Cambridge Associates

Cambridge Associates received a score of 100 on the 2026 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (1)(2)(3). Cambridge Associates received a score of 100 on the 2025 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (4)(5). Cambridge Associates integrates ESG into its business practices, including its manager research, learning culture, client advice and portfolio management, stewardship and engagement, and in collaboration with external groups (6). However, Cambridge Associates has not publicly canceled customers, suppliers, or vendors based on political views or religious beliefs (7).

Cambridge Associates’ HRC 2026 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policie (1)(2)(3). Cambridge Associates’ HRC 2025 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (4)(5). However, Cambridge Associates does not publish charitable giving guidelines (6).

Cambridge Assocites’ HRC 2026 CEI rating indicates the company forces employees to attend at least one, controversial training on gender identity, sexual orientation, transgender issues, and divisive racial ideology. The company provides gender transition guidelines for its employees and a specific benefits guide with a comprehensive explanation of transgender services funded by the company (1)(2)(3). Cambridge Associates’ HRC 2025 CEI rating indicates the company forces employees to attend multiple, controversial trainings on gender identity, sexual orientation, transgender issues, and divisive racial ideology. The company provides gender transition guidelines for its employees and a specific benefits guide with a comprehensive explanation of transgender services funded by the company (4)(5). The company offers unconscious bias, allyship, and microaggression training to its employees (6). The company is a signatory of the Institutional Limited Partners Association’s Diversity in Action Initiative, committing itself to specific actions that advance DEI within the governance and policies of the organization and the private equity industry more broadly (7)(8)(9). Cambridge Associates does not publish a nondiscrimination policy (10).

Cambridge Associates’ HRC 2026 CEI rating indicates the company potentially agrees to allow a controversial stakeholder group focused on sexual identity issues to dictate marketing or advertising strategy. By doing so, the company risks dividing employees, alienating customers and harming shareholders (1)(2)(3). Cambridge Associates’ HRC 2025 CEI rating indicates the company agrees to allow a controversial stakeholder group focused on sexual identity issues to dictate marketing or advertising strategy. By doing so, the company risks dividing employees, alienating customers and harming shareholders (4)(5). Cambridge Associates is a member of the Net Zero Investment Consultants Initiative, committed to net zero carbon emissions by 2050 (6). Cambridge Associates publishes a “Net Zero Playbook” for investors (7). Cambridge Associates is a signatory of the Institutional Limited Partners Association’s Diversity in Action Initiative, committing itself to specific actions that advance DEI within the governance and policies of the organization and the private equity industry more broadly (8)(9)(10). The company is a signatory to the CFA Institute’s Diversity, Equity, and Inclusion Code, indicating its support of DEI in its recruitment, hiring, onboarding, and promotions. Furthermore, the company pledges to integrate DEI into its policies, promote DEI in the investment industry, and provide regular reporting on its DEI metrics to the CFA Institute (11)(12)(13). Cambridge Associates’ CEO, David Druley, signed the CEO Action for Diversity & Inclusion pledge, which includes a commitment to promote DEI through bias education training in the workplace (14)(15). Cambridge Associates supports DEI within its business practices, employing a Global Head of DEI and a Head of Diverse Manager Research (16). Cambridge Associates encourages companies to “invest more capital with diverse managers” (17). In 2023, Cambridge Associates adopted a new policy to support employees undergoing a so-called gender transition (18). In July 2020, Cambridge Associates ran a piece suggesting that companies direct investments toward “racially diverse” fund managers (19). In October 2021, Cambridge Associates ran a piece advocating for investment strategies that consider climate justice and intersectionality (20). The company is a member of the Institutional Investing Diversity Cooperative (21)(22).

Cambridge Associates’ s HRC 2026 CEI rating indicates the company covers transgender related costs for its employees and their children, including paid short-term leave, puberty blockers, cross-sex hormones, chest surgeries, genital surgeries, medical visits, lab monitoring, and mental health benefits. The company also covers at least five of the following services: reconstructive hair removal, cosmetic hair removal, tracheal shave or reduction, facial surgeries, voice modification surgery, voice modification therapy, lipoplasty or filling for body masculinization or feminization, and travel and lodging expenses. Additionally, the company has potentially pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (1)(2)(3)(4). Cambridge Associates’ HRC 2025 CEI rating indicates the company covers transgender related costs for its employees and their children, including paid short-term leave, puberty blockers, cross-sex hormones, chest surgeries, genital surgeries, medical visits and lab monitoring, travel and lodging. Additionally, the company has pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (5)(6). Cambridge Associates has also partnered with multiple ideological organizations, including CEO Action for Diversity & Inclusion, Out & Equal, the Human Rights Campaign, the Institutional Allocators for DEI, the Institutional Investing Diversity Cooperative, Investment 20/20, The Investment Diversity Exchange, Strengthening Racial Equity in Asset Management, The Partnership, the Thirty Percent Coalition, and the Toigo Foundation (7). The company was a 2022 Silver sponsor of the Investment Diversity Advisory Council (8)(9).

Cambridge Associates’ HRC 2025 CEI rating indicates the company publicly advocated for controversial sex and gender ideology through local, state or federal legislation or initiatives. By allowing a political stakeholder group to dictate operations, the company risks dividing employees, alienating customers and harming shareholders (1)(2). Cambridge Associates does not operate a PAC or engage in lobbying at this time (3)(4)(5).