Investments
Potential holdings after three levels of due diligence. Not finalized.
All funds have been through three levels of due diligence and have been deemed a fit for the portfolio. Investment decisions have not been finalized. Holdings and allocations are subject to change.
Potential Investments (1 of 2)
| Fund Name | Ticker | Strategy | Fund Type | Management Fee | Redemption |
|---|---|---|---|---|---|
| GS Financial Square Government Funds | FGTXX | Liquidity | Mutual Fund | 0.18% | Daily |
| American Funds Short Term Tax Exempt | ASTFX | Liquidity | Mutual Fund | 0.32% | Daily |
| Schwab Prime Advantage Money Fund | SNAXX | Liquidity | Mutual Fund | 0.19% | Daily |
| First Trust Hedged Strategies Fund | HFLEX | Hedge Fund | Interval Fund | 1.05% | Quarterly |
| Goldman Sachs Absolute Return Tracker Fund | GSART | Hedge Fund | RIC | 0.83% | Daily |
| Farallon Multi-Strat | — | Hedge Fund | Private | 1.00% | Semi-Annual |
| Kynam Capital | — | Hedge Fund | Private | 2.00% | Quarterly |
| NexPoint Merger Arbitrage Fund | HEMAX | Hedge Fund | Mutual Fund | 1.00% | Daily |
| Banner Ridge — Specialized Secondary | — | Private Credit | LP | 1.00% | Closed-end |
| Corum Capital — Entertainment Niche | — | Private Credit | LP | 1.00% | Closed-end |
| New Mountain NEWCRED | NEWCRED | Private Credit | Interval Fund | 1.25% | Quarterly |
| JP Morgan Public-Private | TBD | Private Credit | Interval Fund | 1.25% | Quarterly |
| StoneRidge Risk Premium Insurance | SRRIX | Private Credit | Interval Fund | 1.50% | Quarterly |
Potential Investments (2 of 2)
| Fund Name | Ticker | Strategy | Fund Type | Management Fee | Redemption |
|---|---|---|---|---|---|
| FS MVP Fund | FSMVP | PE / All | Interval | 1.25% | Quarterly |
| NB Access Fund | NBACSS | PE / Coinvest | Interval | 1.50% | Quarterly |
| L Catterton — Champ Fund | CHAMP | Private Equity | Private | 2.00% | Closed |
| Carlyle Private Equity Partners Fund | — | Private Equity | Private | 1.25% | Closed |
| KKR Private Equity Conglomerate | K-PEC | Private Equity | Interval Fund | 1.25% | Quarterly |
| Hamilton Lane Private Secondaries Fund | HLPSF | Private Equity | Interval Fund | 1.40% | Quarterly |
| StepStone Infrastructure | STRUCTURE | RE / Infra | Interval Fund | 1.60% | Quarterly |
| AMG Pantheon Infrastructure | P-BUILD | RE / Infra | Interval Fund | 1.30% | Quarterly |
| Cohen and Steers Income Opp — Grocers | CNSREIT | RE / Core | Private | 1.00% | Monthly |
| Mullen Capital — Hotels | — | RE / Value Add | Private | 1.50% | Closed |
| IP Capital — Logistics | — | RE / Value Add | Private | 1.50% | Closed |
| JP Morgan Infrastructure | JPINFRA | RE / Infra | Private | 0.75% | Quarterly |
| Becknell — Logistics | — | RE / Value Add | Private | 1.00% | Closed |
Private Equity & Private Credit
The Fund’s two return engines. Providing income and growth: AND, not OR.
Private Equity
+2% to 5% over public equities historically. 3.8% buyout and 2.0% venture capital excess returns since 1994.
- Carlyle CPEP — Global buyouts plus AlpInvest secondaries. Fully invested, no capital calls.
- KKR KPEC — Owns and controls companies with KKR. Fully drawn for day-one exposure.
- NB Private Markets Access — Coinvestments and GP-led secondaries. Small and mid-cap manager diversity.
Private Credit
+200 to 400 bps over public loans. Low correlation, lower volatility, and negotiated downside protection.
- Adams Street ASCEND — Senior secured middle-market lending.
- StoneRidge Risk Premium Insurance — Insurance and reinsurance risk premium.
- FS MVP Private Markets — Direct credit paired with secondaries and direct equity.
- New Mountain Credit — Defensive growth lending to noncyclical sectors.
Real Estate and Infrastructure
A necessary part of alternative investments which provides exposure to tangible, cash-flowing assets that can add income, inflation sensitivity, diversification, and long-term thematic growth beyond traditional equity and credit markets.
- Cash-flow potential: rents, leases, contracts, regulated revenues, and usage fees
- Diversification: historically low correlations to global public equities
- Inflation hedge: incomes that can keep pace with rising prices
- Downside resilience: essential real assets with more durable demand in stress
- Structural growth: digitalization, decarbonization, energy transition, and aging infrastructure
Hedge Funds in the Portfolio
