Cambridge Associates has completed the final close of a transaction in which several of its clients purchased minority interests.

The roster of nine investors was led by Sofina, a Belgium-based, family-run and -controlled investment company that has been a Cambridge Associates client for over a decade.

Cambridge announced the initial agreement with Sofina in May.

Other clients that have purchased minority stakes in the firm include: Inasmuch Foundation; the Anna-Maria and Stephen Kellen Foundation; the Julie and Sebastien Lepinard family; Sutton Place and a “pioneering family office” in mainland China.

Three other client investors have chosen to remain anonymous.

“We are sincerely honoured that clients not only select us as their investment partner, but also choose to invest in our future and business strategy,” said Cambridge Associates CEO David Druley.

“It is gratifying that our client shareholders share our core values and appreciate our long-term approach – our focus on delivering outstanding investment results while remaining aligned with clients’ best interests.”

Cambridge Associates’ management team and business strategy will not change and senior employees remain significant shareholders in the firm, said Druley, who joined Cambridge in 2003 and became CEO in 2016.

Two clients who have held positions for 20 years – the Hall family of Hallmark Cards and the Rothschild family – remain minority investors.

Bridget Macaskill, the firm’s non-executive independent board chair, also took a minority stake through the transaction.

Cambridge Associates, founded in 1973, manages portfolios for endowments, foundations, pensions, hospitals and private clients.

As of 31 December 2017, it advised on $69bn in hedge fund assets and managed another $6bn on behalf of clients, according to HFM InvestHedge research.

Cambridge Associates completes client minority stake transaction on HFM InvestHedge.