After decades of outsourcing, a private foundation is bringing its nearly $3 billion portfolio back in-house and rebuilding a new investment office..

The John S. and James L. Knight Foundation is putting together its investment team — its first since outsourcing its portfolio to Cambridge Associates in 2005. To lead the effort, Knight has hired private family office vets Rebecca Carland as its chief investment officer and Shanna Charles as director of investment operations.

In addition to Carland and Charles, the nonprofit is also looking to hire investment directors to cover private investments. In March, the foundation named Kevin Stephenson, who ran the portfolio between 2005 and 2019 at Cambridge — to its board.