Objectives

• Provide total return comprised primarily of current income, with a secondary emphasis on capital appreciation in both periods of strong market returns and periods of market stress.

• We focus on funds investing in cash generating real estate, real assets, and private credit that exhibit high yield potential and lower volatility.

• In most instances, investments should allow for at least quarterly liquidity.

Process

• The Alternative Asset Team starts with sourcing from industry networks, fund managers, third party marketers, and capital introduction groups to identify top performing managers.

• Strategies are vetted to ensure a high probability that the investment will achieve the aforementioned objectives.

• All alternative investments are examined using the same due diligence process performed by the Alternative Investment Team and approved by the Investment Policy Committee.

Characteristics

• Composition: Global private real estate, private real assets, private credit, and specialty finance

• Positions: 3 to 6 Fund Positions

• Benchmark: Consumer Price Index (CPI) plus 3%

Updated annually. Data as of January 1, 2024.

Objectives

• Provide a noncorrelated source of return while generating tax-efficient income distributions

• Enhance portfolio diversification

• In certain instances, address specific client needs (e.g., 1031 exchange solutions)

Process

• The alternatives team starts with sourcing from industry networks, fund

  managers, third party marketers and capital introduction groups to identify

  top-performing managers

• Strategies are vetted to ensure a high probability the investment will

  achieve the aforementioned objectives

• All alternative investments are examined using the same due-diligence

  process performed by the alternatives team and approved by the

  investment policy committee

Characteristics

• Composition: Both private real estate equity and debt, primarily core and

  core-plus assets in multifamily, industrial and office sectors

• Positions: 1-to-3

• Benchmark: Varies, dependent on underlying fund assets

Updated annually. Data as of January 1, 2024.

Objectives

• Allow access to private equity that is diversified across sector, region, deal type and vintage year

• Deliver a differentiated and diversified source of alpha

• In most instances, investments should allow for quarterly liquidity at a minimum

Process

• The alternatives team starts with sourcing from industry networks, fund managers, third party marketers and capital introduction groups to identify top performing managers

• Strategies are vetted to ensure a high probability the investment will achieve the aforementioned objectives

• All alternative investments are examined using the same due-diligence process performed by the alternatives team and approved by the investment policy committee

Characteristics

• Composition: Primary categories are buy-out, growth equity, credit, secondaries and special situations/opportunistic

• Positions: Varies

• Benchmark: S&P 500 Index

  Updated annually. Data as of January 1, 2024.

Objectives

• Investment strategies are sought that will fulfill one or more specific client objectives.

  Among the objectives are:

  • Income

  • Growth

  • Stability/low volatility

  • Downside protection

  • Diversification

  • Tax efficiency

  • Specific sector or asset class exposure (e.g., commodities)

  • Specific client objective (e.g., impact investing)

Process

• The alternatives team starts with sourcing from industry networks, fund managers, third party marketers and capital introduction groups to identify top-performing managers

• Strategies are vetted to ensure a high probability the investment will achieve the aforementioned objectives

• All alternative investments are examined using the same due-diligence process performed by the alternatives team and approved by the investment policy committee

Characteristics

• Composition: Varies

• Positions: Varies

• Benchmark: Varies

Updated annually. Data as of January 1, 2024.