CAMBRIDGE ASSOCIATES, LLC

CAMBRIDGE ASSOCIATES, LLC BROCHURE MARCH 31, 2025 Cambridge Associates, LLC 115 Federal Street, Suite 2600 Boston, Massachusetts 02110-2112 Telephone: 617-457-7500 Fax: 617-457-7501 www.cambridgeassociates.com This Brochure provides information about the qualifications and business practices of Cambridge Associates, LLC. If you have any questions about the contents of this Brochure, please contact: Sean F. Hanna Chief Compliance Officer and Senior Counsel Telephone: 617-457-7518 Email: shanna@cambridgeassociates.com The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission (SEC) or by any state securities authority. Additional information about Cambridge Associates, LLC is also available on the SEC’s website at IAPD. Registration with the SEC does not mean that the SEC or any other agency of the United States government has reviewed or approved of the registered investment adviser’s abilities or qualifications nor does it imply a certain level of skill or training.  CAMBRIDGE ASSOCIATES, LLC ITEM 2 – MATERIAL CHANGES Item 5 has been amended to reflect changes in the Firm’s billing policies.  CAMBRIDGE ASSOCIATES, LLC TABLE OF CONTENTS ITEM 1 – COVER PAGE ........................................................................................................................................................................................... 1 ITEM 2 – MATERIAL CHANGES .......................................................................................................................................................................... 2 ITEM 3 – TABLE OF CONTENTS........................................................................................................................................................................ 3 ITEM 4 – ADVISORY BUSINESS ......................................................................................................................................................................... 4 ITEM 5 - FEES AND COMPENSATION .............................................................................................................................................................. 7 ITEM 6 - PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT .................................................................................... 9 ITEM 7 - TYPES OF CLIENTS ............................................................................................................................................................................. 11 ITEM 8 - METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS ................................................................... 11 ITEM 9 - DISCIPLINARY INFORMATION ....................................................................................................................................................... 15 ITEM 10 - OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS ..................................................................................... 15 ITEM 11 - CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING ... 16 ITEM 12 - BROKERAGE PRACTICES ............................................................................................................................................................... 18 ITEM 13 - REVIEW OF ACCOUNTS ................................................................................................................................................................. 18 ITEM 14 - CLIENT REFERRALS AND OTHER COMPENSATION ............................................................................................................ 18 ITEM 15 - CUSTODY ............................................................................................................................................................................................. 19 ITEM 16 - INVESTMENT DISCRETION ............................................................................................................................................................ 19 ITEM 17 - VOTING CLIENT SECURITIES ....................................................................................................................................................... 20 ITEM 18 - FINANCIAL INFORMATION ........................................................................................................................................................... 20  CAMBRIDGE ASSOCIATES, LLC ITEM 4 – ADVISORY BUSINESS SUMMARY Cambridge Associates, LLC is a privately held investment advisory firm (the “Firm”) principally owned by employees and clients. OUR MISSION STATEMENT We partner with endowments, foundations, pension plans, corporations and private clients to implement and manage custom portfolios to generate outperformance so they can maximize their impact on the world. THE FIRM The Firm has eight global subsidiary affiliates collectively providing investment management, investment advisory, research and performance reporting services. NAME LOCATION LEGAL STRUCTURE Cambridge Associates Limited London, England Limited Company in England and Wales (Authorized and regulated by the U.K. Financial Conduct Authority) Cambridge Associates Asia Pte Ltd Singapore Singapore Corporation (Registered and regulated by the Monetary Authority of Singapore) Cambridge Associates Limited, LLC Boston, Massachusetts U.S.A. and Sydney, Australia Massachusetts Limited Liability Company (Registered with the U.S. Securities and Exchange Commission, subject to oversight by the Australian Securities and Investment Commission and registered as an Investment Fund Manager and Portfolio Manager in the Canadian provinces of Ontario, Quebec, Nova Scotia and British Columbia) Cambridge Associates GmbH Munich, Germany German Limited Liability Company (Registered and regulated by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)) Hong Kong, China Cambridge Associates Hong Kong Private Limited Hong Kong Private Limited Company (Licensed with the Securities and Futures Commission of Hong Kong) Beijing, China Cambridge Associates Investment Consultancy (Beijing) Ltd. People’s Republic of China Limited Liability Company Cambridge Associates AG Zurich, Switzerland Swiss Limited Company (Authorized and supervised by the Swiss Financial Market Supervisory Authority (FINMA)) Dubai, United Arab Emirates Cambridge Associates (DIFC) Limited DIFC Company (Regulated by the Dubai Financial Services Authority (DFSA)) In addition to the entities listed above, the Firm and its affiliates have established various entities to serve as general partners and/or managing members for the Firm’s Single Investor Funds and commingled 4  CAMBRIDGE ASSOCIATES, LLC funds including Single Manager Funds1. The Firm and its affiliates are under common ownership and control. Cambridge Associates, LLC is not affiliated with any broker/dealers, other investment managers, solicitors or placement agents, and we do not receive any compensation from third parties for recommending or using their investment products or services for our clients. The Firm provides its clients with a wide range of services designed to help maximize portfolio returns within the context of their governance and risk framework. For clients with limited in-house resources and an investment committee that seeks to delegate portfolio implementation, we offer discretionary investment management or Outsourced Chief Investment Officer services (OCIO). For those that seek a similar level of support but wish to retain approval rights on manager hiring and firing, we offer non- discretionary portfolio management services. The Firm provides these services for a total portfolio or for specific asset classes. For clients that have fully built-out investment offices, we offer staff extension services which are customized to complement such clients’ in-house resources and needs. Typically, this includes our acting as a sounding board as well as providing alternative asset expertise, manager due diligence and research tools. We also offer services to clients that seek specialized advice and guidance. These services are typically tailored to the client and most often include strategic and tactical asset allocation advice as well as manager selection, participation in committee meetings, access to research services and performance reporting. We also provide investment services relating to socially responsible investing, ESG and impact investing and have dedicated resources researching managers and working with clients to align their investing with their missions. These service offerings are quite differentiated and not consistent across our client base as they are driven by clients’ specific frameworks, interpretations and reporting needs. In addition, we provide expertise and guidance regarding the selection of diverse managers through dedicated resources seeking to find and diligence non-traditional, institutional quality managers. Generally, the Firm does not engage in individual stock selection but rather assists clients in selecting and investing with institutional quality, external investment managers. The Firm does, however, provide advice to clients on co-investment opportunities in individual companies, exchange traded funds (ETFs), equity and bond futures and secondary market offerings of privately placed investment funds (secondaries). With respect to co-investments, clients that seek to invest can either (1) obtain exposure through commingled funds, whether sponsored by the Firm or third-party investment managers, or (2) directly via the Firm’s co-investment advisory service platform. Interested clients will need to expressly opt-in to receive co-investment advisory services, and the fees for the service will be negotiable depending on the size and complexity of a client’s co-investment program and overall relationship with the Firm. The Firm has dedicated substantial resources in conducting due diligence on and investing in alternative asset classes including hedge funds, private investments (private equity/venture capital), private credit, real estate, timber and other natural resources. To focus on the specific needs of various groups of clients, we have formed practice areas specializing on the needs of endowments and foundations, private clients and pensions. These practice areas seek to expand our knowledge of the investment requirements of each type of client and maximize our ability to better serve those clients. 1 Please refer to page 6 of this Brochure for more information relating to our Single Investor and Single Manager Funds. 5  CAMBRIDGE ASSOCIATES, LLC We have created vehicles to provide administrative ease and improve access to managers. These include: SINGLE INVESTOR FUNDS Although we typically service discretionary clients through separately managed accounts, we have established and offer “Single Investor Funds” (SIFs) for clients seeking a portfolio of alternative investment assets without the associated administrative burdens. We establish a separate SIF for each client, and we act as the investment manager to that SIF in a discretionary capacity. We outsource investment accounting and administration, tax preparation, annual audits and custody/banking to qualified third-party service providers. Unless otherwise instructed by a client, we take responsibility for the management of these external relationships, effectively relieving a client of the administration associated with the investment program. Due to regulatory requirements in specific jurisdictions, SIFs may not be offered for all clients. SINGLE MANAGER FUNDS We have established several “Single Manager Funds” (SMFs) to aggregate assets from multiple clients for investment in alternative assets whose high minimums or other access restrictions would have otherwise prevented these clients from investing or to obtain more favorable fees or terms from managers. When clients express enough interest to warrant the use of an SMF, we may establish a separate fund for each alternative investment or manager for which we are pooling assets, including for co-investments and secondaries. Due to regulatory requirements in specific jurisdictions, SMFs may not be offered to all clients. COMMINGLED INVESTMENT FUNDS Although we do not utilize proprietary, diversified commingled investment funds as total portfolio solutions, we have and may form commingled vehicles to access certain, niche asset classes when we believe a fund vehicle improves investing efficiency for our clients. Commingled fund offering documents contain specific conflicts of interest and risk disclosures. Due to regulatory requirements in specific jurisdictions, commingled funds may not be offered to all clients. REGULATORY ASSETS UNDER MANAGEMENT NUMBER OF ACCOUNTS ASSETS AS OF DECEMBER 31, 2024 Discretionary 213 101,131,000,000 Non-Discretionary 362 212,415,000,000 Total 575 313,546,000,000 These figures above (rounded to the nearest $100,000) are based on the net asset values of our clients’ securities (including hedge funds and private investments) as reported to us by the investment managers. The value of private investments is reported with at least a one-quarter lag. Where we advise or manage assets that are also invested in one of the Firm’s investment vehicles, we count those assets only once for the purposes of Regulatory Assets under Management. In addition to our Regulatory Assets under Management, we also maintain relationships with many of our clients where we engage in proactive and ongoing leadership of the client’s investment program on a non-discretionary basis, however, not all such assets are considered Regulatory Assets under Management by the U.S. Securities and Exchange Commission. 6  CAMBRIDGE ASSOCIATES, LLC INDUSTRY PARTNERSHIPS We have been selected to provide data and/or analysis as well as to develop and maintain customized industry benchmarks for several prominent industry associations, including, but not limited to:  Australian Investment Council (AIC)  China Venture Capital and Private Equity Association (CVCA)  The Global Private Capital Association (formerly EMPEA)  Institutional Limited Partners Association (ILPA)  Invest Europe (IE)  Singapore Private Equity & Venture Capital Association (SVCA) We have also entered into various distribution and licensing agreements with third parties to supply firms and data platforms with anonymous and aggregated private equity, venture capital, real estate, and other private investments fund performance data and statistics. Through these agreements, we provide aggregated fund performance information to entities whose members or clients include investment management firms. This results in the Firm receiving indirect compensation from investment managers, some of whom we may evaluate and recommend to our clients. We take steps to mitigate this potential conflict, including requiring our distribution partners to be the primary interface with their investment manager members and subscribers and asking them to shield the identity of any such members/subscribers from our research and investment professionals. Despite these efforts, it is possible that our investment professionals could become aware of the identity of these investment managers and favor them over others. We have also entered into benchmark licensing agreements with unaffiliated investment managers where our licensing fees are based on assets raised in investment products sponsored and/or managed by such investment managers. In those instances, we acknowledge that a conflict of interest exists if we recommend or invest our clients in such investment products and will provide prior disclosure regarding our compensation arrangements if a recommendation or investment is made. Due to rules in the Employee Retirement Income Security Act of 1974 (“ERISA”), we will not recommend or invest assets of plans subject to ERISA in products where this conflict of interest exists. ITEM 5 - FEES AND COMPENSATION The Firm does not receive compensation from investment managers in connection with the purchase or sale of their securities. The fees we charge clients and the services we offer are described below and are based on our current fee schedules but are negotiable. Certain legacy clients pay different fees. Our fees vary based on the scale and complexity of the mandate. 7  CAMBRIDGE ASSOCIATES, LLC CONTRACT TYPE DESCRIPTION OF SERVICES FEE RANGES  We direct and monitor the investment portfolio. Portfolio Management Services  The fee depends on the type of client, the asset classes under advisement, the complexity of the portfolio and other factors.  This may be provided on a non- discretionary or discretionary basis.  Fees may be higher or lower depending on asset level breakpoints, and fees or a portion of fees may be contingent on meeting performance hurdles.  Fees range from 2 to 60 basis points on the net asset value of the investment assets (or on commitments to private investments) and are generally subject to a minimum annual fee.  Fees for co-investment advisory services are negotiable depending on the size and complexity of a client’s co-investment program and overall relationship with CA.  Fees for discretionary mandates specifically focused on secondaries and/or co-investments may include carried interest and a management fee.  The fee depends on the client’s in-house resources Staff Extension Services and the specific set of services desired by the client.  Typically, these are fixed fee arrangements, subject  Depending on a client’s specific needs, we build a custom relationship, typically acting as a sounding board, leveraging our research platform and supplementing the client’s internal capabilities. to a minimum annual fee.  Often our work focuses on alternative assets. We generally customize our services based on each individual client’s needs, therefore, our fees are dependent on a client’s total asset size, governance structure and service requirements, portfolio complexity and asset mix, whether the relationship is discretionary, client domicile, longevity of a relationship with us, type of institution (e.g., a nonprofit organization, a corporation, a public pension plan, a private client, etc.). PAYMENT SCHEDULES Depending on the agreement, we invoice clients quarterly, semi-annually, up-front or according to an agreed upon schedule depending on the scope of services provided and whether fees are asset value- based or fixed. Where our fees or a portion of fees are contingent on meeting performance hurdles, we invoice in the quarter after the performance period ends. We will not, however, enter into any agreements with clients that allow for prepayment of fees six months or more in advance of providing services. If applicable, out-of-pocket reimbursable expenses such as our expenses (at cost) for travel, printing, postage and delivery of documents are billed monthly. Unless otherwise agreed upon, we only value securities for our commingled investment funds, SIFs and SMFs that are subject to a financial audit. For all other relationships, we are not responsible for valuing client securities. For purposes of calculating fees payable to the Firm for relationships for which fees are based upon a rate applied to asset values in the portfolio, the Firm relies on values reported by third parties including managers, custodians, brokers, and in limited instances, clients, which include market value, net asset value or value of committed capital (as applicable) of underlying investments. When values are preliminary or reporting is delayed, the Firm may exclude such values from a current invoice 8  CAMBRIDGE ASSOCIATES, LLC and adjust a subsequent invoice to reflect a final reported value of an underlying investment fund. Some clients have made arrangements with the Firm to use different asset value sources than described above. For audited commingled investment vehicles, SIFs and SMFs, we are responsible for valuing securities held within the vehicles and have a valuation policy and procedures in place to review and price the value of those investments. As such, the value of investments reported by the Firm and used for billing purposes can differ for clients holding assets through commingled investment vehicles, SIFs or SMFs as opposed to holding such investments directly. With respect to the SIFs, our general practice is to deduct our management fee from the assets of each fund quarterly in advance, however, specific billing practices differ depending on specific client requirements. Organizational and operational expenses of the SIFs are generally the responsibility of the investor, although some of these expenses are, in some instances, borne by the Firm rather than the investor. These expenses are typically paid out of the SIF’s assets, although investors can pay these expenses directly. The terms of each SIF can be negotiated and are governed by the limited partnership agreement or its equivalent. Clients invested through our SMFs generally pay their advisory fees outside of the fund, however, specific billing practices differ depending on specific client requirements. Operational expenses incurred by the SMFs are allocated to investors on a pro rata basis. For discretionary mandates specifically focused on secondaries, the manner of calculation and application of the management fee and the carried interest allocations, if applicable, are disclosed in the investment management agreement for each client. For each commingled investment fund in which a client is invested, clients will be charged in accordance with the fund’s offering documents. Non-Firm clients may be permitted to invest in our commingled investment funds. TERMINATION PROVISIONS Many of our contracts have an initial one-year term, with automatic renewal for subsequent years assuming no change in services and/or fees. Our clients may terminate their relationship immediately or following a notice period specified in their contract, typically between 30 to 90 days. Upon termination, we will adjust any fees payable to us or paid in advance by the client on a pro rata basis from the effective date of the contract, including contracts for project work, through the date of termination. ITEM 6 - PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT We do not charge performance-based fees for our non-discretionary investment advisory services. We do, however, recommend investment managers to our clients that charge performance-based fees. With respect to proprietary commingled funds, depending on the fund, we may charge management and/or performance fees within the investment vehicle. For some clients, those fees may be more than what is paid for their advisory or investment management services. Any recommendation by the Firm to invest in a Firm commingled investment vehicle should be viewed with this conflict in mind. Discretionary clients of the Firm will be provided notice of proposed investments in the Firm’s commingled investment vehicle where such conflict exists and an opportunity to elect not to invest. Although we do not typically offer performance-based fees for discretionary services, we do charge performance-based fees for mandates involving certain asset classes and/or where a client is interested in this type of fee structure. Depending on the nature of the client and the investment mandate, the Firm may commit its own capital and invest alongside such client. 9  CAMBRIDGE ASSOCIATES, LLC Certain conflicts of interests and risks exist in situations where we charge performance-based fees. For example, depending on client portfolio performance, performance-based fees could create an incentive for the Firm to make investments that are riskier or more speculative than would be the case if such fee arrangements were not in effect. Similarly, certain risks exist when the Firm commits its own capital alongside a client insofar as doing so may cause the Firm to manage the portfolio in a manner inconsistent with such client’s interest. We charge fees that vary from client to client. Different fee arrangements may incentivize investment teams to dedicate increased resources and allocate more profitable investment opportunities or ideas to clients whose fee arrangements with the Firm are more profitable for the Firm. Investment teams compensated by client portfolio performance are also incentivized to allocate investment opportunities to, and among, clients who either pay carried interest or performance-based fees. We seek to mitigate the above risks by mutually agreeing upon investment guidelines and restrictions with discretionary clients and putting policies and procedures in place to adhere to those guidelines. We also seek to mitigate the conflicts with the adoption of allocation policies and procedures designed to treat clients fairly. INVESTMENT ALLOCATIONS Due to the nature of the services we provide, we do not generally have direct responsibility for the allocation of investment opportunities among our clients. We provide investment managers with lists of those clients who may be interested in a potential investment, and we may facilitate an introductory meeting. In those situations, all decisions to accept an investor into a particular fund or investment opportunity are the responsibility of the fund manager or other applicable third party. However, in some instances, we source investments specifically to meet the needs of individual clients, and such opportunities may not be offered broadly to our clients as a whole. In rare cases, we may be required to allocate investments to our clients and have policies and procedures to do so in a fair and equitable manner. SECONDARIES INVESTMENT ALLOCATIONS The Firm has created an allocation framework that gives preference to certain clients that have hired us specifically to build and manage secondary-focused portfolios. Under the allocation framework, the Firm will first allocate secondaries to such clients before making them available to others. For allocation purposes, secondaries include, but are not limited to, secondary market offerings of privately placed investment funds, continuation funds, certain secondaries made alongside managers which may or may not be contained in a special purpose vehicle or fund structure, and primary funds where investment is required to access specific secondaries opportunities (“stapled” transactions). Given the multitude of ways transactions can be structured, the Firm, in its discretion, will assess investment opportunities to determine asset class and the applicable allocation framework. To the extent possible, allocations will generally be on a pro rata basis depending on the specific circumstances of each investment and parameters of clients’ investment guidelines. Some of the factors that are taken into consideration when determining allocation are suitability, exposure, size of the transaction, availability of cash in a client’s portfolio, legal and tax considerations, whether the transaction requires consent from a third party, and client investment restrictions. In certain instances where pro rata allocation is not possible or where we determine it infeasible, the allocation decision will be made by random selection. 10  CAMBRIDGE ASSOCIATES, LLC We have also established an Allocation Committee that, among other things, reviews the actions taken by the Firm’s allocation operations and resolves conflicts that cannot be easily resolved by application of the policy, including questions relating to client investment guidelines. The Allocation Committee is also responsible for reviewing the Firm’s Allocation Policy to ensure that it treats clients fairly and mitigates the conflicts of interest described above. ITEM 7 - TYPES OF CLIENTS Nearly all of our clients are Accredited Investors and Qualified Purchasers2. Our clients include colleges and universities, foundations and other non-profit institutions, including, but not limited to, museums and libraries, independent schools, religious institutions, professional and research institutions, service organizations and performing arts institutions. We also act as an investment adviser to private clients, family offices, corporations, healthcare institutions, insurance groups, pension plans and ERISA pools and public and government-related groups. ITEM 8 - METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS We typically work with our clients to identify and refine their investment objectives, risk parameters and spending needs to determine an appropriate asset allocation and manager structure designed to achieve financial goals. We utilize a number of analytical models to determine the appropriate asset allocation and manager structure, and we seek to match strategies and managers that we recommend or select with our clients’ objectives. Our investment manager due diligence is based on qualitative and quantitative analyses briefly described below. Qualitative factors we generally consider during our initial due diligence and ongoing monitoring include:  History of the organization and management team additions and departures  Experience, quality and capacity of current investment team  Organizational strength and cohesiveness  Attractiveness of track record and relevance to stated strategy  Attractiveness and consistency of investment strategy and philosophy  Deal origination and structuring capability  Investment due diligence skills  Ability to add value to deals  Partnership or transaction terms, from a business perspective  Investment environment  Competitive landscape 2 “Accredited Investor” and “Qualified Purchaser” are defined in Rule 501 of Regulation D and Section 2(a)(51) of the Investment Company Act of 1940, respectively. 11  CAMBRIDGE ASSOCIATES, LLC For traditional marketable managers, we typically obtain their current holdings data and run a series of historical analyses. We generally examine the product, team, organization, performance and fees. For hedge fund managers, we emphasize a qualitative evaluation of how their portfolios are likely to perform in different market environments. We favor strategies where managers look for inefficiency at the security level and exhibit a degree of transparency that enables us to understand the depth of the manager’s fundamental analysis and approach to risk control. We focus on the manager’s research process, historical security selection skill and portfolio structuring capabilities. For private investment managers, our quantitative review generally includes the manager’s track record and financial performance assessed on an absolute basis and on a relative basis versus our own proprietary vintage year benchmarks. When available, we also conduct performance attribution analysis at the company level to ascertain which investments and sectors drive the manager’s performance. We also conduct reference checks on managers by interviewing knowledgeable market participants including employees of underlying portfolio companies. Our investment directors rely primarily on the manager due diligence conducted or led by the Firm’s senior investment and research professionals to identify managers that are aligned with a particular client’s needs and objectives but also rely on their own research in making recommendations to their clients. In some cases, the recommended managers and funds have neither undergone the Firm’s full due diligence process nor will they be the subject of ongoing monitoring. This includes, but is not limited to, index funds, ETFs, money market funds and other passive investment strategies, spin-offs from existing managers, co-investments, niche managers and customized separate accounts. We generally do not recommend direct investments in individual securities due to our focus on investment managers and their funds or products. Such direct investments are not subject to the due diligence process described above. Depending on the investment mandate and type of client, we also recommend and invest client assets with third-party managers to gain synthetic exposures using derivatives, primarily futures. We are not, however, a futures commission merchant and do not trade derivatives directly. Although we do not engage in direct borrowing or leverage in client portfolios, a high degree of leverage is often obtainable in futures trading because of small margin requirements. We opportunistically use this investment strategy to maintain exposures, either during portfolio transitions or as a result of market fluctuations, and to hedge portfolio liabilities. For these types of managers, we focus on operational infrastructure and personnel to determine whether a manager is sufficiently resourced to efficiently trade and execute transactions in accordance with a particular mandate. In discussions with investment managers regarding terms contained in partnership documents, investment management agreements or other investment documentation, we generally take positions that we believe to be in the common interest of all our clients. In certain circumstances, however, a member of our advisory staff will take a position on behalf of a particular client that is intended to serve the interests of that client, without regard to the interests of other clients. For example, an investment professional may advise a client to take a certain position on an amendment to a partnership document that advantages that client and may communicate that position to the investment manager. It is possible that other Firm investment professionals that serve other clients with differing interests may not take a position on the amendment or may recommend that a client take the opposite position on the same amendment. Our investment professionals may provide different investment advice regarding the same investment manager, product or transaction to different clients. This difference arises primarily from the unique 12  CAMBRIDGE ASSOCIATES, LLC nature of each client’s situation and the judgment of the investment professional assigned to that client. For example, one investment professional may advise a client to redeem from an investment, while another investment professional may advise a client to invest in the same fund. This difference also arises in our discretionary portfolios. In addition, we may advise clients, or cause discretionary client portfolios, to participate in a co-investment alongside a private investment fund in which one or more other clients of ours hold interests. Clients may be eligible for reduced fees and preferential terms with respect to certain investments under various arrangements negotiated by us on behalf of all or a subset of our clients. The fees and/or terms may be based on the aggregation of our clients’ investments in a fund or with a manager. Therefore, the fees charged or terms offered by underlying investments may change without notice for a number of reasons including, but not limited to, the investment decisions of other clients or investment teams, subsequent changes to negotiated arrangements between the underlying investments and the Firm, or client terminations of our advisory agreements. When we recommend and invest clients in funds or managers that offer preferential terms or fees contingent on a certain aggregate amount of our clients’ capital being invested, the investment decision or recommendation is based solely on the specific client’s best interests and does not take into consideration any potential fee impact on other clients. RISK OF LOSS The following risk factors are not intended to be a full or complete listing of all the risks involved in investing, and clients should engage in their own evaluation of such risks. Past performance of any recommended managers or funds or the success of a manager in any similar venture is no assurance of future success. Investing in securities involves a risk of loss, including the possible loss of more than the entire amount invested. There can be no assurance that clients will not incur losses, and clients should be prepared to accept losses as part of their investment program. The success of any investment activity is affected by multiple factors, including national and international political or economic conditions, general market conditions, and trade tensions stemming from the threat or imposition of protectionist trade measures such as tariffs, which may affect the volatility of financial markets and interest rates. Success is also affected by the extent and timing of investor participation in the markets. Future events may impact investments in unforeseen ways. Unexpected volatility or illiquidity in the markets could cause clients to incur losses. Politics, recession, inflation, employment levels, trade policies, international events, war, terrorist activity, acts of civil or international hostility, natural disasters, pandemics and other unforeseen events can also have a significant impact upon the prices of securities and potentially disproportionate impacts to certain industries or sectors. In trading public securities, there are consequences for trading on insider information, and we expect that investment managers use only public information in their investment process. Investment managers, however, may be charged with misuse of confidential information, and if that were the case, the performance records of these investment managers could be misleading. Furthermore, if an investment manager or entity with which clients invest has engaged in the past or engages in the future in such misuse, clients could be exposed to losses. Clients also face the risk of loss associated with the possibility of personnel of an investment manager misappropriating client securities and/or funds. When investing in certain funds, clients may not be given access to information regarding the actual investments made by the investment manager. Neither the Firm nor our clients will be able to control the activities of external fund managers or be able to monitor their investment activities daily. At any 13  CAMBRIDGE ASSOCIATES, LLC given time, clients may not know the composition of investment managers’ portfolios with respect to the degrees of hedged or directional positions or the extent of concentration risk or exposure to specific markets. Similarly, clients may not learn of significant structural events, such as personnel changes, major asset withdrawals or substantial capital growth until after the fact. A lack of transparency may cause clients to incur losses as a result of reduced diversification and/or over-exposure to sectors, regions or individual securities. Investing in alternative assets such as hedge funds and private investment funds is associated with greater risk than investing in traditional marketable securities, including but not limited to illiquidity risk, manager-specific risk and valuation risk. Clients should consider the following factors in determining whether investing in alternative assets is appropriate. PRIVATE INVESTMENT ASSETS, E.G., U.S. AND INTERNATIONAL PRIVATE EQUITY FUNDS, VENTURE CAPITAL FUNDS, CO- INVESTMENTS, PRIVATE CREDIT, SECONDARIES, REAL ESTATE, ENERGY, TIMBER AND NATURAL RESOURCES Investments in private investment funds are highly illiquid and the underlying company investments of these funds are also generally illiquid. Generally, neither the interests in these funds nor their investment managers are registered with any state or federal regulators, and no readily available markets exist for interests in these funds. Clients should expect to hold such investments for the entire life of these funds. Historically returns have varied greatly over time depending on the conditions at the time investments were made and when investments were exited by funds. In addition, access to high-quality private investment opportunities may be limited and there is no assurance that such opportunities will be available during the desired investment period. A strategy that invests a higher percentage of its assets in any one issuer, such as one involving co- investments in individual issuers, could increase the risk of loss and volatility because the value of holdings would be more susceptible to adverse events affecting that issuer. In addition, the value of an investment in any particular issuer can be more volatile than the market as a whole and such investment can perform differently from the value of the market as a whole. When conducting due diligence on co-investment opportunities, the co-investor may be required to rely on the limited resources available, and due to the timing constraints inherent to the co-investment process, the scope of due diligence performed in connection with a co-investment is typically narrower than the scope performed by a lead investor. There can be no assurance that due diligence investigations reveal all relevant information or result in a co-investment’s success. In addition, to obtain access to due diligence prepared by third parties, a co-investor may be required to agree to limit its rights to bring legal actions against such third parties relating to reliance on such due diligence. Therefore, if third-party due diligence relied upon is inadequate, there may be no recourse against the provider of such due diligence. In connection with the purchase of an interest in a private investment fund from an existing investor of the fund, where the seller previously received distributions from such fund and, subsequently, such fund recalls distributions, the purchaser may be obligated to return cash to the fund. While the purchaser may have a valid claim against the seller of such interest for any such returned amounts, there can be no assurances that the purchaser will be able to collect on such claim. There is no liquid market for secondary market offerings of private investment funds. As the demand for secondaries increases, it is possible that competition for opportunities may reduce the number and attractiveness of investment opportunities available, and there can be no assurance that the Firm will be able to identify sufficient investment opportunities or acquire such opportunities on attractive terms. 14  CAMBRIDGE ASSOCIATES, LLC HEDGE FUNDS, E.G., ABSOLUTE RETURN, LONG/SHORT EQUITY, RISK ARBITRAGE, GLOBAL MACRO AND DISTRESSED FUNDS The risks inherent in investing in hedge funds include limited regulatory oversight, illiquidity, use of possibly speculative trading techniques, use of leverage or derivatives, short selling and hedging techniques. Substantial risks are involved in investing in funds trading in equity securities, options and other derivatives. Despite the hedging tactics used by hedge fund managers to mitigate risk, investments held in hedge funds are susceptible to market movements that can be volatile and difficult to predict. The activities of governments can influence interest rates which, in turn, affect securities, options and derivatives prices as well as the liquidity of such markets. Additionally, hedge funds are subject to limited withdrawal rights and early redemption fees. A fund may be unable to liquidate certain investments to pay withdrawals in a timely manner. Realization of value from the interests in a hedge fund may be difficult in the short-term or may have to be made at a substantial discount compared to other freely tradable investments. Interests in these funds are not registered under the Securities Act of 1933 or any federal or state securities law, and certain hedge fund managers may not be registered with either a state or federal regulator. In the event of the early termination of a hedge fund as the result of certain events, the fund may distribute to the limited partners their interest in the assets of the fund. Certain assets held or distributed by the fund may be highly illiquid and may have little or no ascertainable market value. DERIVATIVES, E.G., FUTURES AND FUTURES OVERLAY MANAGERS Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract. A relatively small market movement will have a proportionately larger impact on funds deposited for margin. Clients may sustain a total loss of initial margin funds and any additional funds deposited to maintain a futures position. If the market moves against a client’s position or margin levels are increased, such clients may be called upon to pay substantial additional funds on short notice to maintain a position. Failure to satisfy a request for additional funds within the time prescribed could result in a position being liquidated at a loss, and clients would be liable for any resulting deficit. ITEM 9 - DISCIPLINARY INFORMATION Not applicable. ITEM 10 - OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS The Firm is registered as a commodity trading advisor (CTA) with the U.S. Commodity Futures Trading Commission and is a member of the National Futures Association (NFA). Management persons and those in charge of soliciting funds on behalf of the Firm are registered as Associated Persons with the NFA. We have several affiliates that are described in Item 4, but we do not believe that those affiliations create a material conflict of interest with clients. We do not have other financial industry activities or affiliations where compensation is derived from investing or recommending investment of client assets. We invest or recommend investment of clients’ assets with other investment advisers; however, the Firm will not accept compensation from those investment managers for the recommendation or investment. Together with our affiliates, we have private clients affiliated with some of the investment managers whom we recommend to our clients. In those instances, we will only contract to provide investment 15  CAMBRIDGE ASSOCIATES, LLC advice on their familial or personal assets. We have instituted various controls to notify and disclose to clients the scope and nature of these relationships if such a manager is recommended. Similarly, our clients may have interests in investment managers whose products we recommend or in which we invest discretionary assets, however, the decision to make such a recommendation or investment would only take into consideration the investing client’s specific interests. Similarly, some of our client organizations have individuals serving on their boards and committees who are affiliated with investment managers whom we recommend to our clients. This creates an incentive for us to favor those individuals’ investment managers over those with no affiliation to our clients, as such individuals are in a position to influence the selection or retention of the Firm as an investment adviser. We have adopted various controls and policies designed to promote objective investment recommendations to our clients, such as a standardized research process for investment products undergoing full investment evaluation, disclosure policies for products recommended without full investment evaluation and compliance and ethics training for all our staff. ITEM 11 - CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING CODE OF ETHICS (THE “CODE”) We have a Code of Ethics that all our employees must agree to honor in writing annually as a condition of their employment. We will provide a copy of the Code to clients and prospective clients upon request. Key elements of the Code include:  Expected standards of conduct  Disclosure of material outside business activities and personal relationships with investment managers and custodial banks that the Firm may evaluate or recommend to its clients. Should such relationships exist, the Firm has adopted policies and controls to ensure any potential conflicts of interest are mitigated.  The Firm’s Gift Policy  Confidential treatment of client data  Restrictions on personal investments  Restrictions on political contributions Employees may not engage in any act, practice or course of conduct that is fraudulent, deceptive, manipulative, or potentially misleading. GIFTS AND ENTERTAINMENT With limited exceptions, our employees may not accept gifts from any person or entity that does or is seeking to do business with the Firm or from any investment managers the Firm considers for clients without the prior permission of the Chief Compliance Officer. PERSONAL TRADING All employees must contact the Firm’s Compliance Department to pre-clear the purchase of any securities that are not publicly traded, as well as investments in initial public offerings. Permission will generally be granted provided that the investment would not impede the ability of our clients to invest in 16  CAMBRIDGE ASSOCIATES, LLC the security to the extent that they desire to do so. From time to time, managers may show preference to investors in prior funds when capacity is limited in subsequently raised funds. In those instances, the employees will be permitted to make an investment notwithstanding interested clients that did not have exposure to the manager’s most recent prior fund. All employees must provide the Compliance Department with a securities holdings report within their first ten days of employment and annually thereafter. Employees are also required to certify their personal securities transactions within thirty days after the end of each calendar quarter. Reports of personal securities transactions are reviewed to identify trading that potentially violates securities laws and/or the Firm’s written policies and procedures. Our employees may not purchase securities from or sell securities to any client without the prior written approval of our Board of Managers. If approval is granted, we must receive a communication signed by the client acknowledging and approving the transaction. All employees must certify annually that they have read and understood the Firm’s Code of Ethics, our Compliance Manual, and that they have complied with the required personal securities reporting. THE CAMBRIDGE ASSOCIATES EMPLOYEE INVESTMENT FUND The Firm’s managing directors and partners are able to obtain exposure to primarily private equity, venture capital, co-investment and secondary opportunities through an employee investment vehicle (the Employee Fund). The Firm will restrict the Employee Fund and employees from making investments with terms more preferential than what are offered to our clients with respect to access, liquidity or fees. Therefore, the Employee Fund and employees will only be able to pursue opportunities with preferential terms where the Firm has secured such terms for the Employee Fund, employees and the Firm’s clients. From time to time, managers may show preference to investors in prior funds when capacity is limited in subsequently raised funds. In those instances, the Employee Fund will be permitted to make an investment notwithstanding interested clients that did not have exposure to the manager’s most recent prior fund. When this situation occurs, the combined total commitment of the Employee Fund and employees’ personal investments will not exceed the lesser of $10 million USD or 3% of a fund’s hard cap (or target if no hard cap is specified). Clients may request a list of investments held by the Employee Fund by contacting us via email at EmployeeFundInvestments@cambridgeassociates.com. PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS Our employees may purchase or sell publicly-traded securities that are owned by our clients unless that security is on the Firm’s Restricted List or the transaction would otherwise violate our trading policies or any applicable laws. Employees must notify the clients they advise in advance if they recommend a private placement to a client they are considering for themselves or that they already own. Our employees must also notify their clients in advance if they decide to withdraw from a private investment that they have recommended that is also held by their clients. Our Chief Investment Officers who oversee discretionary portfolios other than ERISA accounts may, with notice to clients, invest in privately offered, commitment-based, drawdown vehicles also held within the accounts they manage. The Firm does not conduct proprietary trading for its own accounts and generally does not invest in the same securities that are recommended to clients, however, the Firm’s assets may be held in U.S. Treasuries, U.S. Treasury funds, or money market funds. We also make de minimis investments in our SIFs to satisfy requirements of an investment vehicle’s legal or tax structure and may commit its own 17  CAMBRIDGE ASSOCIATES, LLC capital and invest alongside a client depending on the nature of the client and the investment mandate (refer to Item 6 for more information). POLITICAL CONTRIBUTIONS All members of the Board of Managers, executive officers and any other employees (and their supervisors) whose activities could encompass the solicitation of government clients are required to pre- clear all political contributions to local, state or federal candidates, state and local political parties, or political action committees. This requirement also extends to such employees’ spouses and dependent children. ITEM 12 - BROKERAGE PRACTICES We have no broker/dealer affiliations. We are an independent investment advisory firm. We do not receive any commissions, research or other products or services in connection with our clients’ brokerage transactions. For those clients where we select brokerage firms, we review the reasonableness of their compensation and the reputation of the broker as part of the selection process; however, we do not receive any research or other soft dollar benefits from these relationships. Clients may use commission credits from directed brokerage towards payment of our fees, however, clients should make their own decisions regarding the use of these programs. Standard brokerage fees can be considerably less than the fees associated with commission recapture programs, and it may not be advantageous to utilize these commission credits to pay all or part of any expenses including the payment of our fees, the fees of investment managers, custodians, etc. ITEM 13 - REVIEW OF ACCOUNTS Client relationships are assigned to a varying number of investment professionals depending on the service level. These investment professionals are responsible for reviewing client accounts on an ongoing, monthly, quarterly, semi-annual, or annual basis depending on the level of client services. The reviews may be more or less detailed depending on the scope of the services provided and may include a review of performance, asset allocation and the investment funds held in a client’s portfolio. Clients who subscribe to our performance reporting services typically receive written reports containing detailed quarterly and cumulative information on portfolio holdings and performance. Subscribers who also receive non-discretionary advisory services are informed annually whether full due diligence or its equivalent has or has not been completed for a fund/manager in their portfolio. If we become aware of a materially adverse issue with an investment manager represented in clients’ portfolios where we provide performance reporting, an automated notification is sent to the members of the relevant investment team and to each client invested with that manager, recommending a review of that holding. ITEM 14 - CLIENT REFERRALS AND OTHER COMPENSATION Other than in certain jurisdictions where the Firm is not licensed to distribute commingled investment funds, we do not compensate any person for client or investor referrals, and we do not receive compensation from investment managers for recommending their products. In addition, we have adopted a Gift Policy for all employees generally prohibiting the acceptance of gifts other than those of de minimis value. 18  CAMBRIDGE ASSOCIATES, LLC ITEM 15 - CUSTODY Depending on the type of agreement a client has with us, we may have custody of a client’s investment assets. In certain instances, we may open separate bank accounts or money market accounts to hold any cash balances, or brokerage accounts to hold ETFs and mutual funds. For clients invested in a SIF, we generally provide quarterly investment performance reports, monthly account statements based on the reports we receive from the third-party fund administrator and an annual audited financial statement. In those instances where we have custody outside of the SIF context, clients receive quarterly account statements from us and their independent custodian, and surprise examinations are conducted in accordance with Rule 206(4)-2 of the Investment Advisers Act of 1940. Where we have custody, clients should compare the values shown on our performance reports with the statements sent directly from custodians, administrators or investment managers. ITEM 16 - INVESTMENT DISCRETION We will enter into discretionary investment management relationships with our clients. Our discretionary authority to act on behalf of a client is described in the discretionary Investment Management Agreement between the Firm and our client or, for our SIFs, in the SIF’s limited partnership agreement or its equivalent. We manage discretionary portfolios in line with clients’ investment guidelines and restrictions agreed upon in advance, and we have established pre- and post- trade compliance procedures for discretionary portfolios to help ensure consistency with clients’ investment guidelines and Firm policies. Given the nature of our client portfolios, our pre- and post- trade compliance reviews are based on best available net asset values which include proxied estimates and most recently reported values. TRADE ERRORS The Firm has policies and procedures that address the identification and correction of errors that may occur while providing services to our clients, consistent with the standard of care in our client agreements or in our offering documents, as applicable. Generally, our policies do not require perfect implementation of oftentimes complex processes relating to investment decision making, portfolio construction, trading, transaction processing as well as the other functions for which the Firm carries out on behalf of its clients. Unintended events occur, some of which cause losses in our clients’ portfolios, however, not all unintended events are errors. We make determinations regarding errors on a case-by-case-basis pursuant to our policies and procedures and in our discretion. When evaluating an event, we consider a variety of factors when making an error determination. We attempt to resolve similar situations in a consistent manner, subject to evolving industry practice, and our view as to whether we have met our standard of care may change over time. Investment decisions involve analysis and judgment, and the consequences of such decisions in retrospect are not typically considered errors. Similarly, unintended events resulting from following an established process for investment implementation are typically not considered errors as long there is not a violation of a client’s investment guidelines. Furthermore, mistakes of third parties are generally not considered Firm errors regardless of whether we seek compensation from a third party for a client or a client’s account. With respect to discretionary mandates, portfolios may temporarily move above or below ranges, thresholds or targets set out in investment guidelines when moving capital between paired trades, and 19  CAMBRIDGE ASSOCIATES, LLC such temporal deviations are not typically considered errors. Where third-party derivative managers are used to maintain asset class and/or currency exposures, temporal, incidental leverage and exposure mismatch can take place for a variety of reasons including the timing of reporting used by those third- party managers to implement changes, and such occurrences are also not typically considered errors. If we determine that an error has occurred in a client’s account for which reimbursement is appropriate, we will typically compensate the client for the loss as determined solely in our discretion. Unless prohibited by applicable regulation or a specific agreement with the client, we net the client’s gains and losses from the error (or a series of related errors with the same root cause) and compensate the client for the net loss, if any. Compensation is generally limited to direct and actual out-of-pocket monetary losses and does not include amounts that, in our judgment, are speculative, including any lost opportunity costs or other consequential or indirect losses. We notify clients as soon as practical of any errors including the details of the causal event, however, we generally do not notify clients about events we have determined not to constitute errors or errors that have not caused financial loss. ITEM 17 - VOTING CLIENT SECURITIES For non-discretionary relationships, the Firm typically does not have authority to vote proxies on behalf of our clients. Furthermore, because our clients generally invest through private funds rather than directly in individual securities, they are rarely solicited to vote proxies. The managers of those funds, to the extent they invest in equity securities, generally will have proxy voting authority and will vote portfolio securities in accordance with their own proxy voting policies. In cases where we have been delegated proxy voting authority, we seek to vote our client’s securities in the economic best interests of such client. We generally vote with management on routine matters, evaluate non-routine matters in the context of the specific interests of the account or client that beneficially owns the security and abstain on social matters unless a direct economic benefit is tied to the proposal. Clients that have delegated voting authority to us may impose additional guidelines or policies relating to the way their securities are voted. As such it is possible that we may vote securities differently from client to client depending on the specific circumstances of the investment mandate. If we identify a potential material conflict between our interests and those of a client with respect to a proxy solicitation, we will vote only in accordance with such client’s interest and/or instructions. When the Firm does not have voting authority, clients may receive proxy solicitations directly from the issuer, from their custodian, from a transfer agent or, in some cases, from us. Upon request, we will provide our advisory clients guidance regarding these proxy solicitations. Questions about specific proxy solicitations should be directed to a client’s investment team. Upon request, we will provide clients with copies of our proxy voting policies and will inform those clients for whom we have proxy voting authority as to how we voted on their behalf. ITEM 18 - FINANCIAL INFORMATION The Cambridge Associates, LLC and Subsidiary Consolidated Balance Sheet is attached. 20  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Consolidated Balance Sheet December 31, 2024 (With Report of Independent Auditors Thereon)  Report of Independent Auditors To the Management of Cambridge Associates, LLC Opinion We have audited the accompanying consolidated balance sheet of Cambridge Associates, LLC and its subsidiaries (the “Company”) as of December 31, 2024, including the related notes (referred to as the “consolidated balance sheet”). In our opinion, the accompanying consolidated balance sheet presents fairly, in all material respects, the financial position of the Company as of December 31, 2024 in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Balance Sheet section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Consolidated Balance Sheet Management is responsible for the preparation and fair presentation of the consolidated balance sheet in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of a consolidated balance sheet that is free from material misstatement, whether due to fraud or error. In preparing the consolidated balance sheet, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the balance sheet is available to be issued. Auditors’ Responsibilities for the Audit of the Consolidated Balance Sheet Our objectives are to obtain reasonable assurance about whether the consolidated balance sheet as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated balance sheet. PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210 T: (617) 530 5000, www.pwc.com/us  In performing an audit in accordance with US GAAS, we: ● Exercise professional judgment and maintain professional skepticism throughout the audit. ● Identify and assess the risks of material misstatement of the consolidated balance sheet, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated balance sheet. ● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed. ● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated balance sheet. ● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Boston, MA March 27, 2025 2  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Consolidated Balance Sheet December 31, 2024 (in thousands, except unit data, unless otherwise noted) Assets: Current assets: $ 83,379 Cash and cash equivalents Receivables, Trade Unbilled fees and expenses Other Prepaid expenses and other current assets Total current assets 66,423 34,379 1,235 17,981 203,397 Operating lease right-of-use assets Property and equipment, net Other assets Total assets $ 115,115 38,608 2,744 359,864 Liabilities and Members’ Deficit: Current liabilities: $ Accrued compensation and benefits Accounts payable and accrued expenses Unearned revenue Current portion of operating lease liabilities Current portion of borrowings Current portion of finance lease liabilities Total current liabilities 83,314 23,057 20,304 14,547 11,900 207 153,329 Borrowings Long-term portion of operating lease liabilities Long-term portion of finance lease liabilities Other liabilities Total liabilities Members’ deficit Total liabilities and members’ deficit $ 294,196 101,517 253 8,028 557,323 (197,459) 359,864 See accompanying notes to the consolidated balance sheet. 3  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Notes to the Consolidated Balance Sheet (in thousands, except unit data, unless otherwise noted) 1. Organization Cambridge Associates, LLC is a Massachusetts limited liability company, formed on May 10, 2000 and registered with the United States Securities and Exchange Commission (“SEC”) and United States Commodity Futures Trading Commission as an investment adviser and commodity trading adviser, respectively. Cambridge Associates, LLC, together, with its subsidiaries (“CA LLC” or “the Company”) provides investment management services to endowments, foundations, pensions, private clients, family offices, healthcare systems, and other investors in North America, Europe, the Middle East, Africa, and the Asia-Pacific region. 2. Acquisition On November 1, 2024, CA LLC acquired SIGLO Capital Advisors (“SIGLO”), a Zurich-based alternatives investment firm. The acquisition was accounted for as a business combination in accordance with Accounting Standards Codification (ASC) 805, Business combinations. The contingent consideration has been excluded from the purchase price and will be recognized as compensation expense over the respective period. The total purchase price of $4,990 was allocated to the fair value of the assets acquired and liabilities assumed as follows: $ Cash and cash equivalents Intangible assets Net other assets $ 3,753 398 839 4,990 Intangible assets consist of Licenses and Educational Content and are amortized on a straight-line basis over their estimated useful lives of fifteen and five years, respectively. Net intangible assets are reported in Other assets on the consolidated balance sheet. Following the acquisition, SIGLO was renamed Cambridge Associates AG (“CA AG”). The assets and liabilities of CA AG were consolidated into the Company’s consolidated balance sheet from the acquisition date. 3. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated balance sheet has been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of CA LLC, and its wholly owned subsidiaries. The preparation of consolidated balance sheet in conformity with US GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated balance sheet. Actual results could differ from those estimates. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period presentations were reclassified to ensure comparability with current period classification. Significant wholly owned operating subsidiaries include Cambridge Associates Limited LLC (“CA LTD LLC”), Cambridge Associates Limited (“CA LTD”), Cambridge Associates GmbH (“CA GmbH, Cambridge Associates Asia Pte Ltd (“CA Asia”), Cambridge Associates Hong King Private Limited (“CA Hong Kong”), Cambridge Associates Investment Consultancy (Beijing) Ltd. (“CA Beijing”), and CA AG. 4  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Notes to the Consolidated Balance Sheet (in thousands, except unit data, unless otherwise noted) Variable Interest Entities The Company is the general partner or managing member of various pooled and non-pooled investment vehicles (“affiliated funds”). The Company's variable interests in such vehicles, including the investment advisory fees and incentive fees earned, are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether the fund is a Variable Interest Entity (“VIE”). A VIE is an entity in which either the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the power to direct the activities of the VIE that most significantly affect its economic performance, and the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Affiliated funds are determined to be VIEs when the limited partners do not hold substantive kick-out or participation rights. If the Company has a variable interest in an affiliated fund and such fund is a VIE, the Company will assess whether it is the primary beneficiary and therefore, required to consolidate the fund. For affiliated funds determined to be VIEs, the Company has determined it is not the primary beneficiary and therefore, does not consolidate. For affiliated funds that are not determined to be VIEs, the Company assesses whether it has control through a majority voting interest to determine if consolidation is required. The Company’s investments in affiliated funds were $600 at December 31, 2024 and are included in Other assets on the consolidated balance sheet. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash on hand, non-interest bearing and interest-bearing deposits with financial institutions, highly liquid debt instruments with original maturities of less than three months at the purchase date, and money market funds. At December 31, 2024, the Company did not have any restricted cash balances. Fair Value The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches used to measure fair value. The levels of the hierarchy are described below: Level 1: Unadjusted quoted market prices for identical instruments in an active market. Level 2: Quoted market prices for similar instruments and valuation models whose inputs are observable. Level 3: Valuations derived from pricing models and discounted cash flow methodologies, or similar techniques for which the significant inputs are not observable. Money market funds of $52,418 at December 31, 2024 are recorded at fair value and classified Level 1 in the fair value hierarchy. Money market funds are reported in Cash and cash equivalents on the consolidated balance sheet. 5  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Notes to the Consolidated Balance Sheet (in thousands, except unit data, unless otherwise noted) Certain financial instruments are not carried at fair value, but their fair value is required to be disclosed. Refer to the Note 6 for the carrying amounts and estimated fair values of the Company’s borrowings. Receivables Trade receivables are recorded at invoiced amounts and do not bear interest. Unbilled fees and expenses represent receivables where the Company has an unconditional right to consideration under a contract but has not yet issued an invoice. The Company performs a review of receivables on an ongoing basis in order to assess collectability. At December 31, 2024, the allowance for doubtful accounts was $70, and reported net in Trade receivables on the consolidated balance sheet. Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful life. Computer equipment is depreciated over a period of three years. Furniture and equipment are depreciated over a period of five to ten years. Leasehold improvements and equipment leased under finance leases are depreciated over the shorter of the useful life or the lease term. Artwork has an indeterminable useful life and is measured for impairment loss. Disposals are recorded when assets are retired, disposed, or impaired. The Company capitalizes certain internal and external costs incurred in connection with developing or obtaining software within property and equipment. Capitalized software costs are amortized over an estimated useful life of three years beginning when the project is complete and the application is put into production. Leases The Company determines if a contract is a lease, or contains a lease, at inception and when the terms of an existing contract are modified. Additionally, at contract inception, the Company will evaluate whether a lease is an operating or finance lease. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and the associated lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The Company determines the present value using an incremental borrowing rate based on information available at the commencement date. The ROU asset is subsequently measured throughout the lease term at the amount of the remeasured lease liability (i.e., present value of the remaining lease payments), plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received, and any impairment recognized. Lease costs are recognized on a straight-line basis over the lease term. Certain leases include lease and non- lease components, which are accounted for as one single lease component. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. 6  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Notes to the Consolidated Balance Sheet (in thousands, except unit data, unless otherwise noted) Unearned Revenue For certain clients, the Company collects fees or invoices in advance of performing services, recording the amount as unearned revenue. Revenue is recognized as it is earned over the life of the contract. Insurance Reserves Reserves for self-insured medical benefits are based on the history of prior claims and any known individual cases. Such liabilities are based on estimates and, while management believes that the amount is adequate, the ultimate liability may be in excess or less than the amount provided. The methods for making such estimates and for establishing the resulting liability are continually reviewed. See Note 8. Income Taxes CA LLC is organized as a limited liability company and treated as a partnership for US tax purposes; therefore, it is not directly subject to income taxes apart from certain US state and local taxes where it conducts business and foreign taxes attributable to its operations in foreign jurisdictions. Deferred income taxes represent the future tax effects of temporary differences between taxable income for financial statement purposes and income tax return purposes. A valuation allowance is established if the Company believes it is more likely than not that a portion or an entire deferred asset balance will not be realized. The Company evaluates tax positions taken or expected to be taken in the course of preparing an entity’s tax returns to determine whether it is more likely than not that each tax position can be sustained upon examination, including resolution of any related appeals or litigation processes. See Note 10. Foreign Currency Foreign currency transactions are recorded at the exchange rates prevailing on the dates of transactions. Monetary assets and liabilities that are denominated in foreign currencies are subsequently remeasured into the functional currencies of the Company’s subsidiaries at the rates prevailing at the consolidated balance sheet date. Assets and liabilities of foreign subsidiaries that operate in a local currency environment, where the local currency is the functional currency, are translated into US dollars at exchange rates in effect on the consolidated balance sheet date. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Other Comprehensive Income/(Loss) Members’ deficit includes cumulative translation adjustments of ($8,461) as of December 31, 2024. 7  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Notes to the Consolidated Balance Sheet (in thousands, except unit data, unless otherwise noted) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and restricted cash. The Company maintains cash and cash equivalents with various financial institutions. The Company is subject to credit risk should these financial institutions be unable to fulfill their obligations. Cash deposits maintained at a financial institution may exceed the federally insured limit. 4. Property and Equipment Property and equipment consist of the following at December 31, 2024: $ Computer equipment and software Furniture and equipment Leasehold improvements Equipment leased under finance leases Artwork Less: accumulated depreciation and amortization $ 145,756 17,621 16,095 2,102 600 182,174 (143,566) 38,608 During 2024, the Company disposed of property and equipment with a cost and related accumulated depreciation of approximately $458. 5. Leases The Company’s leases primarily consist of operating leases for office space globally. These leases expire on various dates through 2039, some of which include options to extend for an additional term and some of which include an option to terminate. The Company maintains letters of credit (see Note 6), bank guarantees and cash deposits as security for leases. Maturities of operating lease liabilities as of December 31, 2024 were as follows: Amounts $ $ 2025 2026 2027 2028 2029 Thereafter Total undiscounted lease payments Less: imputed interest Total operating lease liabilities $ 15,526 13,138 12,345 11,723 12,262 84,791 149,785 (33,721) 116,064 As of December 31, 2024, the Company’s finance lease liabilities totaled $460. 8  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Notes to the Consolidated Balance Sheet (in thousands, except unit data, unless otherwise noted) 5. Leases, continued The Company entered into a lease agreement for office space located in Arlington, Virginia in October 2023, which will commence in February 2025. The lease has a fifteen year term, including a noncancellable period of nine years. A one-time termination option is available for years ten to fifteen, requiring a payment of approximately $7.2 million. Total lease payments over the lease term are expected to be approximately $38 million. The Company will recognize a ROU asset and corresponding lease liability on commencement date. 6. Borrowings Senior Notes On August 28, 2018, the Company issued $200 million of Senior Notes at a fixed interest rate of 4.91% with a 10-year term to lenders. Interest is payable semi-annually and the principal is due at maturity on August 3, 2028. At December 31, 2024, the carrying value of the Senior Notes was $200,000. At December 31, 2024, the estimated fair market value of the Senior Notes was $195,532, which was determined using a discounted cash flow valuation model. At December 31, 2024, the discount rate was 5.61%. Term Loan On May 18, 2022, the Company entered into a $110 million unsecured 10-year term loan at a fixed interest rate of 3.64%. Interest and principal is payable monthly with the remaining principal balance due at maturity on May 18, 2032. At December 31, 2024, the carrying value of the Term Loan was $98,596. At December 31, 2024, the estimated fair value of the Term Loan was $87,515, which was determined using a discounted cash flow valuation model. At December 31, 2024, the discount rate was 5.94%. Credit Facility On December 18, 2024, the Company entered into an amended and restated senior unsecured revolving credit facility (“Credit Facility”). The Credit Facility’s has a 5-year term with a maximum borrowing capacity of $40 million during the period of January 1st through April 30th each year and a maximum borrowing capacity of $30 million during the period of May 1st through December 31st each year. The amount outstanding under the Credit Facility bears interest at a variable rate, at the Company’s election, either at: i) the Base Rate (as defined) plus the Applicable Rate (as defined in the Credit Facility) or ii) the Secured Overnight Federal Rate (”SOFR”) Rate (as defined in the Credit Facility) plus the Applicable Rate (as defined in the Credit Facility). Borrowings under the Credit Facility may be used for working capital and other general corporate purposes. Pursuant to the terms of the Credit Facility, the Company may issue letters of credit under the Credit Facility. At December 31, 2024, the Company provided security deposits in the form of a letter of credit for certain operating leases totaling $3,927. At December 31, 2024, there was $7,500 outstanding under the Credit Facility. As a result, the available borrowing capacity under the Credit Facility was $18,573 at December 31, 2024. The Company’s Borrowings contain certain affirmative, negative and financial covenants. At December 31, 2024, the Company was in compliance with these covenants. As a result of Borrowings, the consolidated balance sheet reflected an excess of liabilities over assets of $197,459. 9  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Notes to the Consolidated Balance Sheet (in thousands, except unit data, unless otherwise noted) 7. Unit-Based Compensation Profits Interests In 2018, the Company’s Board of Managers approved a new equity plan authorizing Cambridge Associates Partners LP (“CAP LP”), a newly formed affiliate, to grant profits interests (the “profits interests”) to the CA LLC’s US partners. Each grant of profits interests in CAP LP corresponds to profits interests in CA LLC. The profits interests are intended to constitute “profits interests” within the meaning of Internal Revenue Code guidance or other amendments that supplement or supersede the foregoing guidance. The profits interests are granted at fair value as determined by the Company’s Board of Managers and generally vest ratably over seven years. Unvested profits interests are forfeited at termination. A summary of profits interests at December 31, 2024, and activity for the year then ended is presented below: Units Weighted Average Remaining Contractual Term (in years) Outstanding at December 31, 2023 Granted Repurchased Cancelled/Forfeited Outstanding at December 31, 2024 Vested at December 31, 2024 13,087 480 (1,534) (329) 11,704 8,304 1.45 1.00 A summary of the status of the Company’s nonvested profits interests at December 31, 2024, and activity for the year then ended is presented below: Units Nonvested at December 31, 2023 Weighted Average Grant-Date Fair Value $ Granted Vested Forfeited Nonvested at December 31, 2024 4,470 480 (1,221) (329) 3,400 $ 6,436 8,779 5,889 5,947 7,010 10  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Notes to the Consolidated Balance Sheet (in thousands, except unit data, unless otherwise noted) 7. Unit-Based Compensation, continued Unit Options The Company’s unit option plan permits the grant of nonstatutory, nondesignated options to non-US partners and certain employees. Unit options are granted with an exercise price equal to fair value as determined by the Company’s Board of Managers at the time of issuance. Unit options generally vest ratably over seven years. Unvested unit options are forfeited at termination. The Black-Scholes model was developed for use in estimating the fair value of traded options, incorporating assumptions as to estimated volatility, estimated dividend rate, expected term and risk-free rate. Many of these assumptions require management’s judgment. CA LLC’s estimated volatility assumption is based on the average historical volatility of daily share prices for peer companies that are publicly traded over a period equal to the expected term of the options. The Company uses historical data to estimate the expected term of options granted. The risk-free rate for periods within the contractual term of the unit option is based on the US Treasury yield curve in effect at the time of grant. Valuation assumptions for the years ended December 31, 2024 are as follows: Estimated volatility Estimated dividend-price ratio Expected term (in years) Risk-free rate January 1, 2024 38.10% 7.75% 15 4.60% A summary of options at December 31, 2024, and activity for the year then ended is presented below: Units Weighted Average Remaining Contractual Term (in years) Outstanding at December 31, 2023 Granted Exercised/Repurchased Cancelled/Forfeited Outstanding at December 31, 2024 Exercisable at December 31, 2024 2,884 145 (103) - 2,926 2,330 Weighted Average Exercise Price $ 9,051 13,045 9,274 - 9,241 8,504 $ $ 1.18 1.00 11  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Notes to the Consolidated Balance Sheet (in thousands, except unit data, unless otherwise noted) 7. Unit-Based Compensation, continued Unit Options A summary of the status of the Company’s nonvested options at December 31, 2024 and activity for the year then ended is presented below: Units Weighted Average Exercise Price Nonvested at December 31, 2023 Weighted Average Grant-Date Fair Value $ Granted Vested Forfeited Nonvested at December 31, 2024 619 145 (168) - 596 $ 1,722 1,752 1,988 - 1,654 $ 12,124 The total fair value of options that vested during the years ended December 31, 2024 was $334. 8. Self-Insurance CA LLC maintains a contributory, self-insured medical care plan which provides health and dental benefits to eligible employees (and their dependents). The cost of such benefits is provided through contributions by participating employees and CA LLC. At December 31, 2024, CA LLC’s accrued estimated reserves of $2,017 for claims incurred but not paid, were included in Accounts payable and accrued expenses on the consolidated balance sheet. 9. Employee Benefit Plans CA LLC sponsors a defined contribution 401(k) plan for US employees who meet the plan’s eligibility requirements and CA LLC is required to make basic and supplemental matching contributions, as defined by the plan document. CA LTD LLC also sponsors a defined contribution pension plan for non-US employees who meet the plan’s eligibility requirements and is required to make a basic contribution and a matching contribution, as defined by the plan document. 12  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Notes to the Consolidated Balance Sheet (in thousands, except unit data, unless otherwise noted) 10. Income Taxes The significant components of deferred income taxes at December 31, 2024 are as follows: Deferred tax assets: $ Difference in tax provision Difference in operating lease liabilities Gross deferred tax assets 27 3,774 3,801 Deferred tax liabilities: $ Differences in fixed asset bases Difference in right-of-use asset Gross deferred tax liabilities Net deferred tax asset (liabilities) $ $ 132 3,774 3,906 (105) Net deferred tax assets are included in Other assets on the consolidated balance sheet while net deferred tax liabilities are included in Other liabilities on the consolidated balance sheet. At December 31, 2024, the Company had no net operating loss carryforwards. At December 31, 2024, the Company’s accrued taxes, interest and penalties associated with uncertain tax positions was $234 and is reported in Accounts payable and accrued expenses on the consolidated balance sheet. The Company files income tax returns with federal, state, local, and foreign jurisdictions. The Company’s federal and state tax returns are open from 2020 through 2024. For all foreign jurisdictions, 2018 through 2024 are subject to future examinations. 11. Related Party Transactions The Company serves as general partner or managing member to the affiliated funds. Fees receivable from affiliated funds were $1,293 at December 31, 2024, and are included in Trade receivables on the consolidated balance sheet. The Company is also reimbursed for ordinary operating expenses paid on behalf of certain affiliated funds. Amounts due from affiliated funds for such expenses were $1,048 at December 31, 2024, and are included in Other receivables on the consolidated balance sheet. 12. Capital Reserves The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions. Such requirements may limit the Company’s ability to make withdrawals of capital from these subsidiaries. CA LTD is subject to regulation by the United Kingdom’s Financial Conduct Authority (“FCA”). CA LTD complies with the FCA’s capital adequacy requirements under the Investment Firms Prudential Regime (“IFPR”). At December 31, 2024, CA LTD holds regulatory capital of approximately £11,201 ($14,013), exceeding the minimum requirements. 13  CAMBRIDGE ASSOCIATES, LLC AND SUBSIDIARIES Notes to the Consolidated Balance Sheet (in thousands, except unit data, unless otherwise noted) At December 31, 2024, the Company was required to maintain net capital in certain other regulated subsidiaries. The Company was in compliance with all applicable regulatory minimum net capital requirements. 13. Commitments and Contingencies From time to time, the Company may be subject to legal or regulatory proceedings arising out of the ordinary course of its business. Management believes that any losses resulting from the resolution of such proceedings would not have a material adverse effect on the Company’s consolidated balance sheet. 14. Risks and Uncertainties Geopolitical risks, including those arising from trade tension and/or the imposition of trade tariffs, terrorist activity or acts of civil or international hostility, and military conflicts could adversely affect the global economy or specific markets. Strategic competition between the US and other countries and resulting tensions, could also contribute to uncertainty in the geopolitical and regulatory landscapes. Such events and responses, including regulatory developments, may cause 1) significant volatility and declines in the global markets, 2) disproportionate impacts to certain industries or sectors, 3) disruptions to commerce (including to economic activity, travel and supply chains), and 4) loss of life and property damage. These risks and potential impacts could adversely affect the Company’s products, operations, clients, vendors and employees, which may cause revenue and earnings to decline. 15. Subsequent Events On January 27, 2025, the Company entered into an uncommitted note purchase and private shelf agreement. This agreement allows the Company to issue senior notes from time to time in an aggregate principal amount not to exceed $100 million. Each series of senior notes shall specify the principal amounts, final maturities (no more than 12 years from the date of issuance), principal prepayment dates and amounts (average life of no more than 12 years) and interest payment periods of the notes covered thereby. There have been no other material subsequent events occurring after December 31, 2024, through March 27, 2025, which would require recognition or disclosure in the consolidated balance sheet. 14