Cambridge Conversations

Why does family wealth diminish across generations—and what can you do to make it last?

Passing wealth from one generation to the next involves more than investment decisions. As families grow, their members may develop different views on risk, spending, philanthropy, and what their wealth should accomplish.  The challenge is not to eliminate those differences, but to make decisions together despite them.
In this episode, host Willis Wilson sits down with Sam Bruehl, Co-Founder and Partner at Generation Transition Advisors, and Nicole Nava, Senior Investment Director in Cambridge Associates’ Private Client Practice.
Together, they discuss why relationships and governance matter alongside investment performance.  They discuss what happens when a portfolio built for a wealth creator no longer fits the family it serves, and why preparing the next generation is an ongoing process—not a single handoff.
This podcast episode covers:

How family dynamics can affect the long-term stewardship of wealth

Why generations may see risk, liquidity, spending, and philanthropy differently

How to spot when a family’s portfolio and decision-making structures may need to evolve

The practical structures and habits that can help families preserve wealth across generations

Actionable lessons to help prepare the next generation

Cambridge Conversations is developed in partnership with PRX, an award-winning podcast media company.
Cambridge Associates is a global investment firm that works with endowments, foundations, healthcare systems, pension plans, and private clients to implement and manage custom investment portfolios that aim to generate outperformance and maximize their impact on the world. Cambridge Associates delivers a range of portfolio management services, including outsourced CIO, non-discretionary portfolio management, staff extension, and asset class mandates.

How did a new venture firm with an unconventional partnership model become one of venture capital’s most enduring names?

In 1995, Benchmark was a new venture firm with an unusual partnership model, ambitious ideas, and no guarantee that investors would embrace either. What it did have was a founding team with a distinct point of view and a group of early backers willing to see the potential before it was proven.
In this episode, host Willis Wilson sits down with Bruce Dunlevie, co-founder of Benchmark, and Michael Larsen, Partner in Cambridge Associates’ Private Client Practice, to tell that story.
Bruce reflects on how Benchmark’s founding partners came together, why they chose an equal-partnership model, and what it took to raise their first fund on unconventional terms. Michael brings the Cambridge perspective on what that history reveals about backing emerging managers, learning from missed opportunities, and the role investors can play in supporting exceptional firms before the broader market recognizes them.
This podcast episode covers:

How Benchmark’s founding team, equal-partnership model, and early choices established the foundation for an enduring venture franchise

The story behind Benchmark Fund I, its unconventional economics, and the early conviction required to back a new firm

How the eBay investment and other outlier outcomes illustrate the long-term portfolio impact of venture capital

What Benchmark’s story can teach today’s investors about judgment, partnership, and identifying the next generation of managers and entrepreneurs

Cambridge Conversations is developed in partnership with PRX, an award-winning podcast media company.
Cambridge Associates is a global investment firm that works with endowments, foundations, healthcare systems, pension plans, and private clients to implement and manage custom investment portfolios that aim to generate outperformance and maximize their impact on the world. Cambridge Associates delivers a range of portfolio management services, including outsourced CIO, non-discretionary portfolio management, staff extension, and asset class mandates.

How do healthcare organizations build for the future while delivering high-quality care today?

At VHC Health, growth is not just about expanding—it’s about having the financial strength to keep investing in care. As the healthcare organization grows its capabilities and plans for the future, questions around capital, liquidity, and long-term strategy become central to how that mission is sustained.
In this episode, host Willis Wilson talks with John L. Zabrowski CPA, MBA, Senior Vice President, Chief Financial Officer & Chief Strategy Officer at VHC Health, and Bridget Sproles, Partner and Co-Head of the Healthcare Practice at Cambridge Associates, about what sustainable growth looks like in healthcare.
They discuss how investment strategy connects to operating and capital planning, why liquidity and flexibility matter in a constantly evolving environment, and how the OCIO model can give healthcare organizations greater efficiency, broader access to specialized investment resources, and more time to focus on strategy and agility.
They also explore how governance and strategic partnership can help drive better long-term outcomes for healthcare organizations and the communities they serve.
This podcast episode will cover:

Why healthcare portfolios require a different balance of return, stability, and flexibility than traditional institutional portfolios

What it takes to build sustainable growth plans amid inflation, reimbursement pressure, and rising care demands

Why liquidity planning matters for healthcare systems with ongoing operational demands

How the OCIO model can support agility, oversight, and better use of internal resources

Cambridge Conversations is developed in partnership with PRX, an award-winning podcast media company.
Cambridge Associates is a global investment firm that works with endowments, foundations, healthcare systems, pension plans, and private clients to implement and manage custom investment portfolios that aim to generate outperformance and maximize their impact on the world. Cambridge Associates delivers a range of portfolio management services, including outsourced CIO, non-discretionary portfolio management, staff extension, and asset class mandates.

What does it take to find value before others do?
Value investing is often described as buying what the market has mispriced. But in practice, it’s also about patience, conviction, and the willingness to look beyond the usual patterns of recognition. That same discipline can apply not only to companies, but also to investment managers and talent.
Host Willis Wilson is joined by John W. Rogers Jr., Chairman and Co-CEO of Ariel Investments, and Jasmine N. Richards, Head of Diverse Manager Investing at Cambridge Associates.
Together, they discuss what value investing looks like in practice, why patience and conviction still matter, and how investors and allocators can recognize quality even when it falls outside the usual patterns. They also explore the importance of broadening access, developing talent early, and building the kind of judgment that leads to better long-term outcomes.
This podcast episode covers:

Why patience, conviction, and independent thinking matter in volatile or consensus-driven markets

What investors and allocators can miss when they rely too heavily on familiarity, pedigree, or conventional frameworks

How early exposure, financial literacy, and talent development can shape the future of the investment industry

Cambridge Conversations is developed in partnership with PRX, an award-winning podcast media company.
Cambridge Associates is a global investment firm that works with endowments, foundations, healthcare systems, pension plans, and private clients to implement and manage custom investment portfolios that aim to generate outperformance and maximize their impact on the world. Cambridge Associates delivers a range of portfolio management services, including outsourced CIO, non-discretionary portfolio management, staff extension, and asset class mandates.

What does it take to build an arts institution that lasts?
Arts organizations do more than stage performances—they strengthen communities, nurture youth, and create moments of meaning that can last a lifetime. But behind that impact is something rarely seen: the leadership, governance, and financial stewardship that help those institutions endure.
Explore what it takes to sustain mission-driven arts organizations over the long term
Host Willis Wilson is joined by Margaret Chen, Partner and Head of Endowment & Foundation Practice at Cambridge Associates and Board Chair of Boston Youth Symphony Orchestras, and Maeesha Merchant, COO, CFO, and EVP of the Colburn School, a client to Cambridge Associates.
Together, they discuss why the performing arts matter to young people and communities, how non-profit arts institutions can balance mission with financial discipline, and what leaders and boards need to get right to build organizations that endure.
This podcast episode will cover:

How endowments, fundraising, and financial planning support long-term mission delivery

Why succession planning and institutional resilience matter for organizations built to last

How leadership and governance help non-profit arts organizations fulfill their missions

What strong board-executive partnerships look like in practice

Why the performing arts and arts education matter to communities, civic life, and young people 

Cambridge Conversations is developed in partnership with PRX, an award-winning podcast media company.
Cambridge Associates is a global investment firm that works with endowments, foundations, healthcare systems, pension plans, and private clients to implement and manage custom investment portfolios that aim to generate outperformance and maximize their impact on the world. Cambridge Associates delivers a range of portfolio management services, including outsourced CIO, non-discretionary portfolio management, staff extension, and asset class mandates.