The University uf Cambridge manages an endowment fund based in Cambridge, United Kingdom. The endowment fund provides funding for strategic initiatives of the university. The investment office oversees the university's investments and manages the Cambridge University endowment fund (CUEF), with the guidance and advice of the investment board. The investment board of the university was established to advise the council of the university, through its finance committee, on matters relating to the investments held in the university's capacity as trustee of the CUEF. The university has appointed Cambridge Investment Management, a wholly-owned subsidiary company of the university, to operate the CUEF.University of Cambridge Endowment's investment portfolio is valued at over a3.25 billion, with investments in global equities, absolute return, private investments, credit, real assets, fixed income, and cash. CUEF achieved a total return of 8.8% as of June 30th, 2018. The Fund has returned an annualized 11.64% return over a rolling five-year period.