University of Illinois - Message Points

1. You primarily allocate to external managers and are comfortable investing through commingled hedge fund vehicles priced at NAV.

Our owner-managed hedge fund offers a commingled LP structure with standard NAV reporting, fitting your established process for hiring external alternatives managers.

Evidence

“Nearly all of the University’s investments are managed by external professional investment managers,” “Fair value for investments in certain mutual funds, hedge funds, private markets and prime money market funds is determined using net asset values (NAV) as provided by external investment managers.” “The Foundation invests in alternative investment funds that include limited partnerships, private capital funds, and private real estate funds.”

2. You emphasize a long investment horizon and preservation of the endowment’s purchasing power.

We run a long-standing, high-conviction strategy designed for multi-year compounding and capital preservation, supported by a long track record.

Evidence

““We are in a privileged role as we have the advantage of a long-time horizon in an increasingly short-term focused world.” – TRAVIS SHORE, UIF CHIEF INVESTMENT OFFICER” “Endowments are a critical part of the University of Illinois’ long-term stability. A perpetual source of income, endowment funds provide support for the university today and into the future, enabling Illinois to plan with confidence.” “The duration and preservation of the endowment fund”

3. You maintain significant global public equity exposure through external funds, including long/short global mandates.

Our concentrated best-ideas strategy is global by design and can complement your existing global equity lineup.

Evidence

“Global equity (d) 383,494 263,885 – Daily, monthly, quarterly, or annually **/*** 5 to 120 days” “(d) This category includes investments with both long and short positions in equity or equity- related securities listed or traded on an exchange or a regulated market on a global basis.” “The funds in this category invest in marketable equities that are exchange traded in the United States of America (USA) and in countries outside of the USA.”

4. You allocate meaningful capital to emerging markets, including EM long/short strategies, via commingled funds.

We have dedicated emerging markets capability within our global mandate and can provide high-conviction EM exposure aligned with your structure and liquidity preferences.

Evidence

“Emerging markets (B) 243,802 daily, monthly, quarterly, or annually *** 5 to 120 days” “(B) This category includes investments with both long and short positions in equity or equity- related securities in global emerging markets.” “The University invests in non-U.S. developed and emerging markets through commingled funds invested in non-U.S. equities, fixed income, private markets and hedge funds.”

5. You intentionally fund low-correlation diversifiers (trend following, alternative risk premia, long volatility/tail risk) as crisis risk offsets.

Our strategy targets a low-correlation return profile and can act as a diversifier alongside your crisis-risk-offset and ARP sleeves.

Evidence

“Cr isis Risk Of f set Systematic Trend Following 10.0% 2.90%” “Alternative Risk P remia 3.0% 2.62%” “Long Volatility/Tail Risk 2.0% -1.22%”

6. You accept a range of fund liquidity terms, including 1–3 year lockups and closed-end partnership structures.

We operate with standard hedge fund liquidity terms and can tailor capacity to fit your layered-liquidity framework.

Evidence

“Daily, monthly, quarterly, or annually 5 to 120 days” “** There are certain investments with a fair value of $110,538 at June 30, 2025, in the above categories that are subject to certain lock provisions that may limit the ability to redeem all or a portion of the investment for a given period of time, typically ranging from one to three years.” “Liquidity parameters range from same business day redemption with next day settlement to investments where funds cannot be redeemed during the life of the partnership; however, they may be able to be transferred to another eligible investor.”

7. You grant managers broad discretion and are comfortable with derivatives and FX-hedging flexibility within guidelines.

Our active, high-conviction process uses derivatives and risk management tools across global markets, aligning with your openness to flexible mandates.

Evidence

“who have full discretion to manage their portfolios subject to investment policy and manager guidelines established by the University, and in the case of mutual fun ds and other commingled vehicles, in accordance with the applicable prospectus or limited partnership agreement.” “Derivatives: During the year ended 2025 , the Foundation entered into futures contracts to provide further exposure to different equity and fixed income.” “under each investment manager’s respective fund agreement, the portfolio’s foreign currency exposure may be unhedged or hedged back into U.S. dollars.” “The funds in this category are generally not restricted in the types of securities in which they can invest.”