Drexel University - Message Points

1. You actively allocate to hedge funds via commingled vehicles valued at NAV, indicating openness to external hedge fund managers.

We run a concentrated, high-conviction hedge fund with a commingled structure and low-correlation profile designed to complement endowment portfolios already using NAV-based vehicles.

Evidence

“Hedge funds 53,422 44,715” “The majority of these investments are commingled funds.” “The valuations of these investments are the net asset values prepared by fund managers.”

2. You’re willing to back emerging/start-up hedge fund managers.

As an entrepreneurial, owner-managed firm with small AUM, we fit your demonstrated appetite for early-stage, high-conviction managers.

Evidence

“This category includes investments in private equity funds that invest in newly started hedge funds that pursue multiple strategies.” “The fund provides start-up funding to hedge funds of various strategies with the potential to share in the appreciation of the investment, as well as to share in the management fees gathered by the underlying start- up hedge funds.”

3. You emphasize long-term, fundamentals-driven investing over short-term benchmarks and use a seven-year spending average.

Our long track record and multi-year, fundamentals-based process aligns with your preference for durable, cycle-tested returns.

Evidence

“Research and evaluate economic and market trends to maximize the long-term fundamental value of our investments, rather than focusing on short-term benchmark performance.” “the Board of Trustees approved the spending of endowment resources to 6.00% and 7.00%, respectively, of the average fair value of the pooled endowment portfolio for the prior seven fiscal years”

4. You seek low-correlation, volatility-reducing hedge fund exposures and prioritize risk management.

Our portfolio targets low correlation to traditional equities with a strong risk management framework, making it a potential diversifier in your alternatives mix.

Evidence

“This category invests in hedge funds that pursue multiple strategies to diversify risks and reduce volatility.” “The remaining investments allow the ANS to invest in a diversified manner with a mix of assets that are set not to be highly correlated.”

5. You maintain a significant global equity allocation alongside U.S. equity.

We run a global mandate with emerging markets capability that can complement and diversify your existing global equity exposure.

Evidence

“Global equity 172,708 225,028” “This category includes investments in US equity, global equity, fixed income securities and bond funds, real estate and real assets funds, and other investments.”

6. You are comfortable concentrating capital with high-conviction managers.

Our concentrated, best-ideas approach aligns with your willingness to size into high-conviction strategies.

Evidence

“the composite portfolio includes 99% in a multi- strategy hedge fund that invests a significant portion of its assets in certain less liquid special situations opportunities” “the composite portfolio includes 98% in a multi- strategy hedge fund that invests a significant portion of its assets in certain less liquid special situations opportunities,”

7. You accept lock-ups and illiquid fund structures (closed-end vehicles; quarterly liquidity with notice).

We can tailor liquidity terms to align with your tolerance for less frequent redemptions in exchange for differentiated, low-correlation returns.

Evidence

“Close-ended funds not available for redemption” “However, the board-designated endowment funds contain investments with lock-up provisions that reduce the total investments that could be made available.” “Hedge funds: Multi-Strategy Hedge Funds (a) 16,008$ -$ Distressed Debt Hedge Funds (b) 18,546 - Real Estate Hedge Funds (c) 7,205 - Quarterly 60 days”