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State of Utah, School and Institutional Trust
Funds Office (SITFO)
Investment Consulting Services
Salt Lake City -- March 24, 2020
Proposed Agenda
• Introductions and proposed client team
• Albourne: our story, history and ethos
• Global footprint and resources
• How we can add value to SITFO
• Q&A
Albourne Presentation and SITFO Teams
3
Albourne Credentials Experience and Education
Dr John Claisse
• CEO of Albourne Group, Portfolio Analyst
• Partner
• Shareholder
• Joined 1996, from university
• Based in San Francisco
• 1996-2003 Albourne Partners Limited, London (UK)
• 2000 PhD, Applied Mathematics, University of Sussex, Brighton (UK)
• 1996 BSc, Mathematics, University of Sussex, Brighton (UK)
James Walsh
• Head of Portfolio Group
• Partner
• Share option holder
• Joined in 2012
• Based in San Francisco
• 2010-2012 Cayuga Capital Partners LLP, London (UK), CEO, CIO
• 2006-2010 Cornell University Office of University Investments, Ithaca, NY (USA), Chief Investment Officer
• 1995-2006 Hermes Pensions Management, London (UK)
2001-2006 Executive Director, Head of Strategy and Alternatives
1998-2001 Director
1995-1998 Senior Economist
• 1992-1995 Economist Intelligence Unit (The Economist Group), Macroeconomic Forecaster
• 1989-1992 Confederation of British Industry, Senior Economist
• 1991 MSc, Economics, Birkbeck College, University of London (UK)
• 1989 BSc, Economics, Brunel University, London (UK)
• CAIA
Steve Kennedy
• Portfolio Analyst Coordinator
• Partner
• Shareholder
• Joined in 2006
• Based in Connecticut
• 2000-2006 MyCFO Inc., CA (USA), Director of Research
• 1997-2000 Bank of America Securities (USA), Vice-President of Multi-Manager Investment Management Consulting Program, Senior Manager/Research Analyst, Business Analyst
• 2001 MS, Investment Management, Boston University Graduate School of Management, Boston (USA)
• 1993 BA, Environmental Policy and Analysis, Boston University, Boston (USA)
• CFA
Albourne Presentation and Client Teams
4
Albourne Credentials Experience and Education
JonathanKoerner
• Portfolio Analyst, Implementation Support
• Partner
• Share option holder
• Joined in 2015
• Based in Connecticut
• 2010-2014 Utah Retirement Systems (USA), URS Investment Counsel
• 2013-2014 University of Utah, David Eccles School of Business (Graduate Finance Program)
(USA), Adjunct Professor of Venture Capital Finance
• 2007-2010 Utah Retirement Systems (USA), Senior Investment Analyst
• 2005-2010 Juris Doctorate, University of Utah, S.J. Quinney College of Law, Salt Lake City(USA)
• 2006-2010 MBA, Finance Focus, University of Utah, David Eccles School of Business, Salt Lake City (USA)
• 2002-2005 BA, Asian Studies, Brigham Young University, Provo (USA)
• 2002 Mandarin Chinese Fluency Certificate, Beijing Language and Culture University, Beijing (China)
Andrew Bae
• Client Account Manager
• Joined in 2018
• Based in San Francisco
• 2019 Passed CFA Level I
• 2017-2018 LPL Financial, Manhattan Beach, CA (USA), Financial Advisor Intern
• 2014-2018 BSc, Finance, University of California, Riverside
Jonny Lach
• Client Relationship Manager
• Partner
• Joined in 2010
• Based in Connecticut
• 2002-2010 BlueStar Capital Management, Westport, CT (USA), CEO, CIO and founder
• 2000-2002 Mezzacappa Management, New York (USA), Partner
• 1998-2000 Winter Capital International, New York (USA), CIO, Partner
• 1995-1998 CTC Consulting (USA), Head of Alternatives/Senior Consultant
• 1985 MBA, JD, Booth School of Business and Law School, University of Chicago, Chicago (USA)
• 1981 BSc, Finance, McIntire School, University of Virginia
DedicatedSITFOTeam
Our Client Experience
“The Client Account Manager provides valuable day to day logistical support to both the client and the Portfolio Analyst team.” James Lewis, Partner
BoardService
Providers*
SITFO Investment Team
DirectAccess to Analysts
Interactive &Online
Resources
Client Relationship
Manager
Client Account
Manager (CAM)
Portfolio
Analysts
IDD Analysts ODD Analysts QDD Analysts
Albourne CastleAlbourne App & TV
*Including General Consultants
5
Albourne’s Model
"Our goal is to empower our clients to be the best investors that they can be.”Dr. John Claisse, Executive Committee Member
Albourne is committed to:
• Non-discretionary advice
• Fixed fee pricing
• Independence
Albourne believes in promoting alignment and avoiding conflicts
6
Our Clients
“We can add significant global leverage to your investment team. The quality and breadth of our client base is pivotal to this leverage.” David Harmston, Head of Client Group
Public Pension PlanCorporate Pension
Plan
Endowment &
Foundation
Teacher Retirement System of Texas
The Missouri Education
Pension Trust
Utah Retirement Systems
Barclays Bank UK Retirement Fund
Boeing Company Pension
Fund
BT Pension Scheme
Management
Regents of the University of California
University of Texas
Investment Management Company (UTIMCO)
Wellcome Trust
1.The aggregate number of cliententitiesfor the Albourne Group worldwide. Clientsmay be subscribed to multiple services.
2.A conservative aggregation of the estimated investments in alternatives(where known) of Albourne Group clientsworldwide, using public sourceswhere possible.
3.Percentage ofAlbourne Group clientswho can accessresearch in Private Marketsor Dynamic Beta by contractual agreement (i.e.,via subscription, exchange ofcreditsor purchasing a report).
The client list is a partial sampling of Albourne’s client universe. In accordance with the SEC’s requirement for an objective methodology for partial client lists, these clients are the three largest in each
category, using what Albourne believes to be their AUM in hedge fundsas the criterion and omitting only those requesting anonymity. It is not known whether the listed clientsapprove or disapprove of
the servicesprovided byAlbourne. All figuresasof 1 January 2020
>280 Clients1
>$550bn Amount our clients have
invested in alternatives2
>60% Percentage of clients who can
access Private Markets or
Dynamic Beta research3
Clients by Type Institutions by Type
7
Institution57%
Family Office14%
Financial Intermediary
29%
Endow ment &
Foundation
32%
Corporate Pension Plan
28%
Public Pension Plan26%
Insurance Company9%
Sovereign Wealth Fund5%
Our Colleagues
“We are very proud of our low staff turnover. No doubt our equity policy is a factor.”Meropi Stavrou, Head of HR
1. Headcount numbers are aggregated across all Albourne Group entities worldwide
2. Plusthe Albourne Employee Benefit Trust
3. Professional staff includes all analysts and all staff with a professional qualification, 3 year average
4. B2Y - Albourne’s Implementation Support Service - is not available in certain jurisdictions
5. D&A – Albourne’s Data & Analytics Service
Analysts 275
Portfolio AnalystsPlus 28 Client Service
32
Private Markets
Investment Due Diligence Includes 12 multi asset
42
Hedge Fund
Investment Due Diligence Includes 12 multi asset
38
Operational Due Diligence 94
RiskB2Y4 Back Off ice Analysts 11
B2Y Fees & Liquidity Analysts 10
D&A5 Analysts 16
QDD Analysts 44
81
Total Headcount1 417
Locations
Worldwide11
Owned by full
time employees2 100%
Partners 98
Partners’ average
tenure
>12 years
Partners’ average
experience in
alternatives and
finance
>20 years
Professional staff
turnover3 <5%
Year end
8
Year end
0
50
100
150
200
250
300
Analysts
Portfo lio
PM IDD
Multi IDD
HF/DB IDD
ODD
QDD
0
20
40
60
80Share and Option Holders
Global Research Footprint
Toronto 46Investment Due Diligence
HedgeFundsPrivate Markets
Operational DueDiligence StrategyResearchClientServices
Connecticut 48Investment Due Diligence
HedgeFundsPrivateMarkets DynamicBeta
Operational DueDiligencePortfolio Advice Risk Management StrategyResearch ClientServices
San Francisco 44Investment Due Diligence
Hedge Funds PrivateMarkets
Operational DueDiligence PortfolioAdviceRisk ManagementStrategy ResearchClientServices
London 69Investment Due Diligence
HedgeFundsPrivateMarkets DynamicBeta
Operational DueDiligencePortfolio Advice Risk Management StrategyResearch ClientServices
Munich 5Investment Due DiligenceHedgeFundsPortfolioAdvice ClientServices
Hong Kong 15Investment Due Diligence
HedgeFundsPrivate Markets
Operational DueDiligence StrategyResearchClientServices
Singapore 9Investment Due DiligencePrivateMarketsPortfolioAdvice ClientServices
Nicosia 168Operational Due DiligenceInvestment Due DiligenceRiskManagementITDevelopment
9
Offices with a headcount of 3 or less: Bahrain, Bermuda, andTokyo
*Figures as of December 2019
“Our truly global platform operates as extension of each client’s team.”Jonny Lach, Partner
Global Private Markets Team
“We have Private Markets IDD team members in North America, Europe and Asia. The team has global reach and access to a robust technology platform.” David Low, Partner
10
FINTECH ADVISORY IMPLEMENTATION
Our Services
“We believe our fastest growing services will be Private Markets in the short term, B2Y (Implementation Support) in the medium term and Risk Management in the long term.”
Debra Ng, Partner
RESEARCH
B2Y
Dynamic
Beta
Hedge
Funds
Private
Markets
Quantitative
Due Diligence
Investment
Due Diligence
Operational
Due Diligence
D&A
Risk
Management
Portfolio
Construction
Desk Based Monitoring
Strategy Forecasting
Mid and
Back Office
Fees and
Liquidity
Data, News
Analytics
11
Design Phase
Investment Phase
Monitoring
Portfolio Advisory
“Albourne’s customized portfolio advisory service acts as an extension of client staff - whether Investment Analyst, Back or Middle Office Analyst or CIO.” James Walsh, Head of Portfolio Group
Governance Phase• Process Review
• Investment Policy Statement
• Benchmarking
• Strategic & Tactical Planning
• Engagement Planning
• Asset Allocation (5A)
• Strategy Outlook
• Portfolio Construction
• Cash Flow,
Commitment &
Liquidity Modeling
• Risk Modeling
• Manager Selection:
IDD, ODD & QDD
• Customized Investments
• Terms Review
• Fee Negotiation
• IC / Board Presentation
• Monthly / Quarterly reporting
• Ongoing IDD, ODD & QDD
• Performance & Liquidity
• Fund Amendments & Issues
• Portfolio Controller
12
Portfolio Construction
“Typically at the start of a relationship we review a client’s portfolio, looking for issues and
establishing best practice going forward.” Marianna Inston, Partner
13
For illustrativ e purposes only .
5A: Asset Allocation Across All
Alternatives
• Simulation model
• Allows for different market states
• Solves the problem of valuing liquidity
Advanced Cash Flow Model
• Flexible, based on Albourne’s IDD
• Back-tested
• Projects NAV and cash-flow
• Allows scenario planning
Investment Due Diligence (IDD)
“By the end of 2019, we had accumulated over 18,000† fund-years of rated funds research. We are the industry’s memory.” Travis Williamson, Head of Hedge Fund IDD
We rate:
IDD Assessment 1,2,3
Conviction 1,2,3
Expected Alpha 2,3
Expected Beta 2,3
Expected Risk 2,3
Strategy & Investment Process 2,3
Management & Team 2,3
Risk Process 2
Terms 3
Portfolio 3
Track Record 3
Process & Engineering 1
Robustness 1
Optionality 1
Execution Risk 1
Fees and Costs 1
Quality of Platform 1
1. Dynamic Beta
2. Hedge Funds
3. Private Markets
Our approach We deliver
• Pursuit of alpha
• Breadth improves depth
• Strategy specialists with objectivity
• Ratings Committee oversight
• Conviction score
• Extension of clients’ research staff
• Qualitative & quantitative insights
• Clear rating scheme by strategy
• Top Picks Report
• New and Emerging Managers
• Access to IDD Analysts
• Annual meeting attendance
Albourne helpedpioneer Focus for 2020
• Open Protocol (OP) based analysis
• Core Control reports
• Primary Premia analytical framework
• ESG
• Emerging Managers (NEMO)
• Expanded Quantitative Tools
IDD needs dispassionate intensity
† Where we have produced an IDD Report on a fund in a given year this is counted as a fund-year
*Analysis of a fund against various models and benchmarks
14
“Private markets return dispersion is significantly greater than in many asset classes, which underlines the critical importance of diligent manager selection.” Kellie Hata, Partner
15
Transparent & opinionated communication of IDD:
• Rating and analyst’s name clearly defined
• Clients encouraged to contact analyst directly
• Overall rating of A (high) to E (low)
• Conviction level of 5 (high) to 1 (low) reflects the
confidence the analyst has in the rating and how well
the GP is known
• Approved by Investment Committee prior to
publishing
Investment Due Diligence
Private Markets Coverage
“We apply a consistent rigorous due diligence, rating and approval process, so GPs can
readily be compared within strategies.” Frank Moens, Partner
• Experienced Senior Analysts
• Market leaders in ODD
• Field Experience
• Pioneering IDD in emerging asset class
• Key team members in 3 continents
• Cover entire liquidity spectrum
• Cover broad range of structures
• All four RE quadrants
16
Rea
l A
ss
ets
Rea
l E
sta
te
Cre
dit
Pri
va
te E
qu
ity
• Relative
Value
• Fixed
Income Arb
• Structured
Credit
• Direct
Lending
• Rescue
Lending
• Non-Control
Distressed
• Distressed
For Control
Fully Liquid Fully Il l iquid
Pu
bli
c P
riva
te
Equity Credit
Operational Due Diligence (ODD)
“Fund managers know the questions and the answers that investors would like to hear. It takes real experience, a distinct mind-set and sometimes courage to dig as deep as is needed.”
Adrian Sales, Head of Operational Due Diligence
Our approach We deliver
• Onsite meetings
• Review terms & conditions
• Review audited financial statements
• Third party reference checks
• Regular fund contact
• Internal/external background checks
• Daily monitoring
• Fund onsite meetings with Albourne
• Clear rating scheme
• Bootcamps
• Quarterly newsletter
• Feedback to managers
Albourne helpedpioneer Focus for 2020
• Administrator Transparency Reports
• Standardized expense reporting
• Private Markets ODD
• Data Analytics & Digitization
• Desk-based monitoring
• ODD educational road trips
We rate:
ODD Assessment
Disclosure
Manager Organization
Regulatory & Media Checks
Compliance Resources & Policy
Trade Operations
Infrastructure & Business
Continuity
Fund Terms & Governance
Custody & Counterparties
Valuation
Review of Financial Statements
ODD has to be intrusive to be effective
17
Operational Due Diligence
“Albourne’s comprehensive reports represent the culmination of 18 years’ experience
developing our proprietary ODD methodology.’’ Steven Taylor, PM ODD Analyst
18
• Follows Albourne’s rigorous ODD process
• Investigates fees, expenses, accounting methods
• Average of 15-20 PM ODD GP meetings per month globally
• 554 PM ODD reports published
• Key participant in developing ILPA reporting templates
• Detailed ongoing monitoring available*
Initial ODD Process for Private Markets
Onsite visit with key operation, finance, compliance and IT staff during fundraising process √
Service provider references √
LPA business review √
Review and report on the Audited Financial Statements of a proxy fund √
Background checks on GPs √
Feedback to GPs where appropriate √
Review of legal and regulatory issues and media check √
*This service may be offered on a task priced basis
Why PM Operational Due Diligence?
“When the SEC examined how fees and expenses were handled by advisers to PE funds, they identified what they believed were violations of law or material weaknesses in controls over 50% of the time.” Carmen Lam, Partner
Venture capital firm
principal transferred $28m
in illegal profits to
accounts under his control
at the expense of
investors.
Fees &
Expenses
• GPs often have a lot of latitude in collecting income from portfolio companies and applying fees at the fund level (e.g. transaction fees, consulting fees, break-up fees, dead deal costs)
• Is remuneration paid to Operating Partners specifically carved out of the management fee offset provision?
Valuation• GPs can be incentivized to inflate valuations, to aid fundraising or
because fees are based on fair values
• The SEC’s focus on this area can bring headline risk
Fraud
• Assets are often self custodied, bringing “existence risk” concerns
• Servicing of assets may lead to third party relationships that present unique operational and misappropriation risks, needing an appropriate control environment
Oversight & Compliance
• PE funds are typically structured as partnerships, so do not have an independent board
• Many funds are still self administered, raising the bar for appropriate internal controls and division of duties
19
https://www.sec.gov/litigation/litreleas
es/2018/lr24110.htm
Typical issues include:
Quantitative Due Diligence (QDD)
“To access secure capital, the best managers are offering ever greater risk transparency. Albourne co-shoulders responsibility for monitoring this information. We help clients to work out when to be sad, angry or disappointed – and what to do about it.”
Dr. Gaurav Amin, Executive Committee Member
We monitor:
Five Pillars of Risk
• Leverage
• Concentration
• Liquidity
• Market risk
• Tail risk
Portfolio Manager
Client users: 310*
Client portfolios: 840**
Our approach We deliver
• Sophisticated exposure & factor models
• Proprietary risk system
• Analysis across liquidity spectrum
• Online tools and/or analysis performed
by Albourne
• Seamlessly blended qualitative and quantitative risk monitoring
• Fund, strategy and portfolio
level analysis
• Flexible reporting
• OP Reports (> 690 funds)
• Core Control alerts
• Dynamic Beta research
• Portfolio Manager
Albourne helpedpioneer Focus for 2020
• Open Protocol (OP), common language
to facilitate risk aggregation
• FeeMometer
• Into the Matrix
• Private Credit QDD
• Fee analysis for HF and PM
• PM Indices (PrimeRS)
* The number of individuals within Albourne clients who have accessed the Portfolio Manager in 4Q 2019
** The number of portfolios created through the Portfolio Manager by Albourne clients
Measure, monitor and manage risk
20
Quantitative Due Diligence
“Albourne’s PM QDD fully complements IDD and ODD - the combination of all three can assist
investors in making accurate, informed investment decisions..’’ Ogonna Nneji, PM Risk Analyst
21
Portfolio
Fund
Investment
Investment
Investment
Investment
Fund
Investment
Investment
Investment
Investment
Fund
Investment
Investment
Investment
Investment
QUESTION: Has the portfolio provided attractive risk adjusted
returns? Is the data from the funds being smoothed?
ANSWER: Public Market Benchmarking and Dimson Betas
QUESTION: Has the GP added value to its investments?
ANSWER: Attribution Analysis adjusted by industry performance
QUESTION: Has the fund outperformed peers & delivered on promises?
ANSWER: Peer benchmarking. Matching performance vs. forecasts
Implementation (B2Y)
“A comprehensive implementation solution for alternative investments requires a practical understanding of different possible approaches by differently resourced investors.”
Jonathan Koerner, Partner
* This Service is not available in certain jurisdictions. Albourne manages client’s external counsel, ensuring terms are consistent with client defined requirements.
Implementation Support services are provided on a task-based pricing basis, depending on client requirements.
Albourne does not provide legal or tax advice.
Outsourced Middle Office*
Fees & Liquidity
Outsourced Back Office
• Full-service project management
of deal work
• Coordinate external legal review
of fund documents
• Manage external counsel’s
negotiations and drafting of side
letter
• Assist in completing subscription
documents including AML
• Evaluate and comment on fund
amendments, consents, notices
etc.
• Albourne group fee discounts on
some hedge funds and Private
Markets funds
• Analysis of investor fee terms
and recommended changes*
• Bespoke fee negotiation
assistance*
• Fee collection, aggregation
and/or fee reconciliation service
• Liquidity calendar
• Portfolio Controller: Back Office
software solution
• Account statement aggregation
• Reconciled portfolio performance
reporting
• NAV reconciliation with custodian
• Cash flow & transaction logging
• Capital call & distribution pre-
processing and confirmation
• Ongoing monitoring of manager
communications
22
Reporting and Back Office Solutions
“Albourne works closely with the LP to establish an appropriate communication framework which will be flexible with respect to the content, frequency of scheduled meetings, calls and delivery of supporting materials.” Anita Kouzapa, Partner
23
For illustrativ e purposes only .
Past perf ormance is not indicativ e of f uture results and there is no guarantee an inv estor can
make a prof it or av oid incurring a loss
Reporting
• Comprehensive, flexible reporting
• Highly customized
• All information contained in Albourne’s proprietary information systems
Portfolio Controller
• Stand alone software solution
• Seamless linking of front and back office
• Breakdown of capital calls, fees, distributions, recallable capital
• Shows NAV deployed, committed, recallable and unfunded, plus performance calculation
• Integrated filing for accounting and audit trail
24
Market Commentary
COVID-19 Oil Price War
DyBeRS Insurance
“Timely insights from expert analysts synthesizing data and providing opinions to inform our clients.” Kristen Jones, Partner
Portfolio NewsNew s feed on your portfolio
Albourne TVAnalyst and Manager interview s
Advanced SearchFund due diligence search
13F ExplorerAnalysis of quarterly long positions
Portfolio ManagerAdvanced portfolio modelling
FeeMometerFee analysis and comparison
Open Protocol ExplorerExposure evolution
Factor AnalysisMulti-factor modelling
Portfolio ControllerTransaction tracking platform
Liquidity CalendarAnalysis of fund liquidity terms
Peer AnalysisComparison of fund performance
Combined HarvesterExcel Add-in for Albourne data
Client Website: The Castle
“We believe having all data, analysis, information and tools in one place on the Castle gives Albourne clients significant advantages.” Adriaan Joubert, Head of IT
25
Not all tools and services are included in all client contracts.
The ISO 27001 standard provides requirements for establishing, implementing, maintaining and continually improving an informa tion security
management system, but it is not a standard for products or services.
IT Team of 39
26 Developers &
Engineers
13 Systems
Administration
Certificate No. ISMS.20.001
Our Industry Presence
“We pride ourselves on our ability to stimulate industry discussion on current topics in the
alternatives world.” Simon Ruddick, Chairman
The SBAI, The Open Protocol, ILPA, the UNPRI, Asset Management Association of China, AIMA, Alignment of Interest Association and the
Connecticut Hedge Fund Association do not necessarily approve or endorse Albourne or the services that Albourne provides.
Albourne Core Supporter, SBAI
Albourne Special Member, Asset Management Association of China
Simon Ruddick Member, Board of Trustees, SBAI
Dr. John Claisse Member, North American Advisory Committee, SBAI
Dr. Gaurav Amin Co-chair, Working Group, The Open Protocol
Tom Cawkwell Member, Portfolio Company Template Working Group, ILPA
Debra Ng Member, Executive Committee, AIMA Singapore
Steven Kennedy Chair, Hedge Funds Steering Committee, UNPRI
Adrian Sales Member, AIMA’s Sound Practices Committee
Jonathan Koerner Member, Advisory Committee, Alignment of Interests Association
David Harmston Member, Board of Directors, Connecticut Hedge Fund Association
Albourne
Partners Limited
founded in
London
Launched
village.albourne
Open to all
>100,000
residents
Hosted
Hedgestock
Open to all
>4,000 attended
Launched
ATRs
>1,400 funds
producing
Launched The
Open Protocol
>670 funds
producing
Launched
The Investor
Manifesto I
& FeeMometer
Hedge Fund
Steering
Committee
chair UN PRI
Launched
1 or 30 and
Aggregated
Consultant
Discounts
Launched
The Investor
Manifesto II
1994 2000 2006 20072010 2011 2016 20192013
26
27
Conclusion + Q&A
• Our goal is to empower SITFO to be the best investor it can be
• Our business model, coupled with deep investment and operational
experience, uniquely empower us to achieve this
• We see ourselves as partners, working proactively to be an
extension of your staff
• Our philosophy and values are closely aligned with those of SITFO
Disclaimer
IM PORTANT NOTICE
The information in this presentation (the “Information”) is for informational
purposes regarding the Albourne Group, which includes Albourne Partners
Limited, Albourne America LLC, Albourne Partners (Canada) Limited,
Albourne Partners Japan, Albourne Partners (Asia) Limited, Albourne Partners
(Singapore) Pte. Ltd., Albourne Partners (Bermuda) Limited, Albourne
Partners Deutschland AG, Albourne Partners (Cyprus) Limited and Albourne
Cyprus Limited (each an "Albourne Group Company" and collectively, the
“Albourne Group”). The Information is an invitation communicated by the
relevant Albourne Group Company, as more fully described below, to
subscribe to such Albourne Group Company’s investment advisory services in
jurisdictions where such invitation is lawful and authorised. The Information
does not constitute an invitation, inducement, offer or solicitation in any
jurisdiction to any person or entity to acquire or dispose of, or deal in, any
security, any interest in any fund, or to engage in any investment activity, nor
does it constitute any form of investment, tax, legal or other advice.
In the United States, the Information is being furnished, subject to United
States law, by Albourne America LLC (registered as an investment adviser
with the United States Securities and Exchange Commission) to persons that
Albourne America LLC believes to be an “Accredited Investor”, as that term is
defined in Regulation D under the Securities Act of 1933, and a “Qualified
Purchaser”, as that term is defined in Section 2(a)(51) of the Investment
Company Act of 1940. In Canada, the Information is being furnished, subject
to Canadian law, by Albourne America LLC to persons that Albourne America
LLC believes to be a “Permitted Client” within the meaning of the National
Instrument 31-103. In the United Kingdom, the Information is being furnished,
subject to English law, by Albourne Partners Limited (authorised and regulated
by the Financial Conduct Authority with registered number 175725) to an
investment professional, high net worth company or unincorporated
association, high value trust or other person specified in articles 19 and 49 of
the Financial Services and Markets Act 2000 (Financial Promotions) Order
2005.
In each of Japan, Hong Kong, Singapore, Bermuda and Germany the
Information is being furnished respectively by: Albourne Partners Japan
(authorised and regulated by Director of Kanto Local Financial Bureau, with
reference number 1528) subject to Japanese law; Albourne Partners (Asia)
Limited (regulated by the Securities and Futures Commission of Hong Kong
with Central Entity number AKX858) subject to Hong Kong law; Albourne
Partners (Singapore) Pte. Ltd. subject to Singapore law; Albourne Partners
(Bermuda) Limited subject to Bermuda law and Albourne Partners
Deutschland AG subject to German law, and in all cases, to persons whom the
relevant Albourne Group Company believes to be financially sophisticated,
high net worth and institutional investors capable of evaluating the merits and
risks of hedge funds, private equity funds and/or any other alternative
investment securities (collectively, “Funds”). To the extent that the Information
is supplied in any jurisdiction other than the United States, Canada, the United
Kingdom, Japan, Hong Kong, Singapore, Bermuda or Germany, the relevant
Albourne Group Company is Albourne Partners Limited and the Information is
supplied subject to English law.
If you are not the kind of investor described above in the jurisdictions listed
above, or if in your jurisdiction it would be unlawful for you to receive the
Information, the Information is not intended for your use. The Information and
the services provided by any Albourne Group Company is not provided to and
may not be used by any person or entity in any jurisdiction where the provision
or use thereof would be contrary to applicable laws, rules or regulations or
where any Albourne Group Company is not authorized to provide such
Information or services.
In the United States, interests in Funds are made through private offerings
pursuant to one or more exemptions provided under the United States
Securities Act of 1933, as amended. You should carefully review the relevant
offering documents before investing in any Funds.
No part of the Information in this presentation is intended as an offer to sell or
a solicitation to buy any security or as a recommendation of any firm, Fund or
security. You should be aware that any offer to sell, or solicitation to buy,
interests in any such Funds may be unlawful in certain states or jurisdictions.
Disclaimer
There can be no assurance or guarantee that the Albourne Group’s
performance record or any Albourne Group Company’s performance record
will be achievable in future. There is no assurance that any client of an
Albourne Group Company will necessarily achieve its investment objective or
that such client will make any profit, or will be able to avoid incurring
losses. Funds are speculative, involve a high degree of risk, and are illiquid:
you could lose all or a substantial amount of any investment you make in such
Funds. Furthermore, such Funds are not subject to all the same regulatory
requirements as are mutual funds; may involve complex tax structures and
delays in the distribution of important tax information; often charge higher fees
than mutual funds and such fees may offset the Funds’ trading profits; may
have a limited operating history; may be highly volatile; and there may not be a
secondary market for interests in such Funds. There may be restrictions on
redemptions and transfer of interests in such Funds, and such interests may
otherwise be illiquid. Such Funds may also be highly leveraged and may have
a fund manager with total investment and/or trading authority over the Fund. It
should also be noted that, in the case of hedge funds, there may be a single
adviser applying generally similar trading programs with the potential for a lack
of diversification and concomitantly higher risk; hedge funds may also effect a
substantial portion of trades on foreign exchanges, which have higher trading
costs. On the other hand, private equity, real estate, real asset and/or other
private market funds may have a limited number of holdings and concomitantly
higher risk.
You are solely responsible for reviewing any Fund, the qualifications of its
manager, its offering documents and any statements made by a Fund or its
manager and for performing such additional due diligence as you may deem
appropriate, including consulting your own legal, tax and compliance advisers.
To the extent that any of the Information contains information obtained from
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