The bonds have been arranged privately with a small group of investors and cannot be listed on the stock exchange or traded.
It is thought to be the first time that a series of smaller colleges have joined together to issue private bonds in the higher education sector.
The law firm advising on the deal, Mills and Reeve, said it could provide a model for other universities wanting to secure investment.
Raising funds through private, rather than public, debt placement means that no credit rating is needed.
Cambridge colleges raise £150 million through bonds: http://t.co/lqNzrllR3f— TimesHigherEducation (@timeshighered) December 24, 2013