Podcasts about Cambridge Associates

In this episode of The Distribution, host Brandon Sedloff sits down with Katie Riester, Managing Director at Felicis Ventures, for a wide-ranging conversation about the evolution of venture capital and the lessons she's learned across her career on both the LP and GP sides. Katie reflects on her path from early experiences at Vanguard and Cambridge Associates to her current role helping shape one of the industry's most adaptable early-stage firms. She shares insights on how Felicis identifies opportunities across emerging tech waves, what makes a successful founder, and why listening and authenticity remain critical in the world of investing. They discuss: • Katie's journey from institutional investor to leading capital formation at Felicis Ventures • The changing dynamics between LPs, GPs, and founders in venture capital • How Felicis adapts to new technology cycles while maintaining its core principles • What it means to be an “AI native” founder and why it matters in today's landscape • The importance of communication, curiosity, and relationship-building in fundraising Links: Felicis Ventures - https://www.felicis.com/ Katie on LinkedIn - https://www.linkedin.com/in/katie-riester-91793b8/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:02:45) - Katie's early life and career beginnings (00:20:43) - The evolution of venture capital (00:30:15) - Adapting to tech waves (00:34:33) - Importance of diversification (00:40:04) - Felicis Ventures (00:47:32) - Traits of successful founders (00:52:10) - Current and future tech waves (00:59:17) - Conclusion and contact information

At the EUVC Summit 2025, Cherry Ventures' Christian and Elsa Deseilligny from Cambridge Associates offered a behind-the-scenes view of what it takes to stay true to your mission while building a firm that lasts. At the center of it all? The founder.For Cherry, “Founders First” isn't just a slogan. It's a system.“Putting the founder at the center—doing everything to make them thrive—that's the foundation of how we build.”– ElsaThat principle doesn't stop at deal selection or portfolio support. It shapes how Cherry builds its own team, firm, and platform. Every strategic decision—from hiring to productizing services—is filtered through one lens: Will this help our founders thrive?And when it comes to fundraising?“Your right to win with LPs ultimately ties back to that clarity of mission.”Christian addressed a tension many top-tier funds face: how big is too big?He acknowledged the importance of honest, iterative conversations with LPs—but also highlighted a view shared by allocators like Cambridge Associates:“There's a sweet spot—where a strategy is still repeatable, but hasn't lost its edge.”In VC, scaling up can mean professionalization—but it can also lead to dilution of edge. The best funds find the institutional footing they need without drifting into sameness.“You want to reach a size where you're clearly outperforming with discipline… but then stop there. That's where true long-term relationships are built.”The insight many LPs quietly share?They're often betting on managers before they peak.“Ideally, we find the manager early. We scale with them to that sweet spot—and then, no one else can get in.”It's not just about performance. It's about conviction. The best LP–GP relationships are forged when the firm still feels like a startup—when the ambition is high, but the capacity is still intimate.Cherry's message was clear:If you want to build a lasting firm, don't chase scale for the sake of it. Build around your mission. Build with intentionality. And stay small enough to stay sharp.The founders will notice. And so will the LPs.A Platform Built Around “Founders First”Scaling with Intention (and Limits)The Emerging Manager Advantage

Rich Carson (Managing Director, Private Investments, Cambridge Associates) and Jerry Smith (Private Markets Product Strategy Lead, Mercer) join our hosts to discuss a new private markets collaboration between their firms and S&P Global. They explain how this initiative will improve the communication between GPs and LPs and support decision-making, by enhancing the sharing of performance data. Rich and Jerry also share their thoughts on the evolution of the private investment industry. More S&P Global Content:  Software, services & solutions to power growth in the Capital Markets [Blog] As LP-GP relations evolve, the need for a clearinghouse of data is increasing Credits:  Host/Author: Chris Sparenberg and Jocelyn Lewis Guests: Rich Carson, Cambridge Associates and Jerry Smith, Mercer Producer: Georgina Lee www.spglobal.com www.spglobal.com/market-intelligence   FOR INSTITUTIONAL INVESTOR USE ONLY. The information contained in this video is provided for educational and illustrative purposes only and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are subject to change without notice. The material was prepared without regard to specific objectives, financial situation or needs of any investor. Reliance upon information in this video is at the sole risk and discretion of the viewer.

Today's guest is Mark Hays, Director of Sustainable & Impact Investing at Glenmede — a firm managing $48 billion with a client-to-employee ratio that keeps conversations personal and strategy focused.Mark's journey into finance started early — running a lemonade stand to save up for a Sega Genesis and learning about markets through a third-grade stock project that didn't go as planned. That early curiosity eventually led to a career spanning Cambridge Associates, OMERS, Flat World, and J.P. Morgan — where he became the firm's first U.S. sustainable investing hire.Now at Glenmede, Mark helps clients align their portfolios with their principles — not just in theory, but through tangible investments. Glenmede offers investment management, wealth planning, fiduciary, and advisory services to high-net-worth individuals, families, endowments, foundations, and institutional clients.It has $48 billion in assets under management, but keeps a 4-to-1 client-to-employee ratio and promises, in Mark's words, “the experience of a $200 million family as a $10 million individual.” That approach means every client gets tailored advice, deeper conversations, and impact reporting that goes far beyond ESG scores.Nearly 20 percent of AUM sits in strategies that fit Glenmede's four-category investment taxonomy (Integrated, Mandated, Thematic, High-Impact Concessionary) and span almost every asset class. Mark's through-line is what he calls “sustainable prosperity” — the belief that helping those with the least doesn't take away from others, but actually creates more opportunity and value for everyone.At Glenmede, that vision shows up not only in where the money goes but in how clients are engaged. Mark and his team don't just plug people into products — they guide multi-generational families through deep, often difficult conversations about values, legacy, and measurable impact. That means starting with inquiry, moving through education, assessment, and implementation, and ending with real measurement — not in vague ESG scores, but in tangible results like gallons of water saved, emissions avoided, or communities reached.Mark knows that impact is a moving target, but he also knows how to hit it: by staying curious, staying human, and staying honest about what money can and cannot do.Tune in to hear how he turns that approach into measurable impact.—Connect with SRI360°:Sign up for the free weekly email updateVisit the SRI360° PODCASTVisit the SRI360° WEBSITEFollow SRI360° on XFollow SRI360° on FACEBOOK—Additional Resources:

Our guest for today's podcast is Richard Chau, Chief Investment Officer of the Tulane University Endowment. Richard joined Tulane in 2013 and was promoted to CIO in 2021. Prior to Tulane, Richard helped manage a multi-billion dollar global private equity portfolio in Bessemer Trust's Private Equity Funds Group. Before Bessemer, Richard worked in the investment office at The Andrew W. Mellon Foundation. His previous experience also includes investment banking at Houlihan Lokey and investment consulting at Cambridge Associates.   Richard has a BA in Economics and Chinese from Williams College and an MBA from Columbia Business School.   Without further ado, here is our conversation with Richard Chau.

In this episode of The Distribution, host Brandon Sedloff sits down with Maria Surina, Managing Director in the Real Assets group at Cambridge Associates, for a wide-ranging conversation on how real estate and broader real assets are evolving within institutional and private wealth portfolios. Maria shares her unique career journey—from growing up in Russia and studying real estate finance in Canada, to working across appraisals, operating companies, endowments, and now advising clients at Cambridge Associates. She discusses how early lessons in valuation continue to shape her view of investment opportunities today, and how Cambridge helps clients build customized real assets portfolios that balance growth, diversification, and income. The conversation also covers: How demographics, digital infrastructure, and energy transition are reshaping real assets The rising importance of operationally intensive real estate strategies How family offices and institutions are thinking differently about private markets exposure The challenges and opportunities facing GPs as the capital-raising environment evolves Why finding true differentiation in managers often comes down to execution, culture, and people Maria offers an inside look at how Cambridge evaluates managers, constructs portfolios, and helps clients navigate a shifting investment landscape—highlighting why long-term thinking, relationship-building, and sector expertise are more important than ever. Links: Cambridge Associates - https://www.cambridgeassociates.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:02:02) - Maria's background and career (00:15:33) - Endowment Capital (00:18:11) - Transitioning to Cambridge Associates (00:20:42) - What range of clients fit the Cambridge portfolio? (00:23:28) - How clients should be thinking about their real assets (00:28:48) - Shifts in views toward private investments (00:32:27) - What are you seeing in the markets? (00:35:17) - Narrowing the funnel to find the best of the best managers (00:37:47) - Things and themes to look for in GPs (00:41:38) - Insights for operators to think about before approaching a Cambridge-type organization (00:44:12) - What is your outlook for real estate over the next 12 months? (00:49:24) - How are GPs thinking about their businesses right now? (00:56:05) - How to learn more about Cambridge

In a world where the gender funding gap remains stubbornly wide, women are on a mission to change the game. Erin Harkless Moore is at the forefront of driving breakthrough innovations and social impact through strategic investments. In this episode, Erin shares her journey from Wall Street to impact investing, and the powerful strategies she's employing to empower women-led funds and companies that are reshaping industries and communities. From tackling the challenges of biased funding practices to championing the importance of diverse decision-makers, her insights offer a roadmap for anyone passionate about leveraging the power of capital to create a more equitable future. This week's episode 148 of How Women Inspire Podcast is about driving breakthrough innovations and impact! In this episode of How Women Inspire Podcast, Erin Harkless Moore is sharing the importance of aligning your work with your personal values and actionable steps you can take right now to level up your leadership qualities. Erin Harkless Moore is the Senior Director of Investments at Pivotal Ventures created by Melinda French Gates to accelerate social progress in the United States. She leads the organization's fund and direct investment decisions, overseeing a diverse portfolio that drives breakthrough innovations and impact for people in this country. Erin has nearly 20 years of investment experience previously working as the Managing Director at Cambridge Associates.Some of the talking points Julie and Erin go over in this episode include:The importance of aligning your values and your work with your professional interests.Challenges and opportunities for women in the venture capital space.Recognizing the biases that hold women back from raising capital.Erin's biggest lessons that have defined her career.Thank you for listening! If you enjoyed this episode, take a screenshot of the episode to post in your stories and tag me!  And don't forget to follow, rate, and review the podcast and tell me your key takeaways!Learn more about How Women Inspire at https://www.howwomenlead.com/podcast CONNECT WITH ERIN HARKLESS MOORE:LinkedInTwitterPivotal VenturesCONNECT WITH JULIE CASTRO ABRAMS:LinkedIn - JulieHow Women LeadHow Women InvestHow Women GiveInstagram - HWLLinkedIn - HWLFacebook - HWL

As colleges and universities attempt to navigate today's challenging economic environment, they are increasingly relying on their endowments to fund operating costs. That sometimes means spending beyond their endowment's spending policy guidelines, which presents a difficult dilemma: How do they serve present needs yet also safeguard the institution's long-term financial sustainability? In this podcast, AGB's David Bass speaks with Cambridge Associates' Tracy Filosa about the balance that institutional leaders must strike between, on the one hand, meeting current demands and, on the other, ensuring that adequate resources will be available for future generations of stakeholders.

In episode 16 of the Alternative Allocations podcast, Kate Huntington joins Tony to discuss her years of experience partnering with family offices, endowments and foundations and how she approaches incorporating alternative investments into her clients' portfolios. They delve into the importance of due diligence and understanding the role of each asset class when working with clients to determine the best strategy for each situation. Whether it's an individual investor or large family office, often the investment thesis is the same – it's about enhanced returns, diversification, and having a long-term mindset. Kate Huntington, Managing Director, Head of Advisory Solutions Group. Kate leads the Advisory Solutions Group within Fiduciary Trust which brings comprehensive investment advisory solutions to ultra high net worth and institutional clients. Kate has an expertise in both private markets and sustainable investing and previously was the co-head of the research and manager selection team at Athena Capital Advisors. Kate's prior roles include working as a Consulting Associate at Cambridge Associates where she supported consultants in managing, advising on, and reporting on a variety of institutional clients' investment portfolios. Kate started her career as a Research Analyst at Stonebridge Associates, a real estate investment and advisory firm, and then transitioned to economic consulting with both Capital Economics and LECG, where she was an Economist/Consultant providing economic analysis and market research to support high-profile anti-trust litigation. Kate earned her Master of Business Administration from Yale School of Management and her Bachelor of Arts in economics from University of Virginia. Kate is Co-author –Diversity and Inclusion Framework, December 2019; Co-author –Investing in Gender Equality, January 2018; Co-author –Impact Investing: History & Opportunity, January 2017; Co-author –Social Finance and the Postmodern Portfolio: Theory & Practice, Journal of Wealth Management (Spring 2016). Kate currently holds the Series 7, 24 and 65 licenses and is active as a Member, Board of Trustees, Becket-Chimney Corners YMCA. Kate Huntington | LinkedIn Fiduciary Trust International Alternatives by Franklin Templeton Tony Davidow, CIMA® | LinkedIn

Anthony Maniscalco, Managing Partner and Head of Strategic Capital Group at Investcorp, joins our hosts to discuss the dynamic realm of GP stakes. In this episode, we explore Anthony's professional journey into GP stakes investments, how Investcorp operates in this area, and advice for newer entrants into private markets.  Don't miss our Interact conference in New York on October 15-16! The first day will be dedicated to developments in private markets, with speakers from KKR, Blackstone, Cambridge Associates and others. Register now.    More S&P Global Content: Click here to register to Interact 2024   Credits: Host/Author: Chris Sparenberg, Jocelyn Lewis Guests: Anthony Maniscalco, Ninety One Producer: Nicholas Hamilton, Georgina Lee www.spglobal.com

While we're busy pulling together stories for the fifth season of Unseen Upside, we thought you might be curious about what it is that Cambridge Associates actually does. In a nutshell, we have the privilege of partnering with some of the world's top institutional investors—like nonprofits, universities, hospitals, pension plans, and even private families—and we try to help them reach their investment goals.Recently, we had a conversation with four of our non-profit clients from institutions with assets ranging from $200 million to $850 million to understand why they chose to outsource day-to-day portfolio decisions so they could focus on bigger picture strategy for their organizations. Their stories offer insight into how we collaborate with clients so they can do even more for the communities they serve. Don't forget to check back this fall for the latest season of Unseen Upside: Investments Beyond Their Returns.Unseen Upside: Investments Beyond Their Returns is developed in partnership with PRX, an award-winning podcast media company. Cambridge Associates is a global investment firm that works with endowments, foundations, healthcare systems, pension plans, and private clients to implement and manage custom investment portfolios that aim to generate outperformance and maximize their impact on the world. Cambridge Associates delivers a range of portfolio management services, including outsourced CIO, non-discretionary portfolio management, staff extension, and asset class mandates.

While we're busy pulling together stories for the fifth season of Unseen Upside, we thought you might be curious about what it is that Cambridge Associates actually does. In a nutshell, we have the privilege of partnering with some of the world's top institutional investors—like nonprofits, universities, hospitals, pension plans, and even private families—and we try to help them reach their investment goals.Recently, we had a conversation with four of our non-profit clients from institutions with assets ranging from $200 million to $850 million to understand why they chose to outsource day-to-day portfolio decisions so they could focus on bigger picture strategy for their organizations. Their stories offer insight into how we collaborate with clients so they can do even more for the communities they serve. Don't forget to check back this fall for the latest season of Unseen Upside: Investments Beyond Their Returns.Unseen Upside: Investments Beyond Their Returns is developed in partnership with PRX, an award-winning podcast media company. Cambridge Associates is a global investment firm that works with endowments, foundations, healthcare systems, pension plans, and private clients to implement and manage custom investment portfolios that aim to generate outperformance and maximize their impact on the world. Cambridge Associates delivers a range of portfolio management services, including outsourced CIO, non-discretionary portfolio management, staff extension, and asset class mandates.

Highlights from this week's conversation include:Chris Shen's Background and LP Career Journey (0:52)US-China Geopolitics, History, and MacroEconomics (3:27)Developing Relationships with Asian Allocators (8:02)Flavor of GP and Navigating Family Offices in Asia (11:31)Understanding LP Motivations (16:52)Importance of Liquidity for Investors (18:35)Working with Corporate Venture Capital Groups (22:15)De-risking Perception for Corporates (24:28)Diversity of VC Ecosystem (30:53)Insider segment: Focusing on the Innovation Economy (32:01)Learning the ropes of venture capital (38:18)Advice for junior investors (40:30)Personal experiences and growth in investing (43:27)Asian American foundation and the Committee of 100 (45:33)C100 organization (49:57)Connecting with Chris and Final Takeaways (50:27)Chris Shen has over 15 years of financial services, investments and legal experience in both the United States and Asia. He is the co-founder of Revere, which is building a tech-enabled, data-driven platform specializing in emerging managers – like Cambridge Associates for the modern allocator. l. Previously, Chris was a managing director at LQ Pacific Partners, a Hong Kong based merchant bank focusing on tech investments. Chris was also a founding partner of West 22nd Capital Advisers, a Hong Kong-based single family office and SFC-licensed investment firm. Chris led investments in external asset managers, established the firm's operations and was a member of the investment committee. Before moving to the buy side, Chris was a senior corporate finance and investment funds lawyer with Baker McKenzie, with a pan-Asia practice representing large corporates, financial institutions, and fund managers.Gunderson Dettmer is the preeminent international law firm with an exclusive focus on the innovation economy. The firm serves market-leading venture capital and growth equity investors and pioneering companies through inception, growth and maturity, as well as groundbreaking public companies that result from the global venture capital ecosystem. The firm's clear-cut focus and well-honed technical skill enables an accelerated pace and unmatched efficiency, delivering best-in-class value at each phase of a client's business. Learn more: www.gunder.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

Join hosts Pat and Konch on the Dakota Fundraising News Podcast as they dive into recent job changes, advisor activity, and institutional investment updates. This episode unpacks key job transitions, including Alex Sawabini's move from Cambridge Associates to BCG, John Patterson's new role at Wilshire Associates, and Scott Chan's appointment as CIO of CalSTRS. Learn about William Blair's expansion in Philadelphia with the acquisition of Fernberger Wealth Management and LPL's addition of two advisors from Cetera, boosting their managed assets significantly. Our institutional coverage highlights significant investment actions and upcoming searches at various pension systems, including the Boston Retirement System's plans for a Private Equity & International Small Cap manager search, and notable commitments by the Santa Barbara County Employees' Retirement System in alternative funds.

This week, I am pleased to welcome Doug Macauley, Partner at Cambridge Associates and member of the firm's Private Client Practice. Doug works with both G1 entrepreneurs and multi-generational families and specializes in developing asset allocation strategies and investment manager structures for families with a broad range of investment objectives and risk tolerances. Doug is a CFA charter holder with over 25 years of investment industry experience in performing due diligence for clients on managers across public and private asset classes and advises families on a range of issues, such as structuring pooled investment vehicles, managing concentrated stock holdings, integrating estate planning within the investment portfolio, and establishing investment governance. A big and recurring topic in Doug's work with families, both newly liquid ones and multigenerational enterprise families, is asset allocation. He tells us how families are thinking (or should be thinking) about asset allocation and lists some of the important considerations surrounding this topic, such as liquidity needs, risk tolerance, and distribution policies. Another important theme that comes into Doug's conversations with his client families is active vs. passive investments. He shares his views on how families should be making these tradeoffs and offers his suggestions for families to consider as they look to juggle the sometimes-competing priorities of returns, control, risk, and complexity. One important practical piece of advice Doug has for families and family offices is to make sure they fully understand their exposure within their investment portfolio. He offers some valuable tips and suggestions for family leaders and family office executives on the various methods and tools to do that. Another critical best practice Doug recommends is stress-testing the family's portfolio. He talks about how families and their enterprise offices should be doing that and unveils a number of resources they can lean on to accomplish this objective. Don't miss this instructive and insightful conversation with an expert practitioner and thought leader representing one of the most thoughtful and respected investment advisory firms in the private wealth and family office space.

Join us on this inspiring episode of "What Gives" as host Erin Satzger welcomes two distinguished guests, Emma Off and Sarah Douglas, from CincyTech. Emma, the CEO, President, and Partner at CincyTech, brings her extensive legal expertise and deep-rooted community involvement to the table. With a rich background in mergers and acquisitions and accolades such as "Lawyer of the Year," Emma discusses the critical role of legal frameworks in nurturing high-growth companies and how these structures support entrepreneurial success.Sarah Douglas, a Director at CincyTech, shares her journey from analyzing investment portfolio performance at Cambridge Associates to leading venture capital initiatives that transform scientific research into groundbreaking commercial products. She delves into the excitement and challenges of funding technologies that promise to change lives, providing listeners with an inside look at the venture capital process and its impact on healthcare and technology sectors.Together, they explore how their roles intersect and complement each other in driving innovation and supporting startups. Whether you're a seasoned philanthropist, a sports enthusiast, or just passionate about making a difference, this episode will inspire and equip you to contribute more effectively to your community.Tune in to discover how these two leaders use their expertise to solve complex problems and encourage community engagement through thoughtful investment and legal insight.

Letitia Johnson is the CIO of Amherst College, where she manages the school's $4 billion endowment. After thirteen years working with twenty-five clients and attending over 1,000 Investment Committee meetings at Cambridge Associates, Letitia developed a view about investing that differs from many similar pools of capital and has applied that view over the last five years. Our conversation covers the subtleties of managing an endowment with a concentrated, bottom-up manager-selected approach for the long-term, including portfolio construction, risk and liquidity management, long-term investing, and competition for capital.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

David Druley received his BBA and MBA from McCombs and currently serves as the Chief Executive Officer of Cambridge Associates. He interned as an investment analyst at the Teacher Retirement System of Texas and started his own investment management firm, called Druley Investment Management, for 9 years.  In this episode, host Firdous Khezrian spoke with Druley about risk management and tolerance in business and life, the traits of some of the best portfolio managers and the legacy he hopes to leave as a Longhorn.  --- This podcast was produced by The Drag Audio Production House. Want to work with The Drag? Reach out here.  

Artificial intelligence is transforming healthcare, unleashing new investment opportunities. From cancer screening to drug discovery, AI promises to augment clinical decision-making and improve care. We'll explore the surging ecosystem of medical AI innovations, from the emerging tech landscape to practical deployment. But what are the challenges facing real-world implementation? Which applications show the most promise? Join us as we investigate how artificial intelligence can change healthcare for the better while examining what it will take to do it well. Guests include: Bob Nelsen, Co-Founder and Managing Director at Arch Venture Partners Daphne Koller, Founder and CEO at insitro David Baker, Ph.D., Director at the Institute for Protein Design and Professor of Biochemistry at University of Washington Theresa Hajer, Partner and Managing Director of Venture Capital Research at Cambridge Associates Unseen Upside: Investments Beyond Their Returns is developed in partnership with PRX, an award-winning podcast media company. Cambridge Associates is a global investment firm that works with endowments, foundations, healthcare systems, pension plans, and private clients to implement and manage custom investment portfolios that aim to generate outperformance and maximize their impact on the world. Cambridge Associates delivers a range of portfolio management services, including outsourced CIO, non-discretionary portfolio management, staff extension, and asset class mandates.

Autoimmune diseases like lupus impact over 5 million patients globally, but treatment options remain limited. Now, decoding the once mysterious "dark genome" could bring new therapies. Over 90% of our DNA was once considered "junk"—but we've learned this dark matter regulates gene expression and human disease. This episode takes you to the pioneers who are unlocking the dark genome's potential to correct root causes of complex conditions like lupus. We'll chat with those illuminating this uncharted territory and developing novel approaches. Guests include: Rosana Kapeller, M.D., Ph.D., Co-Founder, President, & CEO at Rome Therapeutics Steve Kafka, General Partner at S32 Keri Mastrogiacomo, mother of a Lupus patient Katherine Cavanagh, Associate Investment Director at Cambridge Associates  Unseen Upside: Investments Beyond Their Returns is developed in partnership with PRX, an award-winning podcast media company. Cambridge Associates is a global investment firm that works with endowments, foundations, healthcare systems, pension plans, and private clients to implement and manage custom investment portfolios that aim to generate outperformance and maximize their impact on the world. Cambridge Associates delivers a range of portfolio management services, including outsourced CIO, non-discretionary portfolio management, staff extension, and asset class mandates.

Obesity is a global health crisis, with over 650 million adults affected worldwide. This drives massive economic and disease burdens. Yet new treatment options like GLP-1 drugs offer hope. This episode analyzes the investment landscape and future of obesity therapeutics, focusing on transformational GLP-1 drugs like Ozempic that curb appetite. Join us as we investigate the promise and challenges of emerging anti-obesity drugs, learn about one patient's journey taking them, and discover what the future of weight loss medicine could look like. You'll hear from leaders in the space as well as a current patient taking these medications. Guests include: Rod Wong, Founder, Managing Partner, and Chief Investment Officer at RTW Investments Raymond Stevens, Ph.D., Chief Executive Officer at Structure Therapeutics Dean Dimizas, Partner and Managing Director at Cambridge Associates Kathleen Mikaelian, Patient Unseen Upside: Investments Beyond Their Returns is developed in partnership with PRX, an award-winning podcast media company. Cambridge Associates is a global investment firm that works with endowments, foundations, healthcare systems, pension plans, and private clients to implement and manage custom investment portfolios that aim to generate outperformance and maximize their impact on the world. Cambridge Associates delivers a range of portfolio management services, including outsourced CIO, non-discretionary portfolio management, staff extension, and asset class mandates.

#BRNAM #1665 | Considering Private Real Estate as a Foundation for Multi-Asset Defined Contribution Plan Investment Options  | Jonathan Epstein, DCALTA, Jani Venter, J.P. Morgan Asset Management,  Clint Cary, Cary Solutions & Hayden Gallary, Cambridge Associates   | #Tunein: broadcastretirementnetwork.com #JustTheFacts | For more information visit https://www.dcalta.org/  

Precision oncology represents an exciting shift in cancer treatment from a one-size-fits-all approach to personalized care based on each patient's unique cancer and molecular makeup. In this episode, we'll explore how precision oncology is transforming the landscape of cancer care and improving outcomes at leading hospitals like St. Jude Children's Research Hospital. We'll discuss the latest precision diagnostic technologies enabling doctors to analyze a tumor's molecular profile and match targeted therapies to save lives. Join us as we investigate the promise of precision medicine to make cancer treatment more effective and more equitable. Guests include: Rick Shadyac, President and CEO at ALSAC, the fundraising and awareness organization for St. Jude Children's Research Hospital, a Cambridge Associates client Matt Gevaert, Co-Founder and Board Member at Kiyatec Jason Robart, Co-Founder & Managing Partner at Seae Ventures Jeff Blazek, Partner and Head of the Northeast & Midwest Endowment & Foundation Practice at Cambridge Associates, who works with ALSAC/St. Jude as one of his clients, in partnership with Anurag Pandit, CIO of ALSAC/SJCRH, and the Investment Department.

Thanks to medical advances, we're living longer lives but with that comes rising rates of Alzheimer's disease. Currently 6 million Americans have Alzheimer's, and that could triple by 2050. This episode explores emerging innovations offering hope against neurodegenerative diseases. We'll discuss promising new drugs that could slow cognitive decline and the strides scientists are making towards understanding causes and developing therapies—and how these breakthroughs are giving hope to one family fighting to save their mom. Episode two explores the history of Alzheimer's, its current challenges, and the promising therapies made possible by innovation and investment. You'll hear from: Dr. Asa Abeliovich, Neurologist, Molecular Geneticist, and Founder and CEO at Leal Therapeutics Carl Gordon, Managing Partner and Head of Global Private Equity at OrbiMed Ham Lee, Co-Head of the Healthcare Practice at Cambridge Associates Randi Casciano, Director of Global Public Relations at Cambridge Associates Unseen Upside: Investments Beyond Their Returns is developed in partnership with PRX, an award-winning podcast media company. Cambridge Associates is a global investment firm that works with endowments, foundations, healthcare systems, pension plans, and private clients to implement and manage custom investment portfolios that aim to generate outperformance and maximize their impact on the world. Cambridge Associates delivers a range of portfolio management services, including outsourced CIO, non-discretionary portfolio management, staff extension, and asset class mandates.

Aakar Vachhani, Managing Partner at Fairview Capital Partners, explores the crucial role of limited partners (LPs) in the venture capital ecosystem. He delves into the distinctive characteristics of venture capital as an asset class and sheds light on Fairview's role as a fund of funds, culture, investment strategy, areas of focus, and bullish stance on emerging managers. Additionally, he shares insights on trending topics that could influence the future of the venture capital industry.In this episode, you'll learn:[6:15] Fairview employs a dual investment strategy to cover both established and niche areas in private markets.[13:02] New, appropriately sized VC firms focusing on specific stages have the opportunity to generate significant returns.[16:53] The venture capital landscape has undergone substantial changes in the past 30 years.[27:00] Technology's pervasive influence creates vast opportunities for disruption across various industries.[32:34] Advice for investors, especially emerging managers: Be a great investor and entrepreneur; value collaboration and sharing best practices with peers.The non-profit organizations that Aakar is passionate about: San Francisco Achievers, New Breath FoundationAbout Aakar VachhaniAakar Vachhani is a Managing Partner at Fairview Capital Partners and a key member of Fairview's investment committee. In this role, he actively engages in research, due diligence, investment monitoring, and business development for Fairview's venture capital and private equity portfolios, as well as direct co-investment initiatives. He established and leads Fairview's San Francisco office.Before joining Fairview, Aakar worked with Cambridge Associates, a prominent investment advisor catering to foundations, endowments, and corporate/government entities. Earlier in his career, he gained experience at MK Capital, a multi-stage venture capital firm with a specific sector focus on software and cloud services.About Fairview Capital PartnersFairview Capital Partners is a Connecticut-based investment management firm specializing in cutting-edge segments of the private markets. Founded nearly three decades ago, Fairview has evolved into one of the largest minority-owned investment firms in the United States, managing over $10 billion in fund capitalization. With a clientele including leading foundations, endowments, pension plans, and family offices, Fairview Capital's innovative and inclusive approach, coupled with its entrepreneurial spirit, continues to make an indelible mark on the venture capital industry.Subscribe to our podcast and stay tuned for our next episode.

Endowments and foundations are some of the most consistent investors in private equity, and they often have some the highest allocations to the asset class. But have the challenges private equity has faced over the last 12 months dented their appetite? What are some of these investors thinking when it comes to their private equity portfolios? In this episode of Spotlight, senior editor Adam Le sits down with Jill Shaw, a managing director at global consultancy Cambridge Associates, to find out what advice she is giving her clients when it comes to private markets portfolio construction and which investment strategies are most attractive to them.

The future of healthcare is here. Get an an inside look at the innovations transforming lives on season four of Unseen Upside, premiering Tuesday, February 6. This season, we pull back the curtain on cutting-edge advancements at the intersection of technology and medicine, learn how AI is revolutionizing diagnostics and treatment, discover the potential of GLP-1s to combat obesity, and how breakthrough Alzheimer's therapies are offering hope to millions. We'll also uncover creative approaches to solving the mental health crisis. Powered by the global network of Cambridge Associates, join us to explore healthcare investments beyond their returns.

Lorenzo Simonelli, CEO of Baker Hughes, joins to discuss the company's earnings and outlook for 2024. Bloomberg Intelligence Senior Industrial Services Analyst Scott Levine joins to discuss the earnings as well. Anna Rathbun, CIO at CBIZ Investment Advisory Services, gives her market outlook. Mark Douglas, Founder and CEO at MNTN, discusses the latest news and earnings from Netflix. And Andrea Auerbach, Head of Private Investments at Cambridge Associates, joins to discuss her view on the markets and current investment opportunities. Hosts: Paul Sweeney and Alix Steel See omnystudio.com/listener for privacy information.

We recently hosted a group of global institutional clients from 23 different countries for an educational event in our San Mateo headquarters. This feature episode is a panel discussion that Tony moderated with Brooks Ritchey, chairman of K2 Advisors, and Peter Blue, head of Alternative Solutions at Franklin Templeton Investment Solutions. We hope you enjoy this special edition of our podcast series. *********       Brooks Ritchey joined K2 Advisors (a hedged strategies division of Franklin Templeton) in 2005 and is currently a Portfolio Manager and Chairman. He is also a voting member of the K2 Investment Committee. Prior responsibilities at K2 include Co-Chief Investment Officer, Co-Head of Investment Research & Management, and Head of Portfolio Construction. Mr. Ritchey works with clients and investment management teams to analyze market and macroeconomic conditions, help determine asset allocation tilts, and manage absolute return and multi-asset hedged portfolios. Mr. Ritchey began his investment career in 1982 as a proprietary trader for the NYSE Specialist Firm of Conklin, Cahill & Co. Since 1987, Mr. Ritchey has successfully managed multi-asset mutual fund and hedge fund portfolios for institutional and registered portfolios while located in New York and Paris. Prior employers include Steinhardt Partners, Citibank, Finch Asset Management, Paribas, AIG, and ING/Barings. Mr. Ritchey graduated from Franklin & Marshall College in 1982 with a B.A. in Business Administration and is Series 3 NFA registered. Peter Blue is the Head of Alternatives Solutions for Franklin Templeton Investment Solutions. He is responsible for the development and implementation of multi-asset alternatives capabilities for the Solutions team.  Most recently, he was a client portfolio manager, also for Franklin Templeton Investment Solutions. Mr. Blue focuses on designing, managing, and maintaining multi-asset investment solutions for institutional clients in the Americas. Prior to joining Franklin Templeton, Mr. Blue was an investment analyst at QS Investors, a quantitative multi-asset and equity manager, where he was responsible for leveraging the breadth of QS' capabilities in the creation of new and custom investment solutions. QS Investors combined with Franklin Templeton Multi-Asset Solutions in October 2020 to create Franklin Templeton Investment Solutions. Before QS Investors in 2019, Mr. Blue was an alternatives product specialist at Legg Mason. Previously, he held product development, business development, and investment analyst roles with Guggenheim Partners, AlphaMetrix and Cambridge Associates, respectively. Mr. Blue holds a Bachelor of Science degree in business administration from Washington & Lee University, where he graduated magna cum laude. He also holds the Chartered Financial Analyst (CFA), Chartered Alternative Investment Analyst (CAIA) and Financial Risk Manager (FRM) designations. Mr. Blue is a member of the CFA Society New York and the Global Association of Risk Professionals (GARP).

IBM sent shockwaves through the retirement industry recently when it was revealed that the tech and computing giant is halting its 5% 401(k) match in favor of a 5% contribution to a new, portable, immediate-vesting pension called a “Retirement Benefit Account.”Joining us to discuss this move and its wider implications within the retirement industry is someone who knows the defined benefit market very well in Brian McDonnell, Head of the Global Pension Practice at Cambridge Associates. There he oversees the firm's work with more than 150 plan sponsors, and also works directly with clients as their OCIO.He'll explain why the move happened, whether (and why) other plan sponsors might be considering it, and key trends he sees impacting the defined benefit space in the coming year.

⭐ My guest today is Micah Kotch, Partner at Blackhorn Ventures. Blackhorn Ventures invests in companies redefining industrial resource efficiency. Their portfolio serves enterprise customers across Energy, Construction / Real Estate, Supply Chain / Logistics and Transportation – interconnected industries that generate $3T in annual revenue and account for the vast majority of global greenhouse gas emissions. They've raised three funds totalling over $270 in AUM. Their investments in 60+ seed and Series A ventures is performing in the top quartile of all comparable VC funds, according to Cambridge Associates. Micah was previously part of the BMW Group, where he served as Managing Director of URBAN-X; the platform for startups reimagining city life. He is also a Founding Partner of C3, an AngelList syndicate backing companies working to reduce emissions, mitigate the worst effects of climate change, and help humanity adapt to a changing world. ---

In this episode, we speak with Andrea Auerbach, Head of Global Private Investments at Cambridge Associates. Cambridge Associates is a global investment firm that works with endowments, foundations, healthcare systems, pension plans, and private clients to implement and manage custom investment portfolios. With 50 years of institutional investing experience, the firm delivers a range of portfolio management services, including outsourced CIO, non-discretionary portfolio management, staff extension, and asset class mandates. Andrea leads a 50-person team sourcing and underwriting private equity, growth equity, distressed, and venture capital funds, as well as direct, co-investment, and secondary investment opportunities, resulting in over $10 billion being invested annually across these strategies. She is also a member of the firm's Leadership Team and leads CA's Discretionary Private Investments practice. I am your host RJ Lumba.  We hope you enjoy the show.  If you like the episode, click to subscribe.

Welcome back to the Alt Goes Mainstream podcast.Today, we travel to London to talk with someone who has seen the evolution of the European tech ecosystem up close.We discuss the rise of Europe with Isomer Capital's Co-Founder and Managing Partner Joe Schorge. Isomer is a pan-European fund-of-funds, co-investment, and secondaries platform that is on its way to €1B AUM. They've invested in 70 VC funds, including the likes of Seedcamp, Hoxton Ventures, Atlantic Labs, and leading European companies like Sorare, Refurbed, Zenjob, and more.Joe has a fascinating perspective on European's tech ecosystem on a number of dimensions. He's an American who moved to Europe in the late 1990s to work in tech before moving to the allocator and investor side. He worked as an investment consultant at Cambridge Associates, where he advised institutional investors in Europe and MENA on strategy, planning, and implementation that amounted to over $2B of capital across 75 transactions in private markets. He was then a Managing Director at Pomona Capital in Europe, where he focused on secondaries, fund investing, and co-investments, which paved the way for him to found Isomer as one of the early institutional pan-European fund-of-funds based in Europe.Joe and I had a rich conversation about the past, present, and future of the European tech ecosystem. We discussed: Why Europe is a great place to invest right now. Perspectives on how to build a tech ecosystem, given Joe's deep experience and history in Europe. How they uncovered two local funds which invested in one of Europe's biggest tech successes, UiPath. The biggest opportunities in the ecosystem. Why availability of capital is not the issue for the European ecosystem. Why local funds will still win in their respective regions at pre-seed and seed. Why there are different skillsets that both investors and founders need to have to succeed in Europe. What the current market environment means for European venture. Why more institutional investors should be allocating to European venture. Thanks Joe for coming on the Alt Goes Mainstream podcast to share your wisdom and experiences about European venture and thanks to the EUVC team, Andreas Munk Holm and David Cruz e Silva, for the intro to Joe, where they together have a fantastic partnership between Isomer and EUVC.

Gordon Barnes is the Executive Vice President and the Head of Portfolio Group on the Bain Capital Partnership Strategies team, a group that manages assets primarily for Bain Capital's partners in strategies that diversify away from the equity-orientation of the firm's core. Colin Campbell, the group's co-head, was a previous guest on Capital Allocators, and that conversation is replayed in the feed for context on the group's approach to investing in esoteric assets. Prior to Bain Capital, Gordon was a Managing Director and Global Head of Operational Due Diligence at Cambridge Associates where he helped build the firms ODD practices. Our conversation covers Gordon's perspective on ODD from his time at Cambridge, becoming knowledgeable in uncommon fund strategies, some case studies from his work with managers, and what makes his role one of a kind. Learn More Follow Capital Allocators at @tseides or LinkedIn Subscribe to the mailing list Access transcript with Premium Membership

In this episode, Jocelyn and Chris are joined by Jad Stella, Senior Director of Private Investments at Cambridge Associates. Together they examine the data at the foundation of Cambridge Associates' benchmarks, their most common use cases, and the risk and returns that drive differentiation between private investment strategies.

    Isela Rosales is the Managing Director, Head of ESG & Sustainability at Bridge Investment Group, a leading real estate investment firm. Isela is based in San Francisco, CA. Prior to joining Bridge, Ms. Rosales lived and worked in New York City for nearly a decade in the financial services sector building and managing large institutional client relationships for multiple global asset management firms.    She pursued and earned the Chartered Alternative Investment Analyst designation in 2016 and decided to expand her financial services background from the hedge fund industry to include private real estate. She began her career at Cambridge Associates, working in Menlo Park following her graduation from Stanford University before receiving a promotion that would take her to the firm's Boston headquarters.    Ms. Rosales received her dual Bachelor of Arts degrees in International Relations and Spanish from Stanford, graduating with honors distinctions, and achieved top of her class ranking from Elsie Allen High's first graduating Class of 1997. She is fluent in Spanish and competes in Ironman and marathon competitions in her spare time.    Isela was the first alumna to start giving back to Elsie Allen through her Ironman competitions prior to the Foundation being established. She currently serves as a Community Member on the Board. Show Highlights A platform of strategies in renewable energy ventures and in secondaries in the real estate value arena to meet where the market is heading. Where real estate meets technology with the five areas of PropTech and ESG/sustainability is one of those five.  Tips to determine what to put effort into, what's important, and  selecting frameworks, scoring systems, and which plaques to go after. Unpack the vast menu of building certifications from the smallest to the largest that exist around the world.  What you need to know about PRI and PRI Signatory to achieve important milestones. The secret to ESG with some high level tips. What to consider for your organizations employee engagement, developing  talent and supportive measures for DEI. Selecting programs that make sense for a given property type.    “The S of ESG, does not represent sustainability, it actually represents Social - you can have the most efficient building out there, but you still have to factor in the People side of the equation. I really believe that when the topic of the S comes up, it's important to look at it from two perspectives. One, as the S relates to your company, what is going on for the employees of your company. And then the S is also for your company's investments in society.” -Isela Rosales        Show Resource and Information Connect with Charlie Cichetti and GBES   GBES is excited our membership community is growing. Consider joining our membership community as members are given access to some of the guests on the podcasts that you can ask project questions. If you are preparing for an exam, there will be more assurance that you will pass your next exam, you will be given cliff notes if you are a member, and so much more. Go to to learn more about the 4 different levels of access to this one-of-a-kind career-advancing green building community!   If you truly enjoyed the show, don't forget to leave a positive rating and review on .  We have prepared more episodes for the upcoming weeks, so come by again next week! Thank you for tuning in to the !   Copyright © 2023 GBES

Source: Canada's Venture Capital Landscape Report (2023) — BDCObjectiveThe venture capital landscape is a dynamic and ever-evolving environment, where success is measured not only by achieving high valuations but also by generating strong returns for investors. As we saw companies climb Mount Everest to unicorn statuses in the past 18 months, many failed to get back down safely to survive.It is imperative for Canada to ensure transparency in venture capital returns to remain globally competitive. Open dialogues on challenges and strategies are part of this effort. The aim is to disseminate insights, equip other fund managers with valuable knowledge, and bolster Canada's standing in the global venture capital sphere. This collective effort has the potential to drive Canadian startups forward and attract international capital and talent to this burgeoning ecosystem.In Canada, the federal government has been influential in creating a conducive environment for startups and venture capital, through initiatives such as the Business Development Bank of Canada (BDC) and the Venture Capital Catalyst Initiative (VCCI). These efforts have proven crucial in supplying public funding to draw in private sector capital and kickstart the Canadian VC ecosystem. The significant contribution of these programs in laying the groundwork for a sustainable and competitive startup ecosystem globally is acknowledged and appreciated. Without such support, a number of companies and funds could face substantial hurdles in launching and realizing their full potential. The federal government's dedication to fostering innovation and entrepreneurship has played a major role in developing the Canadian startup ecosystem.The 2023 Venture Capital Landscape Report by BDC revealed data on Distribution to Paid-In capital (DPI) Across Vintages, indicating that the upper quartile of Canadian funds from pre-2011 to 2013 recorded a 1.2x DPI. This contrasts with the 2.0x DPI of U.S. incumbent funds during the same period, as reported by Cambridge Associates. This difference illustrates the distinct market dynamics that characterized the less mature Canadian venture capital sector during this time. However, since then, Canada's ecosystem has seen substantial growth, reflected in an increased number of venture funds and startups, and overall improved performance. Notably, most of the active venture funds in Canada, including Ripple Ventures, have been established in the past 5–7 years, underlining the recency of this expansion.While we acknowledge that not all venture capital funds wind down after the traditional 10-year period and extensions can occur, a strategy that funds can take to protect the performance over the life of the fund is to return at least the original capital within the first 6–7 years. This approach allows for sufficient time and opportunities to graduate the portfolio and reduce the entire reliance on unpredictable outliers of breakout companies alone to return the fund. This strategy increases the chances of moving from a 1x to 3x+ return within the remaining 3–5 years. As such, we want to cover two general approaches to achieving a 3x fund. The first relies solely on 1–2 outlier investments that generate significant returns in the final years while having minimal returns in the earlier stages. The second approach involves consistently returning capital throughout the fund's lifecycle, allowing the mediocre outcomes to return the original capital and for the winners to drive true profit. We believe that the latter approach is more sustainable and favorable. While the former approach can be challenging, requiring a consistent scale of exits and various factors to align perfectly, our belief is that consistent capital returns across the portfolio create a higher probability to outperform over the long run. At Ripple, we personally invest a significant portion of our net worth into our funds, making us very aligned with our limited partners to strive not only for homerun outcomes but also to return our own original investment. Our goal is to open up the discussion of fund performance, key drivers of winning strategies, and how we can put Canada as a winner on the global stage. By highlighting benchmarks and sharing insights from our journey, we aim to contribute to the broader conversation about driving enterprise value in Canada. We recognize the importance of collaboration and knowledge-sharing in building a strong ecosystem, and we are committed to playing our part in its development.Union Square Ventures — the gold standard for DPIBefore diving into the details, we want to establish the gold standard DPI benchmark that every fund should strive to achieve. Recent returns data from the University of Texas Endowment, as highlighted by Eric Newcomer's blog, has captured attention. Union Square Ventures has demonstrated exceptional performance, delivering 9x DPI cumulatively across all their funds. Their 2012 vintage fund, with a DPI of nearly 23x, stands as one of the best-performing funds of all time. These extraordinary returns showcase Union Square Ventures' track record of staying focused on key themes, investing only with high conviction, acquiring material ownership, and keeping fund sizes small to be able to consistently return capital to LPs.Source: University of TexasRipple's DPI performance relative to incumbents Ripple Ventures has established an early track record in our angel portfolio since 2012 (we call this Fund 0) currently at 6.5x DPI. Although Fund 0 was an angel portfolio with a smaller quantum of capital (which is easier to return), it is worth noting that our success is not solely reliant on one outlier investment to drive strong returns. Instead, we have strategically managed a portfolio including three of ten investments achieving at least 10x cash-on-cash returns (with the highest returning 30X). We have personally recycled a majority of this capital to jumpstart Fund I and attract external limited partner capital for our venture funds.We continue to build on our track record with Fund I (2019 Vintage) with a DPI of 0.5x. Again, Fund I was also a smaller fund compared to most at $10M which makes it much easier to return than a $200M fund like USV's. Considering the limited maturity of the 2019 vintage, it is important to acknowledge the current challenging market cycle and the pressure for funds to generate significant returns despite the bleak outlook for exits in the near future. As we approach the halfway mark of the fund's life, if the original capital has not yet been closer to being returned, there is still a long hard way to achieve a 3x+ DPI.When comparing to US incumbents, upper quartile returns were: 2.61x DPI (2011), 1.90x DPI (2012), and 1.48x DPI (2013) respectively according to the latest US Venture Captial return reports. The average DPI across the 2011–2013 vintage is 2.00x DPI, 67% higher than its Canadian counterparts. There is a stark difference between the median performance of top quartile funds in Canada vs the US. In the 2019 vintage, Ripple Ventures is categorized in the top 5% of funds based on DPI in the US so far.While Ripple Ventures Fund I is still in its early stages and hasn't achieved a 3x+ return yet, we approach this journey with humility, dedication, and empathy. We understand the uncertainties of the venture capital landscape and the possibility that we don't continue to exceed expectations. However, we are committed to diligently managing our portfolio, making informed decisions, and striving to deliver exceptional returns. With transparency and empathy at our core, we will continue to navigate the evolving market dynamics to create long-term value for our investors.Our view on what drives DPI, and differences in Canada vs the USOwnership and exit value play crucial roles as the primary drivers of DPI in venture capital funds. You need to have at least one or the other to drive returns, and in the best cases, you have both. For example, if you have a $50M fund, you need to own 20% of a $250M exit, or 1% of a $5B exit to return the fund ($50M). Let's take a look at another graph in the BDC report around median exit values to understand better why DPI may be different in Canada vs the US:Source: Canada's Venture Capital Landscape Report (2023) — BDCYou can see there's a very evident difference in the historic outcomes of companies in each country. According to PitchBook, the average exit value for US venture-backed startups was approximately $207M USD in 2019, $263M USD in 2020, and $391M USD in 2021. These are multiples higher than the Canadian counterparts. Although this is the case, we want to acknowledge the potential for creating global winners in Canada, such as Shopify and Lightspeed (public companies), as well as notable private outcomes like Wattpad's acquisition by Naver for 754 million CAD and Verafin's sale to Nasdaq for 2.75 billion USD in cash. It is crucial to highlight the potential for Canada to create companies of this scale, but recognize the lower frequency in which this occurs. By learning from and comparing ourselves to the best in the world, particularly the United States, we can identify the strategies and practices that contribute to their success. Why Ripple is investing in both Canada and the US Ripple Ventures recognizes the tremendous potential of the Canadian startup ecosystem and aims to drive enterprise value creation for early-stage companies by leveraging the expertise and resources from the US network. We firmly believe that adopting a strategic investment strategy that spans Canada and the United States is essential for the success of fund managers seeking to achieve 3x+ DPI. Our approach is driven by the objective of bringing valuable knowledge, networks, and resources from the US ecosystem into Canada, accelerating growth, and fostering better returns.In Canada, there is a shortage of founders and employees who have experienced the journey from idea to IPO, hindering the mass development of unicorn companies we've seen in the US. By investing across borders, Ripple Ventures facilitates the exchange of knowledge and experience, allowing Canadian founders to tap into a wealth of resources and navigate the challenging “valley of death” stage. This exposure to higher-scale ventures and outcomes creates a fertile ground for innovation, fueling the growth of early-stage companies.We firmly believe that bridging the gap between the Canadian and US ecosystems is pivotal in driving higher enterprise value exits. Currently, Canada only has 25 unicorns generated compared to the US in which there are 700+, and we aim to change that narrative. It must be stressed that investing in Canada today can still be an extremely profitable venture, but this hinges greatly on the degree of ownership an investor can secure. Given the historical performances, a high ownership stake is a significant factor that can help offset the inherent risks and volatility of the scale of venture capital outcomes in Canada. Ripple Ventures is committed to being at the forefront of driving the next generation of category-defining companies in Canada. By leveraging our connections, networks, and experiences from both sides of the border, we aim to catalyze the growth of the Canadian startup ecosystem and pave the way for greater success. If you don't believe us, just ask our founders if we have been successful at doing this.Why keeping fund size smaller mattersKeeping fund sizes smaller is a strategic choice that aligns with Ripple Ventures' investment approach and objectives. It allows us to focus on specific stages, check sizes, ownership targets, and industries that fit our investment thesis. By maintaining smaller funds, we prioritize efficient capital deployment and maximize our ability to generate significant returns for our investors. This approach is particularly advantageous when considering the quantum of exit size relative to the respective market and entry stage.We've seen USV consistently keep their fund sizes relatively the same in all market environments because their formula works. In our view, the game of venture fund managers should be to execute the strategy that you know works for generating strong returns for LPs and raising/recycling capital to keep it going over multiple funds. At Ripple, we've made a commitment to our LPs that we'd never scale the fund past a size that makes sense and is possible to outperform (3x+ DPI). If it ain't broke, don't fix it. Ripple's philosophy in portfolio construction to drive DPIRipple Ventures adopts a strategic approach by investing across both Canada and the US, employing a barbell strategy to optimize returns within each fund. Recognizing the historical disparity in exit values between the two markets, we tailor our investment strategy accordingly. In Canada, where exits have traditionally been lower, the focus is on playing the ownership game. By securing substantial ownership stakes in companies, Ripple Ventures ensures that even in more modest exits, the ownership-driven returns can generate significant DPI for the fund. Conversely, in the US market, where valuations are higher and obtaining ownership can be more challenging, Ripple Ventures is willing to trade off lower valuations. This balanced approach allows us to capture the potential for higher exit values and drive DPI. In our opinion, employing a barbell strategy is essential for fund managers in Canada to ensure that the interplay between ownership and exit scale is thoughtfully priced into their portfolio, maximizing returns and achieving their target of surpassing the gold standard of 3x DPI.At Ripple Ventures, we deeply admire and draw inspiration from funds like Version One Ventures and Golden Ventures, who have successfully executed the strategy of investing across North America &globally while being based in Canada. These funds serve as valuable partners within the Canadian ecosystem, bringing exposure to top-tier founders, operators, and investors from the US. Their ability to connect with and learn from the best in the industry helps them level up not only their own expertise but also their portfolio companies. We share a common goal with these funds — to drive growth, foster innovation, and create a thriving startup ecosystem in Canada by leveraging the insights and resources available across North America.ConclusionOur ultimate aspiration at Ripple Ventures is to become the Union Square Ventures of Canada, driving the best-returning fund out of the country. Merely returning the original investment would be considered a failure for us. That's why we are igniting this conversation and delving into the intricacies of our strategy. By focusing on early-stage investments, prioritizing ownership, investing across both Canada and the US, and actively driving DPI throughout the entire life of the fund, we are positioning ourselves for a higher probability of achieving our goal of becoming a globally recognized and outperforming fund. Transparency in venture capital returns is crucial for Canada to compete on a global scale. By openly discussing challenges and strategies, we aim to elevate the industry and drive meaningful conversations. Our goal is to share insights, empower other fund managers, and strengthen Canada's position in the global venture capital landscape. Get in touch: * Matt Cohen, Managing Partner at Ripple Ventures (matt@rippleventures)* Dominic Lau, Partner at Ripple Ventures (dom@rippleventures.com) This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Humans have fantasized about flying cars for decades, but they've yet to leave the pages of our sci-fi books...or have they? Join us as we visit Joby Aviation out in Marina, California to witness their eVTOL (electric vertical take-off and landing) aircraft take flight. With plans to operate like ubers in the sky, eVTOLs are the closest thing we have to flying cars—and they could be a commercial reality by 2025. The companies creating them promise a faster and greener mode of transportation, but who's investing in them? Are they safe? And how will they change our transportation infrastructure? We'll discuss these questions and more with Eric Allison (Joby Aviation); Andrew Beebe (Obvious Ventures); and Doug Carlson and Alex Innes-Whitehouse (pilots affiliated with Cambridge Associates).

In this episode, we dive into the Platform and Operations role at venture funds with Sophie. We also touch on the operations role in times of uncertainties for startups such as the SVB crisis and how 186 Ventures is positioning itself to best support portfolio companies. Finally, Sophie talks about gender dynamics in VC broadly and in the Boston ecosystem and  shares some advice for aspiring female investors. 

Season three of Unseen Upside: Investments Beyond Their Returns by Cambridge Associates explores the innovations turning science fiction to fact and the people investing in them. Powered by the global network of Cambridge Associates, discover the investments being made that will redefine our future. Join us to uncover the Unseen Upside.

Erik Schatzker, editor-at-large with Bloomberg TV, discusses Bridgewater's major revamp post-Ray Dalio. Andrea Auerbach, head of private investments at Cambridge Associates, joins the program to discuss the risks of private credit and outlook for it in 2023. Sonali Basak sits down with Coinbase CEO Brian Armstrong to discuss the company and the crypto industry. Leland Miller, CEO of China Beige Book, joins the program to discuss the latest PMI data China's Rebound. George Patterson, CIO, PGIM quantitative solutions, joins the program to discuss the firm's latest data as it comes to predicting the global and US economic outlook. Angela Seidler, VP of Investor Relations at Aurubis, joins the program to discuss commodities outlook with China's rapid reopening, market in Germany amid CPI data today, and US commodities market. Hosted by Paul Sweeney and Matt Miller.See omnystudio.com/listener for privacy information.

Andrea Auerbach of Cambridge Associates stops by Middle Market Musings to offer a master class in the trends defining the private equity asset class.  Cambridge Associates is a leading advisor/portfolio manager to institutional investors.  Andrea oversees a team directing $12-15 billion per year to private investments, co-investments, and secondary opportunities.  She shares how different GPs manage to different valuation expectations, the emergence of direct and co-investing, and the advent of greater specialization, not just in industry verticals but in functional areas of expertise.  She holds her own with the guys in making vintage cultural references, including a callback to Mutual of Omaha's Animal Kingdom.  Forget all the other times Andy and Charlie touted a guest.  Andrea delivers the goods!

John-Austin Saviano is the founder of High Country Advisors, where he serves as a strategic advisor to both investment firms and the institutional pools of capital that back them. Before starting High Country in 2017, John-Austin served as an allocator for nearly two decades at the Moore Foundation, Cambridge Associates, and as the first CIO of UC-Berkeley's Endowment. Our conversation covers John-Austin's career path from direct investing to allocation and insights gleaned across his roles. We then turn to his work at High Country, including lessons he shares with emerging managers to help tell their story and navigate a difficult fund-raising environment and those he shares with allocators about governance and investment committees.   Access Stream by AlphaSense Free Trial Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership 

We talk to another amazing LP this week, Aakar Vachhani, Partner at Fairview Capital. Fairview has over $3.5B in AUM that focuses on fund investing, co-investments, and direct investment. They have built a reputation for finding and backing emerging managers with diverse backgrounds.About Aakar Vachhani:Aakar Vachhani is a Partner and a member of Fairview Capital's investment committee. He is involved in research, due diligence, investment monitoring, and business development for Fairview's venture capital and private equity partnership and direct co-investment portfolios.Prior to joining Fairview, Aakar was with Cambridge Associates, a leading investment advisor to foundations, endowments and corporate and government entities. He was responsible for analyzing private equity and venture capital investments in support of the firm's clients and consultants. In addition, he led research and data analytics projects on the firm's private equity and venture capital database. Aakar also spent time with MK Capital, a multi-stage venture capital firm with a sector focus on software and cloud services.He holds a B.S. in Economics-Finance from Bentley University and an MBA in Finance and Entrepreneurship & Innovation from the Kellogg School of Management.A word from our sponsor:At Ripple, we manage all of our fund expenses and employee credit cards using Jeeves. The team at Jeeves helped get me and my team setup with physical and virtual credit cards in days. I was able to allow my teammates to expense items in multiple currencies allowing them to pay for anything, anywhere at anytime. We weren't asked for any personal guarantees or to pay any setup or monthly SaaS fees.Not only does Jeeves save us time, but they also give us cash back on our purchases including expenses like Google, Facebook, or AWS every month. New users can earn up to 3% cashback for their first 90 days.The best part is Jeeves puts up the cash, and you settle up once every 30 days in any currency you want, unlike some other corporate card companies that make you pre-pay every month. Jeeves also recently launched its Jeeves Growth and Working Capital initiative for startups and fast-growing companies to enable more financial freedom for companies. The best thing of all is that Jeeves is live in  24 countries including Canada, the US and many other countries around the world.Jeeves truly offers the best all-in-one expense management corporate card program for all startups especially the ones at Ripple and we at Tank Talks could not be more excited to officially partner with them. Listeners of Tank Talks can get set up with a demo of Jeeves today and take advantage of our Tank Talks special with a‍ $250 statement credit after the first $2,500 in spend or a $500 statement credit after the first $5000 in spend. Lastly, all Jeeves cardholders receive access to their Lounge Pass program and access to over 1300 airports globally.Visit tryjeeves.com/tanktalks to learn more.In this episode we discuss(02:35) Aakar's journey to becoming an investor(05:36) Learning about data and analysis of investing at Cambridge Associates(07:37) Investments in underrepresented, emerging managers he's most proud of at Fairview(11:05) Why Fairview began looking for underrepresented managers when it started 30 years ago(11:56) How Fairview's investing thesis has evolved over the years(18:19) Common mistakes and red flags that emerging managers make(20:17) What Aakar does to add-value to GPs(22:30) Advice he's giving to his GPs right now on how to adjust to the market(24:15) How the FTX reflects on the entire venture industry(27:30) What Aakar is doing ot navigate the current seed and early-stage market(29:57) Using secondary funds to make way in the current market(31:57) Adjusting their return expectations in the market(32:40) Investment sectors Fairview is excited about(34:04) How new investors and family offices should think about the current market(35:35) Best career advice he's receivedFast Favorites:*

Vanessa Loder has been on a journey of self awareness, from playing on the soccer field as a teen and college student, to graduating at the top of her class at an Ivy League, to finding herself, in full business attire, sneaking out of her downtown San Francisco office to attend a hypnosis and past life seminar.  Along the way, she fine-tuned her ability to pay attention to what she calls the “sacred breadcrumbs,” giving her insight into her true heart's desire.  Please listen in as Vanessa shares her perfectly imperfect journey, and gives some great advice for all of us to tune into our own inner wisdom.   “Women are so happy for a seat at the table, we haven't really questioned how the table is set”  Vanessa Loder   To order Vanessa's book and get some of her supplementary materials:  https://vanessaloder.com/soul-solution/   Some of the books Vanessa mentions: Many Lives, Many Masters by Brian Weiss The Instruction by Ainslie MacLeod Soulcraft by Bill Plotkin   Bio Vanessa Loder is an acclaimed keynote speaker and sought-after expert on women's leadership, mindfulness, stress management, rewiring your brain for happiness, owning your inner game, and sustainable success. Vanessa's work has been featured in Forbes, Fast Company, the Huffington Post and Glamour magazine. Her guided meditations have been streamed over 1 million times globally. Vanessa's Tedx talk “How To Lean In Without Burning Out” has over 155,000 views. Loder is the author of the forthcoming book, The Soul Solution: A Guide for Brilliant, Overwhelmed Women to Quiet the Noise, Find Their Superpower and (Finally) Feel Satisfied, released by SoundsTrue in October 2022.    In her previous life, Loder was a successful private equity investor who advised fast growing companies. She is a self-described over-achiever whose unfulfilling experience left her burned out, exhausted, and eager to find another way.    After spending close to a decade working in finance on Wall Street and in Silicon Valley, Vanessa felt that she had climbed to the top of the wrong ladder! Her personal transformation, subsequent research and work have led to thousands of women finding their way back to soul.    Vanessa has worked with high performing teams and leaders at AirBnb, Bain & Co, Cambridge Associates, Castlight Health, Charles Schwab, Cisco, Dreamforce, Flextronics, Goldman Sachs, Google, LinkedIn, Mattel, Orrick, Herrington & Sutcliffe, PA Conference for Women, PG&E, PwC, Sheppard Mullin, Salesforce, StubHub!, Tedx, The Dailey Method, The Hamlin School, The North Face, The Stanford Graduate School of Business, Stanford MSx Women, ThoughtSpot, Uber, Upwork, Watermark, Women in Private Equity and many other organizations.   Vanessa received her MBA from Stanford University and her BA in Economics from Columbia University where she graduated Phi Beta Kappa, Summa Cum Laude. Loder is certified as an Executive Coach by the Hendricks Institute and trained in Neuro-Linguistic Programming (NLP) by Carl Buchheit at NLP Marin. Vanessa currently lives in Lafayette, CA with her husband and two children, who remind her to take “mommy time-outs” when she's about to lose her marbles.

Andrea Auerbach, Head of Private Investments at Cambridge Associates, joins the show to talk about private equity and weathering the storms of inflation and market volatility. Elisabeth Behrmann, head of autos and industry coverage for Bloomberg News in Europe, joins the show to talk about the Porsche PO and Ferrari's new “SUV” that's not an SUV. Tony Hatch, consultant with ABH consulting, discusses the railroad strike and the state of labor in transportation/rails in the US. Lee Klaskow, Senior Analyst – Freight, Transport, and Logistics with Bloomberg Intelligence, joins the show to discuss FedEx, General Electric, and supply chain constraints and costs. Ed Loh, Head of Editorial with MotorTrend, discusses the new MotorTrend Software-Defined Vehicle Innovators Awards program, car tech trends, and EV trends. Hosted by Paul Sweeney and Matt Miller.See omnystudio.com/listener for privacy information.

We kick off Crypto for Institutions 2 with Marcos Veremis. Marcos is a Partner at Accolade Partners, a $4.4 billion venture fund of funds whose founder Joelle Kayden appeared on the show earlier this year. Marcos manages $1 billion in blockchain fund of fund assets across liquid and venture strategies. He is one of the most well-regarded allocators in the space, having created and led the practice at Cambridge Associates before leaving to become a principal, first at Evanston Capital Management and then at Accolade. Our conversation covers Marcos' discovery of crypto while at Cambridge, building a formal research practice, and following institutional interest in the space. We then turn to his transition from consultant to the buy side (of the buy side) and his approach to manager selection, due diligence, portfolio construction, and oversight. We close with Marcos' perspective on the recent drawdown, valuation, and long-term outlook. Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership 

Season two of the Unseen Upside podcast by Cambridge Associates explores elements of our natural world—and beyond—with the innovators and investors aiming to enhance and protect our future. Powered by the global network of Cambridge Associates, host Luke Charest will explore the investments being made that will improve our lives in unexpected ways. Join us to uncover the Unseen Upside.

On this special episode of Origins, Marcos Veremis, partner at Accolade Partners, hosts Chris Ebeling, the Creative Director, Futurist & Co-Founder @ Virtually Human, which created Zed Run, a provably fair digital horse racing game built on blockchain technology.Marcos Veremis is a partner at Accolade Partners, a top-tier fund of funds, and one of the first firms in the market to launch a dedicated crypto fund of funds practice. Marcos was previously an MD at Cambridge Associates for more than a decade, where he focused on alternative investments, including crypto.Chris Ebeling has spent his career crafting unique visual experiences for Film, TV, Games and emerging technologies. Chris is a world-class Animator, Creative Director, Writer and Digital Artist having worked on Hollywood blockbusters such as The Lego Movie's, The Great Gatsby, and Gods of Egypt. He has since moved on to co-found his own digital creative studio, Virtually Human, creators of Zed Run, a provably fair digital horse racing game built on blockchain technology, and a massive hit in the rapidly growing "play-to-earn" blockchain gaming category.

Consumers are demanding more from brands than ever before, but how are brands rising to the occasion? In this episode of Unseen Upside, Cambridge Associates' Global Head of Private Investments, Andrea Auerbach, looks at how technology, coupled with evolving consumer preferences, are impacting how both startups and incumbent brands market themselves. We also speak with Jenny Gyllander, Founder of Thingtesting and Robin Tsai and Wayne Wu, both General Partners at VMG Partners.