||Our Multi-Manager investment team has a long history as an institutional investor in hedge funds across diversified strategies including long/short equity, event driven, relative value, distressed credit, emerging markets and global macro. Our team takes a disciplined approach to manager selection that includes investment due diligence, operational due diligence and dedicated risk management and has extensive relationships with established and early-stage managers, including those that otherwise limit capacity. Our team uses proprietary and third-party quantitative tools that monitor underlying and prospective hedge funds and their impact on each portfolio.
|Real Estate Equity
||Our Real Estate Equity investment team has extensive experience making direct investments in US real estate. Our team prioritizes investments with deep value characteristics, attributes of downside risk reduction and asymmetric risk/reward profiles. Our team seeks control-oriented positions throughout the capital structure, debt or equity, and is agnostic with respect to sector and geography. Our team balances its opportunistic investment philosophy with an investment process that emphasizes rigorous due diligence and “cradle-to-grave” asset management.
|Real Estate Debt
||Our Commercial Real Estate Debt investment team has in depth experience in originating and buying first-mortgage loans on transitional commercial real estate properties. Our team structures these loans with significant reserves, attractive prepayment terms and interest-rate protection. Our team takes an opportunistic approach by identifying off-market deals as well as deals that cater to its competitive advantages, yet balances this opportunistic investment philosophy with a disciplined, multi-step investment process.
||Our Securitized/Mortgage Credit investment team is experienced in seeking a combination of current income and capital gains, principally through investments in mortgage-related securities. The investment team invests in legacy and new issue non-agency RMBS, CMBS, agency MBS and ABS as well as an emerging set of investment opportunities in mortgage finance, including directly-sourced new origination and government-sponsored enterprise (GSE) risk-sharing transactions.
|Middle Market Lending
||Our Middle Market Lending investment team has experience with primary-issue middle market credit opportunities that are directly sourced and privately negotiated. Our team emphasizes secured lending by focusing on first lien, uni-tranche and second lien loans, while selectively considering mezzanine, structured preferred stock and non-control equity co-investment opportunities. Our team is guided by a valuation-based investment philosophy, as distinct from a traditional “credit box” approach, and it follows a disciplined investment process.
||Our Long/Short Equity investment team has extensive experience going long stocks they view positively and shorting stocks they view unfavorably. Our team focuses primarily on large- and mid-cap US stocks, although it may opportunistically invest in non-US issuers and smaller-cap companies. The investment team leverages intensive fundamental analysis and macroeconomic insights to identify potential long and short-sale opportunities. Key to our team’s process is having the flexibility to adjust exposures dynamically based on evolving market opportunities, unconstrained by style or sector.
||Our Credit Long/Short investment team has experience seeking investments that provide protection against rising rates and exhibit a low correlation to traditional asset classes. The philosophy underlying our team’s approach is that long/short strategies can offer protection during down markets and strong relative returns in rising rate environments. Our team uses a combination of quantitative and fundamental research to identify market inefficiencies. With a long/short credit approach that emphasizes four key types of trading strategies, our team seeks to minimize beta exposure and to isolate alpha, aiming to generate consistent alpha, regardless of our team’s position in the credit cycle.
||Our Unconstrained Bond investment team takes a global multi-sector, risk-focused, long-short approach to investing. The philosophy underlying our team’s approach evolved from research that suggested that enhanced techniques such as an absolute-return orientation, permanent tail-risk hedging, and having the flexibility to go short, could provide potential diversification benefits. This philosophy is grounded in two beliefs: (1) fixed income sectors pay a risk premium over time, and (2) the benefits provided from diversified exposure to assets that have negative-low correlations to one another.
||Our Drawdown Managed investment team employs a risk-balanced investment approach across all main asset classes, including equities, credit, government bonds and inflation-sensitive securities. The philosophy underlying our team’s approach is its belief in the importance of managing drawdown risk—avoiding large drawdowns. Our team aims to achieve this by avoiding concentrated tail risk exposure to any one asset class and maintaining a constant level of operating risk over time.
|Global Real Estate Securities
||Our Global Real Estate Securities investment team has experience investing in real estate investment trusts (REITs) and real estate-related operating companies (REOCs). Our team uses rigorous fundamental and quantitative research to identify undervalued companies, and it uses a real estate-specific model to assist with investment selection. Our team’s investment philosophy is grounded in the belief that enduring patterns of investor behavior create opportunities.