INVESTMENT OBJECTIVE: Provide capital appreciation consistent with the return characteristic of the alternative investment portfolios of larger endowments. The Fund's secondary objective is to provide capital appreciation with less volatility than that of the equity markets. *** FUND FOCUS: Designed as a core alternative investment solution for qualified clients + 30% private investments target for potential return enhancement + 70% hedge funds target for potential risk mitigation *** FUND BENEFITS: Private Investments - 8 vintage years diversified by strategy, stage, manager, and geography. Mature Private Investment Portfolio - New investors gain immediate access to a mature private investments portfolio. Hedge Fund Strategies - 4 hedge fund strategies diversified by sector, geography, and manager.