University of Georgia - Message Points

1. You maintain a sizable hedge fund program, especially in equity long/short and event‑driven absolute return.

We run a concentrated, high‑conviction global long/short strategy with a low‑correlation profile—directly aligned with your existing hedge fund sleeve and appetite for external managers in these areas.

Evidence

“Hedge fund limited partnerships: Event-driven absolute return — — — 159,192,466 159,192,466 … Equity long/short — — — 210,134,636 210,134,636” “Total hedge fund limited partnerships — — — 369,327,102 369,327,102”

2. You allocate to emerging markets, including a dedicated commingled China EM sleeve with defined liquidity terms.

Our global mandate includes deep emerging markets capability; we can complement and diversify your EM exposure with a concentrated, research‑driven approach designed to add alpha alongside existing EM and China allocations.

Evidence

“Other commingled funds Emerging market equity 27,085,988 … Emerging market equity China — — — 40,837,706 40,837,706” “Note (a) – Hedge Funds and Commingled Emerging Market Equity China (June 30, 2024): One investment may be redeemed upon 30 days’ notice to the fund manager and permits monthly exit from the fund.”

3. You emphasize global public equity diversification and benchmark to MSCI ACWI within a 70/30 framework.

As a global, high‑conviction stock picker with international reach, we can serve as an alpha‑seeking complement to your ACWI‑anchored equity exposure while maintaining low correlation to core beta.

Evidence

“Publicly Traded Equities 30–60% Capital appreciation, global diversification, highly liquid” “The 70/30 Index … 70% global stocks, as measured by the MSCI All-Country World Index, and 30% bonds…”

4. You target net total returns that support long‑term spending, evaluating managers on net‑of‑fee performance.

Our long track record focuses on durable, net‑of‑fee alpha with capital preservation—designed to support a 4% spending policy and your long‑term real‑return objectives.

Evidence

“Under this policy, endowment assets are invested in a manner that is intended to yield a long-term rate of return of approximately 8.6% annually, while assuming a moderate level of investment risk.” “The Committee established a 4% spending rate for both fiscal years 2024 and 2023… Performance is calculated on a total return basis … net of manager fees.”

5. You implement via external managers and pooled vehicles, accepting NAV‑based valuations.

We offer a commingled LP structure with institutional reporting and controls—consistent with your preference for pooled vehicles and NAV‑based fair value.

Evidence

“More than 70 underlying investment managers are currently in the Fund across these asset classes.” “The Foundation uses the net asset value (NAV) per share or its equivalent reported by the investment managers as a practical expedient to estimate fair value for certain investments…”

6. You’re comfortable with a range of hedge fund liquidity terms, including quarterly, semiannual, and annual exits, and side pockets.

Our fund offers institutional liquidity terms (e.g., quarterly with notice) and manages capacity carefully—aligned with your tolerance for varied redemption schedules and occasional illiquidity.

Evidence

“Certain investments may be redeemed upon 60- to 95-days’ notice … permit a quarterly exit… The fair values of these funds total $227,584,595 at June 30, 2024.” “Two hedge funds have semiannual exit dates… Certain hedge funds have annual exit dates… One hedge fund has a side pocket totaling $5,213,367 at June 30, 2024.”

7. You favor risk‑managed equity funds (low net short, little or no leverage) and dedicate a sleeve to lower‑volatility ‘Flexible Capital.’

We run a low‑leverage, risk‑controlled long/short approach with low net exposure—built to deliver smoother, low‑correlation returns that can complement your flexible capital and hedged equity allocations.

Evidence

“The funds also vary in net long/short positioning with most equity funds generally maintaining a low net short position and little or no leverage.” “Flexible Capital 10–20% Moderate return potential with low volatility”