Cambridge Associates and three foundation clients created the Mission Investing Group, a new research unit and consulting practice.
“Mission investing” involves investing assets in ways that align with an organization’s central purpose, said Doug Stamm, CEO of the $700 million Meyer Memorial Trust, Portland, Ore. For example, about 8% of the community foundation’s assets are already invested with private equity, clean technology and venture capital managers that support its mission to improve life in Oregon and southwestern Washington. Mr. Stamm said the trust’s board intends to increase its mission investing allocation to 9%.
The Meyer trust is one of three foundations that practice mission investing and is part of the new research group. The others are the $3.3 billion Annie E. Casey Foundation, Baltimore, and the $700 million F.B. Heron Foundation, New York.
The Cambridge Associates’ team is headed by consultant Kevin Stephenson, managing director, with fellow consultants Tom Mitchell and Kyle Johnson and the firm’s manager researchers. The group will create a manager database; specialized annual performance reports for each kind of mission investing strategy, including tobacco-free and clean technology; best practices recommendations and resource guides; and individualized investment plans for clients.
