We provide unconditional advice for creating a coherent, resilient portfolio

We provide unconditional advice for creating a coherent, resilient portfolio

Portfolio Diversification and Optimization

We identify risk exposures and their interaction and seek to maximize return for a client’s specific risk budget and financial profile, combining all holdings into a coherent, resilient portfolio.

Strategic and Tactical Asset Allocation

We consider each of the major asset class’s risk-return and liquidity features to create comprehensive portfolios aligned with each client’s specific goals, helping them access attractive opportunities while avoiding undesired risks.

Investment Manager Selection and Oversight

We avoid real or perceived conflicts of interest by delegating management of individual investment strategies to a broad collection of world-class managers, each selected for its specific expertise and the unique role its strategy may serve in a client portfolio.

Comprehensive Monitoring and Reporting

We incorporate all investments - no matter where investments are held or how they were selected - when reporting on portfolio performance and exposures. Our clients gain insight from not becoming lost in the details while retaining full transparency.

We employ an endowment
approach to portfolio construction designed to:

  • Generate sustained real growth (after inflation) of principal while meeting the cash flow distribution needs of clients

  • Include alternative assets, including private equity and credit, hedge funds, real estate and other real assets.

  • Build exposures to select asset classes to desired levels, adjusting to specific market conditions over time

We have deep expertise in private markets, investing across a diverse range of private equity, private credit, and private real estate strategies.

We have deep expertise in private markets, investing across a diverse range of private equity, private credit, and private real estate strategies.

We allocate to both traditional drawdown structures and evergreen strategies, tailoring our approach based on each client’s unique circumstances.

Our approach to private markets is differentiated by our focus on the lower-middle market and middle market segments—areas we believe offer superior return potential arising from several key advantages due to the following attributes:

Smaller fund sizes targeting smaller companies

These investments often provide attractive entry points and better growth potential.

Lower transaction sizes create inefficiencies

Less competition in these markets allows for sourcing advantages and lower entry valuations.

Opportunity for hands-on value creation

Professionalizing management teams and implementing operational systems can significantly enhance company performance.

Fragmented industries present strong M&A potential

A high number of smaller players allows for consolidation and rapid inorganic growth.

Valuation arbitrage upon exit

As companies scale, they can command higher valuation multiples upon sale.

Wider range of exit opportunities

Increased flexibility in exit strategies, including strategic sales, secondary buyouts, and public market listings.

This disciplined and targeted approach enables us to capitalize on inefficiencies and unlock meaningful value for our clients in private markets.

For clients with concentrated assets, we create long-term plans for evolving a portfolio towards diversification – that we then execute

For clients with concentrated assets, we create long-term plans for evolving a portfolio towards diversification – that we then execute

STARTING POINT

Existing Foundational Investments / Concentrated Positions

We start by considering our clients’ entire investment picture, including concentrated positions, with a constant focus on their goals:

  • Identify and define exposures inherent in concentrated positions

  • Define cash flows from foundational investments and concentrated positions for redeployment into a broader portfolio

  • Manage liquid/marketable and other portfolio interests to retain or increase diversification benefits

existing portfolio
Global Equity
Global Fixed Income
Alternative Investments
Concentrated Equity
Direct RE
Cash

We provide access to world-class managers and specific investment vehicles across all asset classes

Including

Private Investments (Private Equity and Private Credit fund managers)

Co-Investments in specific portfolio companies of these funds

Alternative Investments (Hedge Funds)

We provide access to world-class managers and specific investment vehicles across all asset classes

Including

Alternative Investments (Hedge Funds)

Private Investments (Private Equity and Private Credit fund managers)

Co-Investments in specific portfolio companies of these funds

Alternative Investments (Hedge Funds)

DESTINATION

Fully-Transitioned,
Globally-Diversified Portfolio

We ensure these investment areas fit within the larger portfolio and its objectives, and, in turn, we shape the diversified portfolio to complement existing exposures.

Target portfolio
Global Equity
Global Fixed Income
Alternative Investments
Private Investments
Concentrated Equity
Direct RE
Cash
Insights

Q4 Capital Markets Review

Global equities declined 1.0% in Q4 but rose 17.5% in
CY 2024, driven by U.S. large-cap stocks (+24.5%) benefiting from strong earnings, economic resilience, and AI-driven tech gains. Fixed income struggled in Q4 as yields surged, though CY 2024 returns remained positive. High-yield bonds and leveraged loans delivered solid returns for the year despite rising rates. Alternative assets, including hedge funds (+5.3%), private equity (+5.9%), and private credit, provided steady gains. With heightened geopolitical risks and potential volatility tied to U.S. policies, our report examines these trends and outlines portfolio adjustments for the evolving landscape.

Access Our Report