf of each client to deliver the investment results they expect—today and over time.
Portfolios and relationships built to last
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Chris Ivey
Head of European Private Client Practice
Before Chris joined Cambridge Associates, he worked for Almeida Capital as an Associate Director. In this position, Chris advised private equity firms on the fundraising, marketing, and structuring of their funds. He also worked at Merrill Lynch as an Associate on the fixed income desk and spent five years as a structured finance lawyer with Linklaters. Chris received an MBA from the IESE Business School in Spain, an LPC and CPE from York College of Law, and a BA from Christ’s College, University of Cambridge, and is a qualified lawyer.
Chris joined Cambridge Associates in 2005 and has over 15 years of investment experience. Based out of the London office, Chris is responsible for overseeing investment teams who work with the firm’s European and Middle Eastern family clients. In addition to his leadership role, Chris also works directly with
Heather Jablow
Head of Americas Private Client Practice
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. Heather received an MBA from Duke University and a BS from Georgetown University, and is a Certified Public Accountant.
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.
Gretchen Curry
Head of the Global Private Client Practice
responsible the firm’s work with more than 250 endowment, foudation, and health care clients. Prior to that, she led the investment team located at the firm’s global headquarters in Boston.
In addition to her work as an investor, Gretchen is a founding member of CA Allies, the firm’s employee resource group dedicated to promoting, supporting, and amplifying the voices of underrepresented colleagues at the firm. She also serves as a Trustee of First Religious Society in Carlisle, Massachusetts.
Gretchen has been an investor at Cambridge Associates for more than 20 years, holding a number of leadership roles at the firm. Most recently, she led the Endowment & Foundation Practice’s US Northeast and Midwest regions,
Copyright © 2020 by Cambridge Associates LLC. All rights reserved.
This document may not be displayed, reproduced, distributed, transmitted, or used to create derivative works in any form, in whole or part, without written permission from Cambridge Associates (“CA”). This document does not represent investment advice or recommendations, nor does it constitute an offer to sell or a solicitation of an offer to buy any securities. Information in this document or on which the information is based may be based on publicly available data. CA considers such data reliable but does not represent it as accurate, complete, or independently verified, and it should not be relied on as such. Nothing contained in this document should be construed as the provision of tax, accounting, or legal advice. Past performance is not indicative of future performance. Broad-based securities indexes are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. Investments cannot be made directly in an index. Any information provided in this document is as of the date of the document, and CA is under no obligation to update the information or communicate that any updates have been made. This document has been prepared solely for institutional, professional, or qualified investors. As such, it should not be relied on by any person who would qualify as a retail investor in any jurisdiction or by any person or entity in a jurisdiction where use of this document would be in violation of local law or regulation.
The terms “CA” or “Cambridge Associates” may refer to any one or more CA entity including: Cambridge Associates, LLC (a registered investment adviser with the US Securities and Exchange Commission, a Commodity Trading Adviser registered with the US Commodity Futures Trading Commission and National Futures Association, and a Massachusetts limited liability company with offices in Arlington, VA; Boston, MA; Dallas, TX; Menlo Park, CA; New York, NY; and San Francisco, CA), Cambridge Associates Limited (a registered limited company in England and Wales, No. 06135829, that is authorized and regulated by the UK Financial Conduct Authority in the conduct of Investment Business, reference number: 474331), Cambridge Associates Limited, LLC (a registered investment adviser with the US Securities and Exchange Commission, an Exempt Market Dealer and Portfolio Manager in the Canadian provinces of Alberta, British Columbia, Manitoba, Newfoundland and Labrador, Nova Scotia, Ontario, Québec, and Saskatchewan, and a Massachusetts limited liability company with a branch office in Sydney, Australia, ARBN 109 366 654), Cambridge Associates Investment Consultancy (Beijing) Ltd (a wholly owned subsidiary of Cambridge Associates, LLC which is registered with the Beijing Administration for Industry and Commerce, registration No. 110000450174972), and Cambridge Associates Asia Pte Ltd (a Singapore corporation, registration No. 200101063G, which holds a Capital Market Services License to conduct Fund Management for Accredited and/or Institutional Investors only by the Monetary Authority of Singapore).
Disclosure
clients in multiple capacities, through both discretionary and non-discretionary portfolio management arrangements.
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
Gretchen began her career in equity research at Putnam Investments. She also was a director for San Francisco-based Achieva College Prep Centers. Gretchen received an MBA from Dartmouth College’s Tuck School of Business and an AB in Economics from Princeton University.
Copyright © 2023 by Cambridge Associates LLC. All rights reserved.
This document may not be displayed, reproduced, distributed, transmitted, or used to create derivative works in any form, in whole or part, without written permission from Cambridge Associates (“CA”). This document does not represent investment advice or recommendations, nor does it constitute an offer to sell or a solicitation of an offer to buy any securities. Information in this document or on which the information is based may be based on publicly available data. CA considers such data reliable but does not represent it as accurate, complete, or independently verified, and it should not be relied on as such. Nothing contained in this document should be construed as the provision of tax, accounting, or legal advice. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Broad-based securities indexes are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. Investments cannot be made directly in an index. Any information provided in this document is as of the date of the document, and CA is under no obligation to update the information or communicate that any updates have been made. This document has been prepared solely for institutional, professional, or qualified investors. As such, it should not be relied on by any person who would qualify as a retail investor in any jurisdiction or by any person or entity in a jurisdiction where use of this document would be in violation of local law or regulation. With respect to ERISA prospects and clients, this document contains information about CA’s services and is not intended to provide impartial investment advice or to give advice in a fiduciary capacity in connection with your decision to enter into or modify an agreement with CA. In light of the fact that the contents of this document could be construed as fiduciary investment advice under the Department of Labor’s fiduciary rule, the following disclosure is required to confirm that certain facts about the recipient of this material are true. To that end, unless you inform us in writing otherwise, we understand and assume that the recipient of this information is a sophisticated fiduciary since you are (a) a fiduciary of your ERISA plan(s) that is responsible for exercising independent judgment in evaluating the decision to enter into an agreement with CA; (b) capable of evaluating the decision to engage CA and to make any decisions pursuant to or in accordance with your agreement with CA; (c) a registered investment adviser, a broker-dealer, insurance carrier, a bank, or an independent fiduciary that has at least $50 million in total assets under management or control (within the meaning of the DOL Regulation §2510.3-21(c)(1)(i)); and (d) not affiliated with CA and do not otherwise have a relationship with CA that would affect your best judgment as a fiduciary in connection with your decisions to enter into an agreement with CA and any decisions made pursuant to or in accordance with such agreement. The terms "CA" or "Cambridge Associates" may refer to any one or more CA entity including: Cambridge Associates, LLC (a registered investment adviser with the US Securities and Exchange Commission, a Commodity Trading Adviser registered with the US Commodity Futures Trading Commission and National Futures Association, and a Massachusetts limited liability company with offices in Arlington, VA; Boston, MA; Dallas, TX; Menlo Park, CA, New York, NY; and San Francisco, CA), Cambridge Associates Limited (a registered limited company in England and Wales, No. 06135829, that is authorized and regulated by the UK Financial Conduct Authority in the conduct of Investment Business, reference number: 474331); Cambridge Associates GmbH (authorized and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (‘BaFin’), Identification Number: 155510), Cambridge Associates Asia Pte Ltd (a Singapore corporation, registration No. 200101063G, which holds a Capital Market Services License to conduct Fund Management for Accredited and/or Institutional Investors only by the Monetary Authority of Singapore), Cambridge Associates Limited, LLC (a registered investment adviser with the US Securities and Exchange Commission, an Exempt Market Dealer and Portfolio Manager in the Canadian provinces of Alberta, British Columbia, Manitoba, Newfoundland and Labrador, Nova Scotia, Ontario, Québec, and Saskatchewan, and a Massachusetts limited liability company with a branch office in Sydney, Australia, ARBN 109 366 654), Cambridge Associates Investment Consultancy (Beijing) Ltd (a wholly owned subsidiary of Cambridge Associates, LLC which is registered with the Beijing Administration for Industry and Commerce, registration No. 110000450174972), and Cambridge Associates (Hong Kong) Private Limited (a Hong Kong Private Limited Company licensed by the Securities and Futures Commission of Hong Kong to conduct the regulated activity of advising on securities to professional investors).
Staff Extension
Asset Class Mandates
Non-Discretionary Management
Discretionary Management
We augment your well-staffed family office or in-house investment team with our robust manager network, deep portfolio construction capabilities, and asset class expertise.
We manage specific asset class mandates on a discretionary or non-discretionary basis, with expertise in specialized asset classes such as private equity, venture capital, hedge funds, real assets, private credit, co- investments, secondaries, and impact investing.
We provide recommendations on asset allocation, portfolio structure, and managers, while you retain final investment approval and decision-making authority.
We serve as a fully resourced investment office, assuming complete responsibility for portfolio management, including portfolio strategy, investment implementation, day-to-day management, and operations.
How We Work
Deep client partnerships
We view your investment challenges and objectives as our own. This perspective shapes the efforts of your investment team as they put your needs at the center of every decision, and leverage our firm’s resources and insights on your behalf.
CUSTOM-BUILT PORTFOLIOS
tailored SERVICES
A Bespoke Team of Investors
When you partner with Cambridge Associates, you are served by experienced investors, not simply relationship managers. Your investment team actively researches investment opportunities, provides strategic ideas and recommendations, and manages all aspects of your portfolio.
Operating as your personal investment office or as an extension of your family office, your team is assembled to align with your specific circumstances and objectives. Led by a senior investment director, it is staffed with a full complement of investment professionals—as well as operational and analytical staff—with support from specialists such as tax strategy professionals.
a bespoke team of investors
Portfolios Custom Built from the Ground Up
At Cambridge Associates, no two portfolios are alike because no two clients are. Your portfolio is constructed from the ground up in accordance with your goals and built to maximize returns based on the amount of risk that is appropriate for you.
At every level of your portfolio—from asset allocation to strategy and fund selection— each element reflects your unique parameters. In short, every investment is there because we believe it makes sense for you. This depth of customization springs from our belief that there is no better way to realize your portfolio’s greatest potential.
Tailored Services
Investment Management Services Tailored to You
We partner with you in whatever manner suits you best, offering a range of service options for either total portfolios or distinct asset classes:
CUSTOM BUILT PORTFOLIOS
Portfo-ios Cstom Built
Private Client Practice Leadership
Chris is the Head of the European Private Client Practice. Chris joined Cambridge Associates in 2005 and has over 15 years of investment experience. Based out of the London office, Chris is responsible for overseeing investment teams who work with the firm’s European and Middle Eastern family clients. In addition to his leadership role, Chris also works directly with clients in multiple capacities, through both discretionary and non-discretionary portfolio management arrangements.
Heather is a Managing Director and Head of the Americas Private Client Practice. 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 nearly 200 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.
Mary Pang
Mary joined Cambridge Associates from JP Morgan Private Bank in San Francisco, where she was Managing Director, Senior Banker, and Head of their Silicon Valley Team. Prior to that, she held leadership roles at Goldman Sachs and Citigroup in New York, focusing on private wealth strategy, marketing and business development, as well as serving as Chief-of-Staff to the CEO of the Wealth Management division at Citigroup.
Mary currently serves on the Board of Eurasiagroup Foundation, the non-profit arm of Eurasiagroup, focused on helping communities around the world become more geo-politically engaged in key issues affecting their way of life. She is also a member of the Global Young President’s Organization. Mary graduated from City, University of London with a degree in Finance and Economics.
Mary has over 20 years of experience in the investment industry and joined Cambridge Associates in 2018 to lead the Global Private Client Practice, serving prominent families and individuals across the world.
How We Invest
Access to Global Investment Ideas
Only a small percentage of today’s investment managers offers the institutional-quality characteristics appropriate for our clients’ portfolios. We make it our mission to find them.
an extensive manager network
rigorous research on your behalf
investment conviction
Since our founding, we have built a robust global research platform that includes some of the world’s most successful and selective managers. The diversity of the managers we track—from established leaders to emerging innovators—enables us to identify promising ideas across every asset class and opportunity set. Equally important, our market presence often allows us to negotiate more favorable terms and fees, further enhancing our clients’ net returns.
Rigorous Research on Your Behalf
Our global team of investors is based across four continents and committed to seeking, identifying, and analyzing managers worldwide. These professionals have an average of 18 years of industry experience, with nearly half specializing in distinct disciplines, such as private equity, venture capital, hedge funds, real assets, private credit, secondaries, co-investments, impact investing, or traditional asset classes.
We apply a strict due diligence framework to assessing each investment opportunity, which typically entails nearly 4,500 manager meetings each year. This rigorous process allows us to establish deep relationships and gain first-hand knowledge of the people behind the performance. The insights we gain can create a notable advantage for our clients. If, for example, key individuals move over time, we are often among the first to know—and to recognize the potential implications and opportunities.
Recommendations Grounded in Investment Conviction
Although our investment recommendations reflect diverse perspectives, they share a common investment philosophy and discipline. Drawing on these principles, we only choose investments we believe will add differentiated value to your portfolio over the long term, within the context of your objectives and constraints. Every client portfolio is grounded in analytic rigor and investment principles. To learn more about our investment philosophy, view the graphic on the right.
INVESTMENT CONVICTION
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6 PRINCIPLES
Diversification, not only to reduce variability of returns but also to protect against permanent loss
Limited use of tactical deviations from long-term asset allocation targets, primarily informed by extreme valuations
Use of active managers where we expect they will add long-term value, after fees and taxes
A focus on risk-adjusted returns and active oversight of portfolio risk factors
Tax-aware decision making in asset allocation and implementation
A long-term investment horizon
our commitment
Private Client Experience that Spans Decades
Since building our first private client portfolio over 40 years ago, serving private clients has been a vital part of our firm. Today, we continue to invest in the resources necessary to serve our global community of clients, providing prudent counsel, investment insights, and specialized guidance to help realize our clients’ goals and safeguard their legacies.
A DISTINCTIVE INVESTMENT APPROACH
deep-rooted experience
a distinctive investment approach
Our roots lie in the visionary endowment model we developed in 1973 as a long-term investment strategy for institutions. We have adapted this model’s fundamentals to the intricacies of managing private wealth, accounting for personal assets and business interests, spending and cash flows, generational and philanthropic concerns, taxation, and other issues. Consequently, you can benefit from an investment approach employed by some of the world’s leading institutional investors, tailored to your personal needs.
Our experience stems from advising a range of clients, including first generation wealth creators, such as entrepreneurs and business owners, as well as multi- generational families and those with established family offices. Many are extremely knowledgeable investors who complement their expertise with our own, while others may be seeking a partner to help educate and guide them.
In working with these individuals and families, we have gained extensive experience in the distinct challenges of managing private wealth. We are privileged to share this knowledge for the benefit of all our clients.
