Foundation Finance

A Division of Finance & Administration

INVESTMENT FUND HISTORY

About



CA Capital Management, Cambridge Associates’ dedicated outsourced chief investment officer (OCIO) business, is the UNCG Investment Fund’s OCIO. Cambridge Associates is one of the largest endowment management firms in the U.S. with a network of 200+ college and university clients. CA Capital manages the Fund on a day-to-day basis, while the Assistant Vice Chancellor of Foundation Finance, Treasurer and Board of Directors of the Fund work closely with CA Capital and maintain high-level oversight of the Fund.


The primary objective of the Fund is to preserve and enhance its real (inflation-adjusted) purchasing power while providing a relatively predictable, stable, and constant (in real terms) stream of earnings for current use. Over the long-term, we seek to generate real returns at or above 5.0%.


To accomplish this goal, the Fund is invested primarily in Capital Appreciation (equity-related) investments, both in public and private markets. In addition, the Fund holds a set of volatility / risk reducing strategies: deflation hedging, inflation sensitive, and diversifiers. The current long-term target allocation to each of these strategies (the “Policy Portfolio”) is presented in the following table.


Investment Policy Statement →


Policy Portfolio



Portfolio RolePolicy TargetsAllowable Range
Capital Appreciation53%43 - 65 %
Public Equities38%33 - 50 %
Private Equity15%10 - 20 %
Diversifying Strategies20%10 - 30 %
Diversifying Hedge Funds20%
Inflation Sensitive10%0 - 15 %
TIPS2%0 - 5 %
Natural Resource Equities3%0 - 5 %
Private Inflation Sensitive5%0 - 10 %
Deflation Hedging17%5 - 25 %
Bonds17%
Cash0%0 - 10 %
Total100%