Lewis & Clark College, Portland, Ore., hired Cambridge Associates to provide outsourced CIO services for its $237 million endowment, college spokesman Roy Kauffman said in an email.
The college issued an RFP earlier this year following the retirement of Carl Vance, who had been the endowment's CIO since 2014, Mr. Kauffman said. Cambridge was the incumbent non-discretionary investment consultant.
Other finalists were Agility, the OCIO business of Perella Weinberg Partners, and Northern Trust Asset Management.
As of May 31, the endowment's asset allocation was 28.8% international equities, 18.4% domestic equities, 16% venture capital/private equity, 14.1% marketable alternatives, 12.6% fixed income, 8.4% inflation-protected securities, 1.1% opportunistic strategies and the rest in cash and other.