Cedars-Sinai Medical Center

Cedars-Sinai Medical Center is one of the largest non-profit academic medical centers in the western United States, located in Los Angeles, California. Known for its clinical excellence, biomedical research, and medical education programs, Cedars-Sinai operates more than 40 locations across the Los Angeles region. The medical center manages an investment portfolio of approximately $6 billion.

Investment Strategy

Cedars-Sinai’s investment portfolio serves multiple institutional purposes, encompassing endowment funds, defined benefit pension plans, operating reserves, and foundation assets. The investment team manages each pool with a distinct asset allocation reflecting its time horizon, return objectives, and liquidity requirements. The endowment portfolio, with its perpetual time horizon, maintains the most aggressive allocation to equities and alternatives.

The overall investment approach reflects an institutional endowment model, emphasizing long-term capital appreciation through a diversified, multi-asset class portfolio. Public equity allocations span US, international, and emerging markets, providing broad market exposure and growth. Fixed income holdings deliver income and portfolio stability through investment-grade bonds, government securities, and structured products. Cedars-Sinai’s position in Los Angeles provides access to a robust investment management community, including firms specializing in alternatives and technology-focused strategies.

Private Markets Approach

Cedars-Sinai allocates approximately 22% of its investment portfolio to alternative assets, including private equity, venture capital, hedge funds, and real estate. The alternatives allocation is concentrated in the endowment and pension pools, where longer time horizons accommodate the illiquidity characteristics of private market investments.

Private equity investments include commitments to established managers across buyout, growth equity, and special situations strategies. Cedars-Sinai’s investment team maintains a diversified private equity portfolio with strong vintage year diversification and relationships with top-performing general partners.

Venture capital is a notable component of the alternatives program. Cedars-Sinai invests in healthcare and technology-focused venture funds, benefiting from the medical center’s deep clinical expertise and Los Angeles’s growing technology ecosystem. The Cedars-Sinai Accelerator program, which supports early-stage healthcare technology companies, complements the portfolio’s venture capital exposure by providing a pipeline of healthcare innovation opportunities.

Hedge fund investments provide portfolio diversification through multiple strategies with low correlation to public markets. Real estate investments include fund commitments across property types and risk-return profiles, with Cedars-Sinai’s location in one of the most dynamic real estate markets in the US informing investment perspective. The alternatives program is governed by the investment committee, ensuring alignment with the medical center’s long-term financial and mission objectives.