Tulane University - Message Points

1. You actively allocate to equity long/short hedge funds with quarterly liquidity and 45–90 day notice.

Signals openness to concentrated, high-conviction public equity hedge funds with standard hedge fund liquidity—well aligned with a best-ideas, low-correlation long/short equity manager.

Evidence

“Equity long/short hedge funds (c) 101,022 - Quarterly 45–90 days” “(c) This category includes investments in hedge funds that invest primarily in equities, both long and short.”

2. You value absolute return exposures that deliver consistent returns with low volatility and limited correlation to equities and bonds.

A low-correlation, risk-managed return stream from a high-conviction manager fits your diversifier needs alongside equity-heavy allocations.

Evidence

“Abs olute return (d) - - - 138,967 138,967” “The category is comprised of approximately 35% in credit investments, 25% in relative value investments, and 40% in equity investments, and provides a consistent return, with low volatility and limited correlation to equity and fixed-income markets.”

3. You back managers with flexible mandates who can shift by geography, sector, and net/gross exposure.

A global, entrepreneurial, best-ideas manager that dynamically tilts exposure and geography—including EM—matches your preference for unconstrained capital allocation.

Evidence

“Managers of these funds have the ability to shift investments by geography, sector, and exposure, both on a net and gross basis.” “(d) This category includes investments in hedge funds that invest in event-related equity and credit, arbitrage, fixed income relative value, quantitative strategies, and other marketable assets and strategies.”

4. You maintain meaningful global public equity exposure across geographies, not just the U.S.

A globally oriented, high-conviction stock picker—with EM capability—fits your mandate to invest across regions and complements existing international allocations.

Evidence

“This category includes direct ownership of equities, mutual funds, and investments in partnerships (valued at NAV) that invest primarily in common stocks across various sectors and market caps and across different geographic regions.” “International equity (b) 34,798 - 34,798 252,192 286,990”

5. You rely on external managers and expect robust, transparent reporting (audited/unaudited financials, valuation support, ongoing dialogue).

An owner-managed boutique that provides detailed transparency and engages directly with LPs can meet your documented diligence and valuation review process.

Evidence

“Where fair values are not determinable through market quotations estimates are supplied by external investment managers and a valuation review is conducted by management.” “Such review includes obtaining and reviewing audited and unaudited financial information from investment managers, holding discussions with external managers and general partners, and evaluating investment returns in light of current conditions.”

6. You accept standard hedge fund liquidity terms (monthly/quarterly/semi-annual with 15–90 day notice; lockups up to 1–30 months).

A quarterly-liquidity, concentrated long/short equity strategy fits within your stated liquidity tolerance for hedge funds.

Evidence

“Equity long/short hedge funds (c) 101,022 - Quarterly 45–90 days” “Absolute return hedge funds (d) 138,967 - Monthly, Quarterly, Semi-annual 15–90 days” “Generally, restriction periods range from one to thirty months as of June 30, 2024.”

7. You target long-term real return objectives (inflation plus payout; roughly inflation +5%) and predictable funding.

A long-track-record, risk-managed strategy aiming for strong real returns and capital preservation supports your spending needs and purchasing-power goals.

Evidence

“The pooled endowment assets are invested long term in a manner intended to produce results that exceed the rate of inflation, plus the payout percentage.” “Even so, the long- term expectation is that these funds will generally return inflation, plus 5%.” “Return Objectives and Risk Parameters—The University has adopted ... policies ... that attempt to provide a predictable stream of funding ... while ensuring that purchasing power of the assets do not decline over time.”