Cambridge Associates LLC, Boston, launched a new research initiative and consulting practice the mission investing group to help non-profit organizations align the investment of their assets with their central purpose.
Doug Stamm, chief executive officer of the $700 million Meyer Memorial Trust, Portland, Ore., said about 8% of his community foundation's assets already are invested with private equity, clean tech, buyout and venture capital managers that support the trust's mission to improve life in, and the economy of, Oregon and southwestern Washington. Mr. Stamm said the trust's board intends to increase its mission allocation by at least one percentage point.
The Meyer Memorial Trust is one of three foundations, all Cambridge clients, that are actively supporting the new research program. The others are the $3.3 billion Annie E. Casey Foundation, Baltimore, and the $700 million F.B. Heron Foundation, New York.
The Casey Foundation already has allocated $100 million in mission-related investments, about $44 million of which has been invested to date, said Christa Velasquez, director of social investments.
The Cambridge Associates' group is headed by consultant Kevin Stephenson, managing director, and also includes consultants Tom Mitchell and Kyle Johnson. 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.