Silvercrest Hedged Equity

Fund

Fund Investment Objectives

The Silvercrest Hedged Equity Fund (SHEF) is a fund of funds that has been designed to complement long-only equity portfolios by achieving equity-type returns over a full market cycle with substantially less volatility. In order to accomplish its objective, the Fund will invest with a diversified group of equity-oriented hedge fund managers who make long and short equity investments and whose strategies may include U.S. and non-U.S. equities, fundamental and quantitative approaches, as well as a prudent use of leverage. SHEF diversifies its portfolio across most aspects of equity management including style, geography, sector, market capitalization, trading orientation and market exposure. Although the Fund will focus predominantly on managers of U.S. equity strategies, approximately 20% of the Fund may be allocated to managers of non-U.S. equity strategies. AUM combines onshore and offshore funds and is reported in USD.