We advise institutional investors on their investment programs through non-discretionary arrangements which are tailored based on each client’s structure and program goals. For some clients, we provide services across the real assets portfolio at every stage of the investment process, serving as an extension of the client’s investment organization; for others, we provide specific, customized project work to complement in-house programs and initiatives.
Program Development and Review
- Crafting and maintaining policy and governance documents that reflect a thorough understanding of the real asset component’s contribution to the total risk/reward profile of the portfolio. Program development considers the ecosystem of investment objectives and beliefs that govern the client’s decision-making process, and the resources available to execute the real asset investment program.
- Long-term strategic planning that addresses subsector allocation, risk classifications, financial leverage, investment vehicles, diversification guidelines, liquidity needs, capital pacing, etc.
- Market research and intelligence combined with a disciplined manager search and due diligence process to identify best implementation opportunities in the current and anticipated market environment. Fee analysis and terms negotiation enhance alignment of interests and program cost efficiency.
- Development and integration of ancillary portfolio construction objectives, including exposure to emerging managers, emerging markets, ESG initiatives, etc.
Ongoing Monitoring and Management
- Continuous monitoring of client investment performance, policies, asset allocation and portfolio structure through quarterly performance reporting process and regularly scheduled asset class structural reviews. Particular attention paid to mix of managers, strategies and assets to understand concentrations, correlations and risks – both absolute and relative to the benchmark(s).
- Other services to support client real asset programs over time, including deleveraging analyses, asset transfers, secondary sales, customized fund of fund programs, etc.