Frank Fama

About Frank Fama

Senior credit and private markets investor and leader with over 25 years of experience across private credit, broadly syndicated loans, high yield, investment grade credit, CLOs, and distressed strategies.Currently serve as Global Head of Credit Research at Cambridge Associates, where I lead the firm’s credit research platform and chair the Credit Investment Committee. My work focuses on evaluating private credit managers, exercising investment judgment across market cycles, and helping institutional investors understand how private credit fits within diversified portfolios.I am known for translating complex credit markets and investment structures into clear, decision-oriented frameworks for investment committees, senior executives, and boards. This includes explaining trade-offs, risks, and portfolio implications across direct lending, subordinated capital, special situations, and asset-backed credit strategies.Previously, I spent over a decade at State Street Corporation, where I built and led a $5+ billion global broadly syndicated loan platform with full P&L responsibility and served in senior roles across broadly syndicated loans, investment grade credit, and CLO investments within a regulated banking environment. Earlier in my career, I worked at Bain Capital Credit and BankBoston, developing deep experience in credit analysis, capital structure, and portfolio construction.In addition to investment leadership, I regularly engage in client and internal education through structured presentations and interactive discussions focused on private credit markets, credit risk, and portfolio construction. I am particularly interested in applied teaching and executive education related to private credit and leveraged finance.

Experience

1. Head Global Credit Research

   Cambridge Associates

   Nov 2019 — Present · Boston, MA, US

   Lead Cambridge Associates’ global credit research platform, covering private credit, leveraged finance (public and hedge fund strategies), and investment grade credit for institutional and family office clients.Chair the Credit Investment Committee, exercising senior investment judgment across private and public credit strategies including direct lending, subordinated capital, special situations, distressed, and asset-backed credit. Serve on the Discretionary Portfolio Implementation Committee, contributing private credit expertise to portfolio construction and fund commitment decisions within multi-asset institutional portfolios.Work closely with client-facing investment teams and meet directly with institutional clients to discuss private credit market structure, investment opportunities, risks, and portfolio trade-offs, supporting both strategic allocation decisions and implementation.Author practitioner-oriented research and thought leadership on private credit and credit markets, including foundational research reports and contributions to the firm’s annual Outlook. Regularly lead structured presentations and interactive discussions for clients and internal colleagues focused on credit risk, portfolio construction, and market dynamics.

Education

• University of Massachusetts Amherst

  Bachelor's Degree, Communications

• Pennsylvania State University

  Master of Business Administration (M.B.A.), Finance

Skills

• Equities
• Derivatives
• Corporate Credit, Leveraged Loans, High Yield Bonds, Investment Grade Corporate
• Financial Services
• Fixed Income
• Bloomberg
• Mutual Funds