Cambridge Associates to Park $82 Billion at Minority-Owned Funds

Cambridge Associates plans to increase investments in money-management firms owned by women and minorities to about $82 billion over the next two years.

The new target, disclosed in a report this week on the consulting firm’s website, accounts for 15% of its $548 billion of assets under advisement. At year-end, Boston-based Cambridge had almost tripled investments in diverse firms to $58 billion, surpassing its previous goal by roughly $17 billion.

Asset management historically has been dominated by White men, with few minority groups owning stakes in firms. Just 1.4% of the industry’s US-based capital was overseen by such funds as ...