SUMMARY
Cambridge Associates Limited, LLC is a subsidiary of Cambridge Associates, LLC (collectively referred to as
the “Firm”) and a privately held investment advisory firm principally owned by employees and clients.
OUR MISSION STATEMENT
We partner with endowments, foundations, pension plans, corporations and private clients to implement
and manage custom portfolios to generate outperformance so they can maximize their impact on the world.
THE FIRM
The Firm has six global subsidiary affiliates collectively providing investment management, investment
advisory, research and performance reporting services.
NAME LOCATION LEGAL STRUCTURE
Cambridge Associates, LLC Arlington, Virginia; Boston,
Massachusetts; Dallas, Texas; New
York, New York; and San Francisco,
California
Massachusetts Limited Liability
Company (Registered and regulated by
the U.S. Securities and Exchange
Commission, the U.S. Commodity
Futures Trading Commission and the
National Futures Association)
Cambridge Associates Limited London, England Limited Company in England and
Wales (Authorized and regulated by the
U.K. Financial Conduct Authority)
Cambridge Associates Asia Pte Ltd. Singapore Singapore Corporation (Registered and
regulated by the Singapore Monetary
Authority)
Cambridge Associates GmbH Munich, Germany German Limited Liability Company
(Registered and regulated by
Bundesanstalt für
Finanzdienstleistungsaufsicht (BaFin)
Cambridge Associates (Hong Kong)
Private Limited
Hong Kong, China Hong Kong Private Limited Company
(Licensed with the Securities and
Futures Commission of Hong Kong)
Cambridge Associates Investment
Consultancy (Beijing) Ltd.
Beijing, China People’s Republic of China Limited
Liability Company
In addition to the entities listed above, the Firm and its affiliates have established various entities to serve as
general partners and/or managing members for the Firm’s Single Investor and Single Manager Funds
1. The
Firm and its affiliates are under common ownership and control. Cambridge Associates Limited, LLC is not
affiliated with any broker/dealers, other investment managers, solicitors or placement agents.
The Firm provides its clients with a wide range of services designed to help maximize portfolio returns
within the context of their governance and risk framework. For clients with limited in-house resources and
an investment committee that seeks to delegate portfolio implementation, we offer discretionary investment
management or Outsourced Chief Investment Officer services (OCIO). For those that seek a similar level of
1 Please refer to pages 5-6 of this Brochure for more information relating to our Single Investor and Single Manager Funds.
support but wish to retain approval rights on manager hiring and firing, we offer non-discretionary portfolio
management services. The Firm provides these services for a total portfolio or for specific asset classes.
For clients that have fully built-out investment offices, we offer staff extension services which are customized
to complement such clients' in-house resources and needs. Typically, this includes our acting as a sounding
board as well as providing alternative asset expertise, manager due diligence and tools.
We also offer services to clients that seek specialized advice and guidance. These services are typically
tailored to the client and most often include strategic and tactical asset allocation advice as well as manager
selection, participation in committee meetings, access to research services and performance reporting.
We also provide investment services relating to socially responsible investing, ESG and impact investing and
have dedicated resources researching managers and working with clients to align their investing with their
missions. These service offerings are quite differentiated and not consistent across our client base as they are
driven by clients’ specific frameworks, interpretations and reporting needs.
In addition, we provide expertise and guidance regarding the selection of diverse managers through
dedicated resources seeking to find and diligence non-traditional, institutional quality managers.
Generally, the Firm does not engage in individual stock selection but rather assists clients in selecting and
investing with institutional quality, external investment managers. The Firm does, however, provide advice
to clients on co-investment opportunities in individual companies, exchange traded funds (ETFs), equity and
bond futures and secondary market offerings of privately placed investment funds (secondaries).
The Firm has dedicated substantial resources in conducting due diligence and investing in alternative asset
classes including hedge funds, private investments (private equity/venture capital), private credit, real estate,
timber and other natural resources.
To focus on the specific needs of various groups of clients, we have formed practice areas specializing on the
needs of endowments and foundations, private clients and pensions. These practice areas seek to expand our
knowledge of the investment requirements of each type of client and maximize our ability to better serve
those clients. CA Capital Management is our discretionary platform supporting our OCIO discretionary
investment management practice.
We have created vehicles to provide administrative ease and improve access to managers.
These include:
SINGLE INVESTOR FUNDS
Although we typically service discretionary clients through separately managed accounts, we have
established and offer “Single Investor Funds” or “SIFs” for clients seeking a portfolio of alternative
investment assets without the associated administrative burdens. We establish a separate SIF for each client,
and we act as the investment manager to that SIF in a discretionary capacity. We outsource investment
accounting and administration, tax preparation, annual audits and custody/banking to qualified third-party
service providers. Unless otherwise instructed by a client, we take responsibility for the management of these
external relationships, effectively relieving a client of the administration associated with the investment
program. Due to regulatory requirements in specific jurisdictions, SIFs may not be available for all clients.
SINGLE MANAGER FUNDS
We have established several “Single Manager Funds” or “SMFs” to aggregate assets from multiple clients for
investment in alternative assets whose high minimums or other access restrictions would have otherwise
prevented these clients from investing or to obtain more favorable fees or terms from managers. When
clients express enough interest to warrant the use of an SMF, we may establish a separate fund for each
alternative investment or manager for which we are pooling assets, including for co-investments and
secondaries. Due to regulatory requirements in specific jurisdictions, SMFs may not be offered to all clients.
COMMINGLED INVESTMENT FUNDS
Although we do not utilize proprietary, diversified commingled investment funds as total portfolio solutions,
we have and may form commingled vehicles to access certain, niche asset classes when we believe a fund
vehicle improves investing efficiency for our clients. Commingled fund offering documents contain specific
conflicts of interest and risk disclosures. Due to regulatory requirements in specific jurisdictions,
commingled funds may not be offered to every client.
REGULATORY ASSETS UNDER MANAGEMENT
NUMBER OF ACCOUNTS ASSETS AS OF DECEMBER 31, 2023
Discretionary 2 307,400,000
Non-Discretionary 21 4,948,000,000
Total 23 5,255,500,000
2
These figures (rounded to the nearest $100,000) are based on the net asset values of our clients’ securities
(including hedge funds and private investments) as reported to us by the investment managers. The value of
private investments is reported with at least a one-quarter lag. Where we advise or manage assets that are
also invested in one of the Firm’s investment vehicles, we count those assets only once for the purposes of
Regulatory Assets under Management.
In addition to our Regulatory Assets under Management, we also maintain relationships with many of our
clients where we engage in proactive and ongoing leadership of the client’s investment program on a non-
discretionary basis, however, these assets are not considered Regulatory Assets under Management by the
U.S. Securities and Exchange Commission.
INDUSTRY PARTNERSHIPS
We have been selected to provide data and/or analysis as well as to develop and maintain customized
industry benchmarks for several prominent industry associations, including, but not limited to:
Australian Investment Council (AIC)
African Private Equity and Venture Capital Association (AVCA)
China Venture Capital and Private Equity Association (CVCA)
The Global Private Capital Association (formerly EMPEA)
Institutional Limited Partners Association (ILPA)
Invest Europe (IE)
New Zealand Private Equity and Venture Capital Association Inc. (NZVCA)
Singapore Private Equity & Venture Capital Association (SVCA)
2 Totals may not sum due to rounding.
We have also entered into various distribution and licensing agreements to supply platforms with anonymous
and aggregated private equity, venture capital, real estate, and other private investments fund performance
data and statistics.
Through these agreements, we provide aggregated fund performance information to entities whose members
or clients include investment management firms. This results in the Firm receiving indirect compensation
from investment managers, some of whom we may evaluate and recommend to our clients. We take steps to
mitigate this potential conflict, including requiring our distribution partners to be the sole interface with
their investment manager members and subscribers and asking them to shield the identity of any such
members/subscribers from our investment professionals. Despite these efforts, it is possible that our
investment professionals could become aware of the identity of these investment managers and favor them
over others.
We have also entered into benchmark licensing agreements with unaffiliated investment managers where
our licensing fees are based on assets raised in investment products sponsored and/or managed by such
investment managers. In those instances, we acknowledge that a conflict of interest exists if we recommend
or invest our clients in such investment products and will provide prior disclosure regarding our
compensation arrangements if a recommendation or investment is made. Due to rules in the Employee
Retirement Income Security Act of 1974 (“ERISA”), we will not recommend or invest assets of plans subject
to ERISA in products where this conflict of interest exists.