University of Washington, Seattle, rehired Cambridge Associates as non-discretionary investment consultant for its $4.5 billion consolidated endowment fund.
The university's board of regents approved its finance and asset management committee's recommendation to rehire Cambridge at its May 13 meeting, university spokesman Victor Balta said in an email.
The university issued an RFP in January due to the impending expiration of Cambridge's contract June 30. There were a total of three finalists, but the university did not disclose the names of the other two firms.
Cambridge's new contract will be for five years ending June 30, 2026, with annual renewal options.
Cambridge will continue to provide investment advice to the board of regents and the University of Washington Investment Management Co., which oversees the investment management of both the endowment pool and the university's $3 billion in operating funds.
As of Dec. 31, the endowment fund's actual allocation was: 34% developed markets equities; 18.8% emerging markets equities; 15.9% private equity; 15.6% absolute return; 9.9% fixed income; 3.6% real assets; and 2.2% opportunistic strategies.
