Endowments

The Chief Investment Officer of the Regents, in Oakland, is the endowment system for all the University of California public universities. It has about $120 billion in assets and the associated pension plans. It is endowment style in terms of how they manage the assets. They use Albourne as an investment consultant on the alternatives side. Some key contacts to know are Cay Hayne, on the real estate side, John Ritter within real assets and John Beil within private equity and private assets. For absolute return strategies Edmund Fong is a key contact, and Gloria Gil is an additional contact on the real estate and alternatives side. read less

As of 2019: Private Equity ($10B): Patrick Pace Real Return ($6.6B): Ed Lewis overlooks RE, Infrastructure, Natural Resources, Gold/Commodities Hedge Funds ($7B): Ryan Ruebsahm Real Estate ($2.8B): Spencer Branch Natural Resources ($2.5B): Adam Harrison. read less

They have been really undergoing some changes over the last three years. They had a real estate team in-house, a credit team in-house, and a relative value team, but they all ended up spinning out. So, they have been moving more towards purely outsourced external managers with a lesser focus on internal teams, in-house. This creates more opportunities for external managers. One of the things to highlight, as they did spin out that real estate team, they have been lowering the overall real estate exposure of the portfolio. One of the things they've done is moved to an investment analyst generalist structure. So, they are divided up by a particular asset class. They all have cross pollination in terms of ideas. About 50% of the assets they manage are illiquid. They do still manage a component of the natural resources portfolio in-house. They tend to look at everything and all types of ideas, small and large. They would encourage all of their members to reach out. read less

Absolute Return (20%) - Core strategies in the asset class include long/short equity, relative-value fixed income arbitrage, distressed investment, and special situation investment Private Equity (30%) - They look for early-stage investments, in the form of venture capital, and later-stage investments, in the form of growth equity and leveraged buyouts Real Estate (8%) - Primarily like using Private RE managers, but will go public if valuations make sense Natural Resources (7%) - Steve Wright - Focus primarily on private producers of resources, rather than outright holdings of commodities themselves. Primarily US based. read less

Mark Corigliano leads their private investments team. Equity, where they invest in both private and public sits at 48% as of the end of 2019. They have a 13% allocation to absolute return investments. 9% allocation to Commodities, which can be direct, commodity-related equities, and private investments in energy, power, and infrastructure. 9% allocation to Real Estate which includes private and REITs. read less