How We Invest

We create portfolios of alternative investments

We invest on behalf of clients across alternative investments, such as hedge funds, private equity, real estate and infrastructure. Clients select particular asset classes and strategies based on their investment preferences and goals.

We create single-asset class and multi-asset class portfolios

We design, build and manage portfolios that include allocations to one or multiple alternative asset classes.

Public Markets
Private Markets
Client Alternative Programs

HF

Hedge Funds

Private investment vehicles that invest – commonly long and short – in public markets globally.

Our hedge fund programs offer diversification across strategies, regions and sectors. Specific strategies include credit, equities, relative value, macro, commodities and multi-strategy. Programs may also focus on small, emerging and diverse managers, or on seeding opportunities. Clients may choose single-strategy or multi-strategy portfolios based on their asset allocation goals. Portfolio investments can be implemented through funds, co-investments, direct investments and customized account structures.

PE

Private Equity

Investment strategies that involve the purchase of securities in private transactions.

Our private equity programs include investments in leveraged buyout, growth and venture capital, distressed debt and mezzanine debt strategies. Areas of focus include middle-market buyout and small, emerging and diverse managers. Programs are generally structured to seek diversification across strategy, investment type (primary fund commitments, secondary transactions and co-investments), sector, geography and vintage year.

RE

Real Estate

Private investments in unlisted real estate assets.

Our real estate programs include both equity and debt strategies and seek deep-value investments ranging from defensive, current-yield-producing transactions to opportunistic, return-oriented strategies. We invest broadly across all commercial asset types as well as niche asset opportunities. We focus primarily on the middle market, which we often access through investments with small, emerging and diverse managers. Programs are generally structured through customized accounts; portfolio investments can be implemented through funds, co-investments, joint ventures and seeding opportunities.

INFRA

Infrastructure

Private investments in global infrastructure projects, including contracted power generation, regulated utilities, transportation, telecommunications and public-private partnerships.

Infrastructure investments represent defensive, yield-generating assets that seek to produce stable, long-term returns and potentially provide a hedge against inflation. Our primary infrastructure investment focus is on core/core-plus infrastructure assets in North America, Western Europe and other OECD markets. Infrastructure investments may be implemented through primary fund investments, secondary fund purchases and direct/co-investments.

MULTI

Multi-asset Class

Portfolios with investments in more than one alternative asset class.

Multi-asset class solutions provide the flexibility to invest opportunistically across alternative asset classes, including in hedge fund strategies, and in private equity, real estate and infrastructure investments. The composition of multi-asset class portfolios is guided by investment trends across the alternatives universe and by characteristics such as liquidity and concentration. Portfolio investments may be implemented through funds, acquired on both a primary and a secondary basis, co-investments, direct investments and custom structures.

Implementation options for portfolio investments

We have the resources, experience and long-standing relationships with managers to evaluate and implement investments in numerous ways. Because different structures offer different benefits, our goal is to choose structures that best match specific investment opportunities.

Fund Investments

Investments in managers’ multi-client funds; such investments are also known as primary fund investments.




Co-Investments

Investments made directly into businesses or securities in partnership with a manager.




Direct Investments

Investments made directly into businesses or securities.




Secondary Transactions

Acquired interests in a primary fund after the fund has been at least partially deployed in underlying investments.




Custom Structures

Investments structured with specific characteristics for the exclusive use of a single investor or related group of investors.