Cambridge Conversations offers a front-row seat to the candid, global dialogues shaping institutional investing. Join us as we connect with clients, managers, alumni, and industry insiders across the Cambridge Associates network for discussions on the topics that matter most.

What does it take to build an arts institution that lasts?Arts organizations do more than stage performances—they strengthen communities, nurture youth, and create moments of meaning that can last a lifetime. But behind that impact is something rarely seen: the leadership, governance, and financial stewardship that help those institutions endure.Explore what it takes to sustain mission-driven arts organizations over the long termHost <a href="https://www.cambridgeassociates.com/people/willis-wilson/">Willis Wilson</a> is joined by <a href="https://www.cambridgeassociates.com/people/margaret-chen/">Margaret Chen</a>, Partner and Head of Endowment &amp; Foundation Practice at Cambridge Associates and Board Chair of Boston Youth Symphony Orchestras, and Maeesha Merchant, COO, CFO, and EVP of the Colburn School, a client to Cambridge Associates.Together, they discuss why the performing arts matter to young people and communities, how non-profit arts institutions can balance mission with financial discipline, and what leaders and boards need to get right to build organizations that endure.This podcast episode will cover:<ul>
<li>How endowments, fundraising, and financial planning support long-term mission delivery</li>
<li>Why succession planning and institutional resilience matter for organizations built to last</li>
<li>How leadership and governance help non-profit arts organizations fulfill their missions</li>
<li>What strong board-executive partnerships look like in practice</li>
<li>Why the performing arts and arts education matter to communities, civic life, and young people </li>
</ul>Cambridge Conversations is developed in partnership with PRX, an award-winning podcast media company.<a href="https://www.cambridgeassociates.com/">Cambridge Associates</a> 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.

What does it take to build an arts institution that lasts?
Arts organizations do more than stage performances—they strengthen communities, nurture youth, and create moments of meaning that can last a lifetime. But behind that impact is something rarely seen: the leadership, governance, and financial stewardship that help those institutions endure.
Explore what it takes to sustain mission-driven arts organizations over the long term
Host Willis Wilson is joined by Margaret Chen, Partner and Head of Endowment & Foundation Practice at Cambridge Associates and Board Chair of Boston Youth Symphony Orchestras, and Maeesha Merchant, COO, CFO, and EVP of the Colburn School, a client to Cambridge Associates.
Together, they discuss why the performing arts matter to young people and communities, how non-profit arts institutions can balance mission with financial discipline, and what leaders and boards need to get right to build organizations that endure.
This podcast episode will cover:

How endowments, fundraising, and financial planning support long-term mission delivery
Why succession planning and institutional resilience matter for organizations built to last
How leadership and governance help non-profit arts organizations fulfill their missions
What strong board-executive partnerships look like in practice
Why the performing arts and arts education matter to communities, civic life, and young people 
Cambridge Conversations 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.

Behind the Mission: Leading Arts Institutions for the Long Term

Are investors driving forward while looking in the rearview mirror?For much of the last 15 years, investors were rewarded for staying concentrated in what was winning, especially US equities, large-cap growth, and technology. But as market conditions evolve, many portfolios may be carrying more risk than they appear.In this episode of Cambridge Conversations, we explore what happens when the market environment changes, but portfolios remain anchored to the strategies that worked in the last cycle.Host <a href="https://www.cambridgeassociates.com/people/willis-wilson/">Willis Wilson</a> is joined by <a href="https://www.cambridgeassociates.com/people/celia-dallas/">Celia Dallas</a>, Chief Investment Strategist at Cambridge Associates, and <a href="https://www.cambridgeassociates.com/people/kevin-rosenbaum/">Kevin Rosenbaum</a>, Head of Global Capital Markets Research and Investment Communications at Cambridge Associates.Together, they discuss why many portfolios may be more concentrated than investors realize, how AI enthusiasm and private market growth are reshaping risk, and how investors can respond thoughtfully by broadening opportunity sets and rebuilding diversification with more forward-looking discipline.This podcast episode will cover:<ul>
<li>How the last 15 years of market leadership shaped today’s portfolios</li>
<li>What geopolitical shifts and capital flows could mean for US and ex-US markets</li>
<li>How to think about AI opportunity without losing valuation discipline</li>
<li>What credit markets may be signaling beneath the surface</li>
<li>How allocators can reassess risk and reposition portfolios without overreacting</li>
</ul>Cambridge Conversations is developed in partnership with PRX, an award-winning podcast media company.<a href="https://www.cambridgeassociates.com/">Cambridge Associates</a> 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.

Are investors driving forward while looking in the rearview mirror?
For much of the last 15 years, investors were rewarded for staying concentrated in what was winning, especially US equities, large-cap growth, and technology. But as market conditions evolve, many portfolios may be carrying more risk than they appear.
In this episode of Cambridge Conversations, we explore what happens when the market environment changes, but portfolios remain anchored to the strategies that worked in the last cycle.
Host Willis Wilson is joined by Celia Dallas, Chief Investment Strategist at Cambridge Associates, and Kevin Rosenbaum, Head of Global Capital Markets Research and Investment Communications at Cambridge Associates.
Together, they discuss why many portfolios may be more concentrated than investors realize, how AI enthusiasm and private market growth are reshaping risk, and how investors can respond thoughtfully by broadening opportunity sets and rebuilding diversification with more forward-looking discipline.
This podcast episode will cover:

How the last 15 years of market leadership shaped today’s portfolios
What geopolitical shifts and capital flows could mean for US and ex-US markets
How to think about AI opportunity without losing valuation discipline
What credit markets may be signaling beneath the surface
How allocators can reassess risk and reposition portfolios without overreacting
Cambridge Conversations 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.

The Rearview Mirror Problem: Portfolio Discipline in a Changing Market

What does it take to build something that lasts for generations?In this episode of Cambridge Conversations, we explore how bold vision, patient capital, and a deep commitment to community helped transform San Antonio’s Pearl district from a shuttered brewery into a thriving destination.Host <a href="https://www.cambridgeassociates.com/people/willis-wilson/">Willis Wilson</a> hands the mic to <a href="https://www.cambridgeassociates.com/unseenupside/">Unseen Upside</a> host Hillary Ribaudo, who travels to San Antonio to speak with Bryant Ambelang, CEO of Silver Ventures (CA client); Shawn Hatter, President of Oxbow Development Group; and <a href="https://www.cambridgeassociates.com/people/mary-jo-palermo/">Mary Jo Palermo</a>, Partner at Cambridge Associates.Together, they unpack how a family’s commitment to place, culture, and community helped shape a “100-year business,” and what it takes to support that vision through market cycles, development challenges, and changing needs over time.You’ll hear:<ul>
<li>How Pearl evolved from a historic brewery into a thriving mixed-use destination</li>
<li>Why patient capital and long-term thinking were critical to its success</li>
<li>How liquidity, risk, and portfolio decisions helped support an ambitious vision</li>
<li>What investors can learn from building for both community impact and lasting value</li>
</ul>Cambridge Conversations is developed in partnership with PRX, an award-winning podcast media company.<a href="https://www.cambridgeassociates.com/">Cambridge Associates</a> 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.

What does it take to build something that lasts for generations?
In this episode of Cambridge Conversations, we explore how bold vision, patient capital, and a deep commitment to community helped transform San Antonio’s Pearl district from a shuttered brewery into a thriving destination.
Host Willis Wilson hands the mic to Unseen Upside host Hillary Ribaudo, who travels to San Antonio to speak with Bryant Ambelang, CEO of Silver Ventures (CA client); Shawn Hatter, President of Oxbow Development Group; and Mary Jo Palermo, Partner at Cambridge Associates.
Together, they unpack how a family’s commitment to place, culture, and community helped shape a “100-year business,” and what it takes to support that vision through market cycles, development challenges, and changing needs over time.
You’ll hear:

How Pearl evolved from a historic brewery into a thriving mixed-use destination
Why patient capital and long-term thinking were critical to its success
How liquidity, risk, and portfolio decisions helped support an ambitious vision
What investors can learn from building for both community impact and lasting value
Cambridge Conversations 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.

The Portfolio Behind Pearl: Funding a 100-Year Vision

Co-investing is one of the most talked-about—and complex—topics in private investments today. As more investors seek to enhance returns and deepen relationships with managers, the co-investment landscape has evolved from a niche strategy to a core component of sophisticated portfolios. Yet, with opportunity comes complexity.Whether you’re new to co-investing or looking to sharpen your approach, this episode of Cambridge Conversations offers practical insights and strategies for success. Host Willis Wilson is joined by Scott Farden, Managing Director and Chief Operating Officer at Nonantum Capital Partners, and Rob Long, Senior Investment Director of Co-Investment Research at Cambridge Associates.Together, they break down what it takes to succeed in the fast-paced world of co-investing, how to determine if it’s right for your portfolio, and tips for getting started—all backed by decades of partnership and real-world experience.The podcast episode will cover:<ul>
<li>The evolution of the co-investment strategy</li>
<li>3 biggest factors influencing success or failure</li>
<li>Returns should be driven by more than just fee savings</li>
<li>Keys to building a successful co-investment program</li>
<li>Lessons learned to avoid making the same mistakes</li>
</ul>Cambridge Conversations is developed in partnership with PRX, an award-winning podcast media company.Investment Leaders Exchange is intended for private families and institutional investors, and we invite CIOs, investment committee members, family principals, senior investment staff, and trustees to join us. Please note: Attendance is limited to clients and prospective clients of Cambridge Associates. There is no cost to attend, aside from travel expenses.Cambridge Associates will also be hosting similar, shorter-format events in Singapore, Milan, and London in 2026, offering discussions on the key topics explored in Chicago. To learn more, email events@cambridgeassociates.com.<a href="https://www.cambridgeassociates.com/">Cambridge Associates</a> 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.

Co-investing is one of the most talked-about—and complex—topics in private investments today. As more investors seek to enhance returns and deepen relationships with managers, the co-investment landscape has evolved from a niche strategy to a core component of sophisticated portfolios. Yet, with opportunity comes complexity.
Whether you’re new to co-investing or looking to sharpen your approach, this episode of Cambridge Conversations offers practical insights and strategies for success. Host Willis Wilson is joined by Scott Farden, Managing Director and Chief Operating Officer at Nonantum Capital Partners, and Rob Long, Senior Investment Director of Co-Investment Research at Cambridge Associates.
Together, they break down what it takes to succeed in the fast-paced world of co-investing, how to determine if it’s right for your portfolio, and tips for getting started—all backed by decades of partnership and real-world experience.
The podcast episode will cover:

The evolution of the co-investment strategy
3 biggest factors influencing success or failure
Returns should be driven by more than just fee savings
Keys to building a successful co-investment program
Lessons learned to avoid making the same mistakes
Cambridge Conversations is developed in partnership with PRX, an award-winning podcast media company.
Investment Leaders Exchange is intended for private families and institutional investors, and we invite CIOs, investment committee members, family principals, senior investment staff, and trustees to join us. Please note: Attendance is limited to clients and prospective clients of Cambridge Associates. There is no cost to attend, aside from travel expenses.
Cambridge Associates will also be hosting similar, shorter-format events in Singapore, Milan, and London in 2026, offering discussions on the key topics explored in Chicago. To learn more, email events@cambridgeassociates.com.
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.

The Co-Investment Playbook: Navigating Opportunity and Complexity

“Net zero” is everywhere in today’s climate dialogue, but what does it truly mean for institutional investors? In this episode of Cambridge Conversations, we unpack the realities of climate impact investing—where ambition meets action.Host and Investment Director Willis Wilson is joined by Dame Caroline Mason, Chief Executive Officer of the Esmée Fairbairn Foundation (CA client), and Simon Hallett, Head of Climate Investing at Cambridge Associates. Together, they share how organizations can move from intention to implementation, channeling capital and influence to drive meaningful change.We’ll discuss:<ul>
<li>How Esmée Fairbairn Foundation aligns its mission and investments for climate impact</li>
<li>The importance of partnership and collaboration in tackling complex climate challenges</li>
<li>The value of progress over perfection in a rapidly evolving landscape</li>
<li>Practical steps for investors to start or further their net zero journey</li>
</ul> Investment Leaders Exchange is intended for private families and institutional investors, and we invite CIOs, investment committee members, family principals, senior investment staff, and trustees to join us. Please note: Attendance is limited to clients and prospective clients of Cambridge Associates. There is no cost to attend, aside from travel expenses.Cambridge Associates will also be hosting similar, shorter-format events in Singapore, Milan, and London in 2026, offering discussions on the key topics explored in Chicago. To learn more, email events@cambridgeassociates.com.Cambridge Conversations is developed in partnership with PRX, an award-winning podcast media company.<a href="https://www.cambridgeassociates.com/">Cambridge Associates</a> 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.

“Net zero” is everywhere in today’s climate dialogue, but what does it truly mean for institutional investors? In this episode of Cambridge Conversations, we unpack the realities of climate impact investing—where ambition meets action.
Host and Investment Director Willis Wilson is joined by Dame Caroline Mason, Chief Executive Officer of the Esmée Fairbairn Foundation (CA client), and Simon Hallett, Head of Climate Investing at Cambridge Associates. Together, they share how organizations can move from intention to implementation, channeling capital and influence to drive meaningful change.
We’ll discuss:

How Esmée Fairbairn Foundation aligns its mission and investments for climate impact
The importance of partnership and collaboration in tackling complex climate challenges
The value of progress over perfection in a rapidly evolving landscape
Practical steps for investors to start or further their net zero journey


Investment Leaders Exchange is intended for private families and institutional investors, and we invite CIOs, investment committee members, family principals, senior investment staff, and trustees to join us. Please note: Attendance is limited to clients and prospective clients of Cambridge Associates. There is no cost to attend, aside from travel expenses.
Cambridge Associates will also be hosting similar, shorter-format events in Singapore, Milan, and London in 2026, offering discussions on the key topics explored in Chicago. To learn more, email events@cambridgeassociates.com.
Cambridge Conversations 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.

Lessons in Climate Investing: The Journey of Esmée Fairbairn Foundation

We had a conversation with investment committee chairs from four institutions with assets ranging from $200 million to $850 million to understand why they chose to delegate decision-making on their investment portfolios — and to reflect on that decision today.  Cambridge Conversations is developed in partnership with PRX, an award-winning podcast media company.<a href="https://www.cambridgeassociates.com/">Cambridge Associates</a> 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.

We had a conversation with investment committee chairs from four institutions with assets ranging from $200 million to $850 million to understand why they chose to delegate decision-making on their investment portfolios — and to reflect on that decision today. 


Cambridge Conversations 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.