Objective: The primary objective for the Partnership Investment Program is to generate investment returns for its investors that exceed private equity industry benchmarks and are commensurate with asset class risk.

• Proactively source and gain access to outstanding private equity partnership investment opportunities
• Apply a rigorous investment screen to all available investment opportunities and undertake comprehensive, disciplined due diligence
• Select top-tier private equity partnerships for inclusion in the portfolio
• Construct a portfolio diversified by private equity sub-asset class, manager, and vintage year in order to manage risk and enhance returns
• Designed to optimize returns to limited partners through active portfolio monitoring and efficient capital distribution management

• Private Equity Sub-Asset Class, including:
  • Venture Capital/Growth Equity
  • Buyout (U.S. and non-U.S.)
  • Special Situations (mezzanine, distressed/turnaround and industry-focused partnerships)
• Manager:
  • Commitments are expected to be made to approximately 40 private equity partnerships
• Geography:
  • Commitments are expected to be made primarily to private equity funds that are principally domiciled in the U.S. and Western Europe
  • Modest investment exposure is expected in emerging markets such as China, India, Israel and Latin America
• Vintage Year:
  • Commitments are expected to be made over a three- to four-year period
• Transaction Type:
  • Commitments are expected to be made to newly formed private equity partnerships and to opportunistically purchase secondary interests

• Cohesive, high-quality management team
• Stable organization with low turnover
• Deep domain expertise with a consistent, focused strategy
• Attractive long-term track record with low loss ratios
• Robust, high-quality deal flow
• Package of terms and conditions that align interests of general partners and limited partners