Iowa State

Generated outreach message alignment report
1. You actively allocate to external managers in pooled vehicles and are comfortable with manager-provided NAVs.
As an entrepreneurial, owner‑managed hedge fund offering a commingled vehicle with transparent monthly/quarterly NAVs, we fit your preference for externally managed pooled funds and established NAV-based valuation processes.
Evidence
“all funds held by external investment managers, as defined in section 2.2.4.C.iv of the Board’s investment policy, shall be reported on the audited financial statements of the Regent institutions as investments.” “The practical expedient allows for the use of net asset value (NAV) as estimated by management utilizing information provided by the respective funds’ general manager and investment managers in the absence of readily determinable fair market values.” “Investments of the Foundation are carried at fair value based on values provided by an external investment manager and quoted market values.”
2. You maintain a meaningful hedge fund allocation within the endowment pool.
Our concentrated, high‑conviction, low‑correlation strategy is designed to complement existing hedge fund allocations and diversify equity beta in a risk‑managed way.
Evidence
“Pooled investments: ... Hedge funds 188,573,196 ...”
3. You seek global and emerging markets exposure across your equity book.
We run a global mandate with dedicated EM capability and a long track record, which can add differentiated international/EM alpha and broaden your non‑U.S. opportunity set.
Evidence
“Equity mutual funds includes investments in global equities including both developed and emerging markets.” “International equity 17.5 6.01 17.5 5.15” “This resulted in the decline of global equities for the quarter ended March 31 – with U.S. equities falling the most while emerging and other developed markets fared better.”
4. You manage liquidity deliberately and use vehicles with monthly/quarterly redemption terms; at least 40% of the pool must be liquid.
We offer investor‑friendly liquidity (monthly/quarterly with notice), aligning with your liquidity policy while still delivering an active, differentiated return stream.
Evidence
“In accordance with Board of Regents policy, a minimum of 40% of the endowment pool must be held in liquid investments.” “Long-term mutual funds2 33,356,239 - daily/quarterly 5-60 days” “Equity and other: Mutual funds 42,408,043 - daily/monthly 2-30 days”
5. You are comfortable partnering in long-horizon, manager‑led structures when warranted.
As an owner‑managed firm with a long track record, we value durable partnerships; your willingness to back GP‑led, multi‑year vehicles suggests openness to high‑conviction managers with patient capital needs.
Evidence
“Iowa State’s interest in the non-redeemable funds is considered illiquid in that distributions from liquidation of the underlying assets of the fund are at the discretion of the general partner according to the terms of the limited partnership agreement.” “Funds are typically liquidated over a period of five to ten years and include a mechanism to extend the length of the partnership for two to three years with approval from the limited partners.” “Capital is committed during the investment period of each fund, typically four years, after which point capital commitments stop.”
6. You emphasize long-term real returns—growing principal and protecting against inflation—against a ~7% return hurdle context.
Our high‑conviction, low‑correlation approach targets attractive long‑term, inflation‑resilient returns, which can support real growth and spending needs.
Evidence
“The purpose of this model is to grow the principal of each endowed fund and provide protection against inflation while supporting the purpose designated by the donor.” “Discount Rate. The discount rate used to measure the total pension liability is 7.00% for fiscal years 2022 and 2021.”