Common Fund
Commonfund is a U.S. nonprofit asset manager founded in 1971 that delivers Outsourced CIO and private equity solutions to educational endowments, foundations, healthcare organizations, family offices, financial institutions, and pension plans under the endowment model of investing.
- Company typePrivate
- Founded1971
- HeadquartersWilton, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Common Fund does
Commonfund (legal name: The Common Fund for Nonprofit Organizations) is a U.S.-based, private nonprofit asset management firm founded in 1971 with a $2.8 million grant from the Ford Foundation. Headquartered in Norwalk, Connecticut, with additional offices in New York, San Francisco, Darien, London, Beijing, and Munich, the firm operates two core businesses: Commonfund OCIO, an outsourced Chief Investment Officer service providing discretionary and non-discretionary portfolio management for nonprofit institutions and select long-term investors, and CF Private Equity, a global private equity manager investing across buyouts, growth equity, venture capital, real assets, sustainability strategies, co-investments, and secondaries. Commonfund manages more than $20 billion in total assets for OCIO clients and serves approximately 301 institutional client relationships, with a client mix spanning educational endowments (87), foundations (65), healthcare organizations (10), family offices/high-net-worth investors (91), financial/corporate institutions (32), and pensions (5).
The firm's investment approach is built on the endowment model of investing — equity bias, diversification, and prudent use of illiquidity — operationalized through collaborative strategic asset allocation, manager decomposition to isolate alpha from beta, tactical rebalancing, and access to capacity-constrained managers. Commonfund complements its investment businesses with Commonfund Institute, an educational and research arm producing the NACUBO-Commonfund Study of Endowments (NCSE), the Council on Foundations-Commonfund Study (CCSF), the Commonfund Benchmarks Study of Independent Schools (CSIS), the Higher Education Price Index (HEPI), the annual Commonfund Forum, and the Yale-based Investment Stewardship Academy.
Commonfund earns revenue primarily through recurring, asset-based OCIO management fees, structured as a percentage of AUM with tiered pricing across full discretionary OCIO, non-discretionary Investment Solutions, and Specialized Mandates, plus management fees and potential carried interest from CF Private Equity's closed-end funds, separate accounts, and co-investments. The firm distributes through a relationship-based, direct institutional sales motion, supported by dedicated investment professionals, the Commonfund Securities broker-dealer subsidiary, and content-led demand generation through events, benchmark studies, podcasts, and online education. As a nonprofit entity governed by a Board of Trustees elected by its member institutions, Commonfund is not owned by outside shareholders, which aligns its interests with client institutions rather than equity holders.
Common Fund firmographics
Firmographics- Name
- Common Fund
- Legal name
- The Common Fund for Nonprofit Organizations
- Website
- https://commonfund.org
- Company type
- Private
- Founded year
- 1971
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Commonfund is a U.S. nonprofit asset manager founded in 1971 that delivers Outsourced CIO and private equity solutions to educational endowments, foundations, healthcare organizations, family offices, financial institutions, and pension plans under the endowment model of investing.
- Ownership category
- akta.pro rank
Common Fund industry classification
Industry- Product category
- Institutional Asset Management (OCIO and Private Equity)
- NAICS
- Portfolio Management and Investment Advice (52394), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)
- akta.pro secondary industry
- OCIO & Multi-Asset Outsourced Portfolio Management (FSAAAJAF)
Keywords
Where Common Fund is headquartered
LocationHeadquarters
- HQ city
- Wilton
- HQ country
- United States
- HQ region
- North America
Offices7 records
Markets served
Common Fund business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- OCIO Management Fees: Commonfund generates revenue through fees for Outsourced Chief Investment Officer services provided to nonprofit institutions. Fees are typically structured as a percentage of assets under management, with larger portfolios generally benefiting from lower fee rates.
- Private Equity Management: CF Private Equity (formerly Commonfund Capital) manages private investment strategies including buyouts, growth equity, venture capital, real assets, sustainability, co-investments, and secondaries. Revenue generated through management fees and carried interest from private equity fund operations.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Full Discretion OCIO - Complete outsourced investment management |
| Subscription | Annual | Investment Solutions - Non-discretionary with client retaining authority |
| Subscription | Annual | Specialized Mandates - Focused portions of overall investments |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels9 records
Common Fund product offering
Product offeringCore offering
Commonfund provides Outsourced Chief Investment Officer (OCIO) services and private equity investment management primarily for nonprofit institutions, including educational endowments, foundations, and healthcare organizations. The firm applies the endowment model of investing, offering full discretionary management, non-discretionary investment solutions, specialized mandates, and access to private equity strategies including buyouts, growth equity, venture capital, real assets, sustainability, co-investments, and secondaries.
Product overview
Commonfund is an asset management firm offering two core business lines: Commonfund OCIO (Outsourced Chief Investment Officer) services providing discretionary investment management for nonprofit institutions, and CF Private Equity managing global private equity strategies. The firm also operates Commonfund Institute as its educational and research arm, which delivers benchmark studies (NCSE, CCSF, CSIS), the Higher Education Price Index (HEPI), Investment Stewardship Academy, and Commonfund Institute Online courses. The OCIO platform manages customized investment programs diversified across equities, fixed income, hedge funds, real assets, and private investments, while CF Private Equity offers buyouts, growth equity, venture capital, real assets, sustainability, co-investments, and secondaries strategies.
Differentiator
Problem solved
Functional benefit
Products and services
- Commonfund OCIO - Full Discretion Complete outsourced Chief Investment Officer service providing discretionary investment management for nonprofit institutions. Includes dedicated OCIO team, 80+ person investment team, investor services, operations, risk management, and 24/7 client reporting portal access.
- Commonfund OCIO - Investment Solutions Non-discretionary investment solution providing diversification and oversight through multi-asset and multi-manager investment funds while the client maintains discretionary authority over asset allocation and rebalancing decisions.
- Commonfund OCIO - Specialized Mandates
- CF Private Equity Global private equity investment manager offering private investment strategies including buyouts, growth equity, venture capital, real assets, sustainability, co-investments, and secondaries for nonprofit and for-profit investors.
- Commonfund Institute Programs Educational and research arm offering conferences, benchmark studies, professional development programs, and thought leadership for long-term institutional investors.
- Higher Education Price Index (HEPI) An inflation index designed specifically for higher education that tracks the actual cost structure of colleges and universities, including salaries, fringe benefits, utilities, technology, and supplies. Issued annually with quarterly estimates.
- Investment Stewardship Academy Intensive three-day in-person workshop held annually at Yale University for trustees, investment committee members, and senior staff of institutional investors covering governance, investment strategy, risk management, and portfolio construction.
- Commonfund Institute Online Online learning platform offering curated video courses covering governance, investment policy, asset allocation, ESG, risk management, and other topics for fiduciaries and investment decision-makers at nonprofit organizations.
- Commonfund Benchmarks Studies Suite of annual benchmark studies including NACUBO-Commonfund Study of Endowments (NCSE), Council on Foundations-Commonfund Study of Foundations (CCSF), and Commonfund Benchmarks Study of Independent Schools (CSIS). Provides comprehensive analysis of investment performance and governance practices.
Quantifiable outcome
- Higher education endowments achieved 10.9% one-year return during FY25 (NCSE study)
- +2 more outcomes
Companies that use Common Fund
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles4 records
Common Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Common Fund partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Council on FoundationscoreCommonfund and Council on Foundations combined studies to create the Council on Foundations-Commonfund Study of Investment of Endowments for Private and Community Foundations (CCSF). This study examines investment and governance policies and practices at hundreds of U.S. private and community foundations.
- National Business Officers Association (NBOA)coreCommonfund partnered with NBOA to create the Commonfund Benchmarks Study of Independent Schools (CSIS). This annual report studies over 200 independent day and boarding schools across North America representing over $15 billion in assets.
- National Association of College and University Business Officers (NACUBO)coreCommonfund partners with NACUBO on the annual NACUBO-Commonfund Study of Endowments (NCSE), the preeminent analysis of U.S. college and university endowment performance. The study provides comprehensive examination of investment performance and management practices at hundreds of U.S. higher education endowments and foundations.
- United Nations Principles for Responsible Investment (PRI)minorCommonfund became a signatory to the United Nations Principles for Responsible Investment in 2013, demonstrating commitment to responsible investment practices.
Scale indicators9 records
Recent moves13 records
Expansion highlights5 records
Common Fund competitors and assessment
Company assessmentBroad incumbents
- Mercer Investments: Mercer is a global investment consulting and OCIO incumbent serving institutional investors including endowments and foundations, with broader corporate and insurance client coverage than Commonfund.
- Goldman Sachs Asset Management: Goldman Sachs Asset Management offers OCIO and institutional multi-asset solutions to endowments and foundations, providing scale and product breadth that competes with Commonfund for larger mandates.
- Nuveen (TIAA): Nuveen is a major asset manager with $900B+ AUM offering OCIO and private equity solutions to institutional investors, including nonprofit clients — relevant given CEO Mark Anson's prior role leading Nuveen's investment management business.
- Russell Investments: Russell Investments operates a large OCIO and outsourced investment management platform serving institutional clients, competing directly with Commonfund in the endowment and foundation outsourcing market.
- Aon Investments: Aon's investment arm provides OCIO and advisory services to institutional investors including educational endowments and foundations, competing broadly with Commonfund's OCIO franchise.
Direct peers
- StepStone Group: StepStone is a global private markets investment firm offering fund-of-funds, co-investments, and secondaries — directly comparable to CF Private Equity's investment solutions for institutional clients.
- Meketa Investment Group: Meketa is an investment consulting and OCIO firm specializing in serving public and corporate pensions, endowments, and foundations — a directly comparable institutional OCIO peer.
- Verus Investments: Verus provides investment consulting and OCIO services to nonprofits, foundations, and pensions, with an overlapping client base and similar non-discretionary-to-discretionary service continuum.
- Cambridge Associates: Cambridge Associates is the most direct competitor to Commonfund OCIO, providing investment advisory and OCIO services to endowments, foundations, and pensions with a similar endowment-model philosophy and nonprofit focus.
Emerging players
- Crewcial Partners: Crewcial Partners is a smaller, mission-driven OCIO firm focused on nonprofit and pension clients, directly competing for Commonfund's core endowment and foundation relationships.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key highlights6 records
Customer concentration
Common Fund social profiles
Digital presenceCommon Fund compliance and trust
Trust signalCompliance1 record
Common Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
Common Fund leadership team
Management profileNumber of profiles
Profiles18 records
Common Fund subsidiaries and ownership
Company hierarchySubsidiaries6 records
Common Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Common Fund M&A and investment
M&A and investmentM&A
Investments21 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Common Fund
What does Common Fund do?
Commonfund provides Outsourced Chief Investment Officer (OCIO) services and private equity investment management primarily for nonprofit institutions, including educational endowments, foundations, and healthcare organizations. The firm applies the endowment model of investing, offering full discretionary management, non-discretionary investment solutions, specialized mandates, and access to private equity strategies including buyouts, growth equity, venture capital, real assets, sustainability, co-investments, and secondaries.
Is Common Fund a public or private company?
Common Fund is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Common Fund founded?
Common Fund was founded in 1971. It employs 101 to 250 people.
Where is Common Fund based?
Common Fund is headquartered in Wilton, United States, in the North America region.
How does Common Fund make money?
Two revenue lines are on record. OCIO Management Fees are the primary driver. The others are private Equity Management.
Who are Common Fund's main competitors?
Broad incumbents on record are Mercer Investments, Goldman Sachs Asset Management, Nuveen (TIAA), Russell Investments and Aon Investments. Direct peers are StepStone Group, Meketa Investment Group, Verus Investments and Cambridge Associates. Crewcial Partners is listed as an emerging player.
Does Common Fund have an API?
No public API is recorded for Common Fund.
What industry is Common Fund in?
Common Fund's product category is Institutional Asset Management (OCIO and Private Equity). Its primary akta.pro industry code is FSAAACAG, Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions), with a secondary code of FSAAAJAF, OCIO & Multi-Asset Outsourced Portfolio Management. Its NAICS code is 52394 and its SIC code is 6282.