NC State University - Message Points

1. You maintain an active hedge fund sleeve with NAV-based valuation and quarterly liquidity (30–90 day notice, staged redemptions).

We offer a concentrated, high-conviction, low-correlation strategy in a commingled fund with quarterly liquidity terms that align with your existing hedge fund structures.

Evidence

“Hedge Funds 97,098,336” “Interests in hedge funds are generally carried at the net asset value (NAV) reported by each external manager as of the valuation date.” “each hedge fund requiring between 30 to 90 days’ written notice for redemption... Redemptions occur on a quarterly basis... Such limits range from 12.5% to 25% of shares held. Each hedge fund allows for full redemptions across four to eight consecutive quarters”

2. You rely heavily on external commingled pools and third-party administration/custody (UNC Investment Fund, STIF, LTIP).

As an entrepreneurial, owner-managed hedge fund available via a commingled vehicle, we fit your preference for pooled structures and outsourced operations.

Evidence

“At June 30, 2025, the University’s investments include $1,410,257,779, which represents the University’s equity position in the UNC Investment Fund, LLC (UNC Investment Fund).” “Investments as a Position in an External Investment Pool Short-Term Investment Fund 781,533,784 UNC Investment Fund 1,410,257,779” “Bank of New York Mellon is the third-party administrator and custodian for the Investment Fund and provides the University with monthly statements...”

3. You have an explicit Global Equity allocation and model global public equity returns, while your hedge funds are described as primarily U.S. long/short.

Our global/emerging-markets long/short approach can diversify a U.S.-centric L/S sleeve and complement your Global Equity exposure with a differentiated, low-correlation return stream.

Evidence

“The Global Equity Asset Class includes the Equity Investment portfolio.” “Global public equity return projections are established through analysis of the equity risk premium and the fixed income return projections.” “Hedge funds are pooled, professionally managed partnerships that pursue both long and short equity primarily in U.S. common stocks.”

4. You allocate to diversifiers (Alternatives, Opportunistic Fixed Income, Inflation Sensitive) alongside Global Equity and Fixed Income.

We deliver a low-correlation, alpha-driven strategy designed to sit in your Alternatives sleeve and enhance diversification versus traditional beta.

Evidence

“Fixed Income 2.4% Global Equity 6.9% Real Estate 6.0% Alternatives 8.6% Opportunistic Fixed Income 5.3% Inflation Sensitive 4.3%”

5. You favor managers seeking undervalued opportunities and superior risk-adjusted returns, with flexibility across asset classes.

Our concentrated, high-conviction, value-focused stock selection across global/EM markets targets superior risk-adjusted returns with disciplined downside control.

Evidence

“The managers seek to invest in undervalued companies and/or obtain superior risk-adjusted rates of returns through investment across a variety of asset classes.”

6. You operate with a long-term, total-return framework, including 20-quarter smoothing and consultant-built 30-year expectations; performance is assessed net of fees.

We have a long track record and manage for durable, net-of-fee total returns, aligning with your multi-year horizon and spending policy.

Evidence

“Annual payouts... applying 4%... to the average market value of the long-term investment pool (for a twenty quarter period)” “Investment return of the University’s endowment funds is predicated on the total return concept (yield plus appreciation).” “The information in the preceding table is based on 30-year expectations developed with an investment consulting firm.” “Investment rate of return is net of OPEB plan investment expense, including inflation.”

7. You centralize oversight and delegate selection via commingled structures and third parties rather than making direct manager picks.

We can engage through your existing pooled platforms/consultant channels as a specialist, boutique manager within a commingled vehicle.

Evidence

“The Members Board has chosen not to make individual security or manager selection decisions.” “The University utilizes investment pools to manage investments and distribute investment income.”