The investment objective of the Fund is to seek to achieve strong risk-adjusted returns with low volatility and low correlation to the equity and fixed income capital markets. The Fund seeks to achieve this objective by investing in assets that are priced below their intrinsic value due to: market conditions, asset-specific cyclicality, proprietary sourcing, and/or owner distress. Identifying such assets involves a combination of: an assessment of opportunities based on the Investment Team's macro views of a variety of industry sectors and asset classes, sourcing via the Firm's long-standing and broad network of relationships, leveraging the Investment Team's investment experience and access to industry participants to properly value assets, and an exhaustive due diligence process to validate pricing and investment assumptions inherent in each transaction. The Fund compares the risk/return profile of each investment opportunity to other potential investments available across a wide range of asset classes to further maintain its price discipline. The Fund seeks to have a low volatility by making investments that incorporate a margin of safety through a combination of price discipline, asset liquidity, hedging, third party equity and other negotiated structural enhancements. Additionally, many of the assets are likely to have high current income and may have a secondary market (or one may develop) which provides additional loss protection. The Fund seeks to further protect the portfolio against loss through diversification by transaction and asset class and, in certain situations, transactions that involve multiple obligors or individual assets.