Texas Christian University

1. You prioritize a small, selective roster of external active managers that share a long-term horizon and strong alignment.

An entrepreneurial, owner-managed, high-conviction fund with a long track record and aligned incentives fits your preference for differentiated, long-term partners.

Evidence

“We invest with managers that share our long-term investment horizon.” “active management with a select group of exceptional partners.” “Manager selection is the central driver of the investment process, with the office evaluating firms based on track record, strategy differentiation, team quality, and alignment of interests.”

2. You allocate to hedge fund strategies that deliver lower correlation to public equities (e.g., long/short equity, event-driven, multi-strategy).

A concentrated best‑ideas, low-correlation return profile directly maps to your goal of stabilizing returns versus broad equity markets.

Evidence

“Hedge fund allocations include long/short equity, event-driven, and multi-strategy approaches, providing returns with lower correlation to public equity markets.” “relatively low correlation to the broad equity market.”

3. You are open to globally diversified mandates, including emerging markets, and consider regional weights versus a global index.

A global/international strategy with EM capability and disciplined regional positioning aligns with how you frame global exposure.

Evidence

“Public equities, both domestic and international, form the core liquid allocation.” “Global market exposures may include the United States, international developed countries, and emerging markets.” “Global equity includes strategies with regional weightings in a proportional relationship to a global equity index.”

4. You emphasize alpha from active management, especially in less efficient markets, while targeting high returns within acceptable risk.

A high‑conviction, best‑ideas approach in under-researched segments (including EM) with disciplined risk fits your alpha and risk framework.

Evidence

“excess returns, relative to an appropriate benchmark, can be achieved to varying degrees in all asset classes through the implementation of active management and, more specifically, investment strategies that seek to benefit from less efficient market environments.” “The objective of the Return portfolio is to achieve the highest level of return possible within acceptable levels of risk.” “THE QUEST FOR ALPHA Opportunities in Marketable Alternative Strategies”

5. You favor boutique managers with team stability, sector expertise, sourcing strengths, and fund size discipline.

A small-AUM, owner‑managed firm with clear differentiation and disciplined capacity matches your selection criteria.

Evidence

“Manager selection criteria include team stability, sourcing capabilities, sector expertise, and fund size discipline.” “Manager selection is the central driver of the investment process, with the office evaluating firms based on track record, strategy differentiation, team quality, and alignment of interests.”

6. You selectively pursue co‑investments alongside existing GP partners when conviction is high and fees improve net returns.

A concentrated, high‑conviction manager that offers co‑investment alongside best ideas can align with your co‑investment framework.

Evidence

“TCU evaluates co-investment opportunities selectively alongside existing GP partners, leveraging the endowment’s scale and the investment office’s industry relationships.” “Co-investments are pursued when conviction is high and fee economics improve net portfolio returns.”

7. Your team has deep hedge fund diligence experience and actively covers external hedge fund relationships.

Sophisticated hedge fund expertise suggests receptivity to differentiated, high‑conviction strategies with clear edge and documentation.

Evidence

“While at TRS, Mr. Albright also served as Chief of Staff to the Chief Investment Officer and as an analyst in the External Public Markets group with coverage responsibilities over the Trust’s hedge fund and long-only public equity portfolios.”