Kevin Stephenson

The John S. and James L. Knight Foundation, based in Miami, Florida and founded in 1950, was established to promote journalism and support the vitality of 26 communities where the Knight Brothers owned newspapers. Today, the foundation boasts assets of approximately $1.5 billion and allocates 42% ($630 million) to alternative asset classes, both direct and through multi-manager vehicles.Cambridge Associates has full discretion over the investment portfolio. Moving into 2010, the foundation expects to reduce its private equity exposure in favor of building up additional hedge fund allocations.