Cambridge Associates was founded in 1973 in Cambridge, Massachusetts by Hunter Lewis to provide independent investment advice to nonprofit institutions, particularly universities and foundations seeking to manage endowments more effectively. From its early days, Cambridge Associates distinguished itself by championing diversified, long-term portfolio strategies, helping popularize the “endowment model” that emphasized alternative investments such as private equity, hedge funds, and real assets alongside traditional stocks and bonds. Over the following decades, the firm expanded its client base to include pensions, healthcare systems, family offices, and sovereign wealth funds, while also building global offices across North America, Europe, Asia, and Australia. Known for its rigorous research, manager selection expertise, and advisory-driven approach rather than direct asset management, Cambridge Associates today advises on hundreds of billions of dollars in assets and remains one of the most influential institutional investment consultants shaping portfolio construction worldwide.