INDEX 
Abu Dhabi Investment Authority (ADIA), 53, 54, 57, 58
Activist investing, xviii
Actuarial assumptions, 26, 28–29
Actuarial Standards Board, 28
Ad-hoc investor requests, 167
Advocacy, investor, 165–166
Al Maktoum Knowledge Foundation, 18
Alignment of interests, 92
Alternative Investment Fund Managers Directive (AIFMD), xviii
Alternative investments:
allocations to, 6, 51–53, 63, 72–73
dispersion of returns for, xvi, xvii
liquidity concerns with, xvi
manager–investor relationships for, xix
market for, xv
from registered investment advisors, 80
strategies for managing, xviii
technology for, 221–222
transparency concerns with, xv–xvi
American Express Company, 23
Annual meetings, 169
Artificial intelligence (AI), 224–225
Asia, 25, 38, 39, 54, 86, 148, 198, 199 (See also specific countries)
Assessment questions, 95–96, 152
Asset allocation, 10–11, 41–42, 47, 52, 56–57, 60–65, 71–73, 85
Asset allocators (see Limited partners [LPs])
Asset class, decision to invest in, 11–12
Asset-class-based team structures, 59
Attitude, of marketers, 239
Augustus Caesar, 23
Autonomy, xvi
Azim Premji Foundation, 17
Background checks, 186–187
Background of marketers, 237–238
Back-office capabilities, 229
Back-testing, 136
Bad news, sharing, 172
Bearings Bank, 192
Benchmarks, 170
Bill & Melinda Gates Foundation, 17
Black Lives Matter protests, xi
Boilerplate due diligence templates, 193
Botswana, 59
Boutique placement firms, 147, 159
BT Pension Scheme, 25
Budgets and budgeting, 97, 113–114
Bundy, McGeorge, 17
Business continuity risks, 193–194
Buyouts, xiv (See also Private equity)
California Public Employees’ Retirement System (CalPERS), 30
Cambridge University, 4
Capco, 183
Capital flow, 195
Capital management, 177
Capital One, 223
Carnegie, Andrew, 17
Carnival, 57
Case studies, 136
Cash flows, xiv
Character, marketers’, 239–240
Charitable Uses Act (1601), 17
Chartered alternative investment analysts (CAIAs), 175
Chartered financial analysts (CFAs), 175
Chief investment officers (CIOs), 8
Chile, 59
Citigroup, 57
Closing, on LP commitments, 116–117
Cloud migration, 226
Co-investment, 48–49, 63, 64, 74, 113, 125, 209
Commodity sovereign wealth funds, 53–54
Commodity trading advisors (CTAs), 175
Communication, 11–12, 46, 94–95, 165, 216–217 (See also Investor communication)
Communication strategy, 151
Compliance facilitation, 230–231
Concentration risk, 64
Conference calls, during crises, 173
Conflict aversion, 172–173
Conflicts of interest, 45, 156–157, 183, 212
Consistency, 141–142, 189, 239
Contact information, 138
Contacts, reaching out to, 102, 104–105
Continental Congress, 23
Contingent pension funds, 55
Continuity, 45–46, 151, 193–194, 204
Corporate foundations, 18
Corporate pensions, 25
Cost overruns, for technology, 225–226
Courtesy calls, after due diligence, 187
Covid-19 pandemic, 57, 192, 222
Crises, 171–175
CRM software, 226
Cross-border philanthropy, 19
Cultural dynamics, 197–199
Cultural fit, 158
Culture, team, 182
Data rooms, 126, 179, 227, 241–243, 252n5
Deal analysis, 127
Deal flow, 148
Deal pipeline, 208
Deal sourcing, 136
Defined-benefit (DB) plans, 24–26
Defined-contribution (DC) plans, 24–26
Desired state, questions about, 96
Desktop due diligence (DDD), 178–179, 189–191
Developing economies, 197, 199
Development funds, 55
Direct investment, 30, 42, 45, 47–49, 62, 63, 66–67, 76–77
Discipline, 238
Disclaimers, 137
Dispersion of returns, xvi, xvii, 79
Disproportionate costs, in family offices, 46
Diversification, 15, 46, 47, 65, 66, 213
Diversity, workforce, xi, 233–236
Documentation, 119–129, 171, 185–189, 207, 223, 228
Due diligence, 14, 49, 83–85, 127, 177–194
Duke University, 235
Economic interests, in MVP, 137
Edge, in MVP, 135
Egalitarianism, 198
Electronic signatures, 228
Electronic workflow systems, 228
Ellis, Charles D., 8
Emerging managers, 48, 77, 111–114, 149, 157, 193–194, 203–212
Emerging markets, 38, 201–202, 208–209, 211
Employee Retirement Income Security Act (ERISA), 24, 25, 34–35, 110
Endowments, 3–16, 20–21, 30–31, 235
Environmental, social, and governance (ESG) issues, 30–31, 33–34, 42, 65
Europe, xvi, xviii, 38, 73, 199 (See also specific countries)
European Securities and Markets Authority (ESMA), 175
Exclusive mandates, 153
Execution, questions about, 98–99
Executive summary, 134
Expectation setting, 173, 206, 210
Expected payments, pension fund, 26
Expense allocation, 155
Experience level, managers’, 204
Expertise, 158–159
Exploratory due diligence, 188
Fairfield Greenwich Group, 83
FAQ document, 190
Favorable economics, side letters for, 125
Fear of missing out (FOMO), 210
Federal Retirement Thrift Investment Board, 25
Fees and investment costs, 33, 77, 79, 82–83, 113–114, 147, 160–161
Fiduciary duty, 14–15, 30–31, 34, 85
Final average salary, 248n9
Finance Ministry, 51
Financial Action Task Force (FATF), 19
Financial Conduct Authority, 159
Financial Industry Regulatory Authority (FINRA), 155, 159, 175
Financial information, for due diligence, 184
Financial planners (FPs), 79–80
Financial Services and Markets Act (FSMA), xviii
First-time funds, 152, 161, 182
First-time managers (see Emerging managers)
Fixed distribution, endowments with, 7
Ford Foundation, 17
Foreign assets, SWF, 65–66
Foreign limited partners (LPs), 195–202
Freedom of Information Act (FOIA), 31, 33, 111
Full-service placement agents, 146–147
Fund counsel (see Legal counsel)
Fund documents, in data rooms, 242, 243
Fund managers (see General partners [GPs])
Fund updates, 167
Fundless sponsorship, 49
Funds of funds (FoFs), 76–79, 124
Funds raised by the agent model, 147
Gap analysis, 96–97
General partners (GPs):
direct relationship between investors and, xix
skill set of successful, xviii–xix
General partners (GPs), defined, xiv
Generational equity, 15–16
Geographic expansion, with PAs, 149–150
Geographical drift, 211
Global fee arrangements, 160
Global financial crisis (2008), 38, 39, 43, 91, 111, 172–173, 177, 210
GMA Foundations, 19
Government of Singapore Investment Corporation (GIC Private Limited), 53, 54, 58
Government Pension Investment Fund, 25
Great Recession, 54
Group due diligence, 192–193
“Group of one” customization, 223
Growth capital, xiv (See also Private equity)
Hedge Fund Standards Board, 64
Hedge funds, xii, xiv–xv, 61–63, 76, 99–101, 183, 208–211, 221, 224–225
Hierarchy, culture of, 198
High-net-worth individuals (HNIs), xv, 78–80, 91
Hybrid family office (HFO), 40
IBM Retirement Fund, 25
Ideation stage of creation, 140–141
Illinois, 157
India, 201
Inflation, 63
Information overload, 139, 141–142
Information sharing, 33, 108, 128, 172, 192, 200, 227
Informational interviewing, 93
Infrastructure, GP’s, 207
Infrastructure investments, 63, 66–67
Insider trading, 111
Institutional Limited Partners Association (ILPA), 91–92, 108, 120
Insurance companies, 71–76
Integrative approach to technology, 224
Interest rates, 71–72
Interests, investor, 167
Internal buy-in, 100
Internal Revenue Service (IRS), 16, 18–20
International Forum of Sovereign Wealth Funds (IFSWF), 64, 68
International Monetary Fund (IMF), 55, 68
Introductory presentations, 131–139, 141–143, 201
Investment Company Act (1940), 81, 231, 251n12
Investment conflicts, family office, 43, 45
Investment criteria, 101
Investment dating, 93
Investment due diligence (IDD), 180–183
Investment management agreements, 126
Investment objectives, 18, 25–27, 54–57, 109
Investment officers, endowment, 8–13
Investment philosophy, 135
Investment policy, 7
Investment selection, 11–15, 30–34
Investment strategy, 12–13, 134–135, 242, 243
Investor advocacy, 165–166
Investor communication, 127, 167–168, 172–174, 228
Investor constraints, 68–69, 101, 109
Investor events, 169
Investor needs, 164–165
Investor relations (IR), 91–92, 114–115, 163–176, 205, 228, 240
Investor reports, distribution of, 168–169
Investor screening, 12, 103–104, 151–152
Investor sentiment, 169
Investor-centric strategies, xiii, xiv, 3 (See also specific types of investors)
Investor–manager distance, with feeder funds, 83
Investors (see Limited partners [LPs])
Islam, 17
Israel, Sam, 178
JOBS Act, xviii
Judaism, 17
Kamensky, Daniel, 178
Key message, in pitchbook, 141
Keynes, John Maynard, 4
Knight Foundation, 234
Kuwait Investment Authority (KIA), 53, 54, 57, 58
Lead qualification, 238
Leadership, family office, 41–42, 44, 48
Leeson, Nick, 192
Legal counsel, 111, 119, 127, 174–175, 200, 229–232
Legal documents, in data rooms, 242, 243
Legal entity, SWFs structured as separate, 58, 59
Li Kashing Foundation, 18
Limited Partner Advisory Committees (LPACs), 75
Limited partners (LPs):
defined, xiv
direct relationship with, xix
engagement with, 94, 152–153, 159
explaining strategies to, xviii
foreign, 195–202
framing presentations for, 132–133
preparing, for due diligence, 187–188
reaching new, 102
rejecting offers from, 110
screening, 12, 103–104, 151–152
(See also specific types)
Limited partnership agreements (LPAs), 119, 121–123, 125–126
Linaburg-Maduell transparency index (LMTI), 67
LinkedIn, 227
Liquidity, xiv, xvi, 58, 117, 209
Local offices and presence, 148–150, 192, 200
Localized events, 35
Locational constraints, SWF, 68–69
Loss allocation process, 122–123
Lunch-and-learn events, 35
Machine learning, 224–225
Madoff, Bernie, 10, 83, 84, 178
Manager quality certification, 149
Manager selection, 9–11, 31–32, 60–65, 74
Marcus Aurelius, 4
Market advantage, 135
Market continuity, 151
Market terms, knowledge of, 150–151
Market value, 5
Marketing efficiency, xiv, 159, 225–227
Marketing efforts:
ILPA principles as guidelines for, 91–92
importance of, 91
and investor relations, 163–164
reaching new investors with, 102
structural considerations in, 110
timelines for, 102
weekly task list for, 107–108
(See also specific topics)
Marketing process, 95–117
Marketing professionals, xii, xiii, xviii–xix, 11–15, 237–240
Marketing reach, of PAs, 148
Marketing strategies, 35–36, 48–50
Markets, with foreign LPs, 199–201
Mass customized content, 12, 223
Materials creation, 230
Memoranda of understanding (MOU), 216, 217
Mentors, 240
Messaging, in crises, 172
Mezzanine finance, xiv (See also Private equity)
Milken Institute Global Conference, 50
Minimum allocation size, 68, 69
Minimum investment requirement, 78, 81, 82
Minimum viable product (MVP), 133–138
Minority- and women-owned businesses, 31, 234
Mission statements, 37
MIT (Massachusetts Institute of Technology), 7
Mobile devices, 223
Model limited partnership agreement, 120
Modern Portfolio Theory, 15
Morgan, J. P., 39
Most-favored-nation (MFN) clauses, 125, 150, 182
Multifamily offices (MFOs), 39–41, 43–46
Multiproduct managers, 212–214
Mutual funds, funds of, 76
NACUBO-TIAA Study of Endowments, 5
National Association of State Retirement Administrators (NASRA), 28
National private placement regime (NPPR), 111
Negotiations, 110, 120, 150–151, 231
Networks, 47–50, 104, 112–113, 240
New funds (see First-time funds)
New Mexico State Investment Council, 53
New York, N.Y., 157
New York State, 33
Non-commodity sovereign wealth funds, 53–54
Nondisclosure agreements (NDAs), 179
North America, 25, 38 (See also specific countries)
Norway, 54
Novo Nordisk Foundation, 17
Offering memoranda (OMs), 119
Office of Foreign Assets Control (OFAC), 19
“Once and done” due diligence, 191–193
Online business interactions, 222
On-site due diligence, 184–185, 190
Open-end funds, xiv
Operating costs, family office, 44–45
Operating partners, 103–104
Operational due diligence (ODD), 180, 183–186
Operational management group, SWF, 59
Operations documents, 127
Organisation for Economic Co-operation and Development (OECD), 34, 51
Organizational structures, 7–8, 110, 146–148, 230
Origination services, 146
Outdated information, 142
Outsourcing, 37–38, 45, 46, 74, 78, 80, 81, 114, 206
Overcommunication, 167–168
Overexplaining, 139
Page numbers, pitchbook, 141
Panama Papers scandal, 46
Payment timing, for PAs, 155
Pay-to-play scandals, 33, 111, 157
Pedigree, of marketing professionals, 238
Pension Benefit Guaranty Corporation (PBGC), 24, 34
Pension funds, xv, 23–36, 110, 157, 234
Pensions, defined, 23
Performance, workforce diversity and, 234, 235
Performance monitoring, 85, 152, 168, 184
Periodic approach to due diligence, 191–193
Periodic communication, 173–174
Personality, marketer’s, 239
Personalized documentation, 223
Placement, defined, 146
Placement agents (PAs), 55, 69, 102, 111–113, 145–161, 200, 202
Planning questions, 97–98
Policies, in data rooms, 242, 243
Preferential liquidity, 125
Preferential transparency, 125
Premarketing, 35, 92–95, 111, 153
Preparation stage of pitchbook creation, 140–141
Presentations, 108–109 (See also Introductory presentations)
Privacy, in family offices, 41
Private equity:
defined, xiv
family offices in, 41–42
fund size issues in, 208–209, 211
investor relations in, 163
marketing process for, 99–101, 103
minimum viable product for, 136
number of managers, xii
pension fund investments in, 29
placement agents for, 157
SWF allocation to, 63–64
technology for marketing, 221
total capital managed by, xv
workforce diversity in, 236
Private equity funds of funds (PE FoFs), 76, 77
Private markets, 61
Private multifamily office (MFO), 39–40, 46
Private pension funds, 25
Private placement memoranda (PPMs), 119–121, 207–208
Process conclusion questions, 99
Process-oriented marketing plans, xiv
Product pitches, 108–109 (See also Introductory presentations)
Professional development, 216
Professional multifamily office (MFO), 40
Profit allocation process, 122–123
Prospect analysis, 158
Prospect databases, 225
Public foundations, 16
Public multifamily office (MFO), 45
Public pension funds, 25, 31, 33, 35
Public relations firms, 174
Punctuality, 198
Push-and-pull marketing strategy, 86
Qualitative assessments of GPs, 180–181
Ranieri Partners LLC, 160
Real estate investment trusts (REITs), 80
Real estate investments, 41, 63, 66–67, 81
Reference checks, 186–188
Referrals, 102
Regional family offices, 47–48
Registered investment advisors (RIAs), 43, 79–81
Registration documents, 242, 243
Regulations, xv–xvi, xviii, 111
on endowments, 15–16
on family offices, 43
on foreign investments, 199
on foundations, 19–20
fund counsels’ knowledge of, 231
on insurance companies, 73–74
on investor relations, 175
and marketing in multiple countries, 200
on RIAs/wealth management firms, 79
on sovereign wealth funds, 67–68
Regulatory compliance, PA, 159–160
Rejection, 110, 115–117, 238, 239
Relationship building, xviii–xix, 240
by emerging managers, 207
with endowment investment officers, 13
with foreign LPs, 197–199
with gatekeepers, 86
investor advocacy for, 166
investor relations for, 164, 168, 171
placement agents and, 148, 156
premarketing for, 93
in presentations, 109
and reaching new investors, 102
with sovereign wealth funds, 60, 64, 69
Replacement capital, seeking, 100
Replacing existing managers, 101, 103
Reporting structures, SWF, 60
Republic of Kiribati, 53
Reputational risk, 10, 32–33, 46, 115, 156
Requests for proposal (RFPs), 31
Reserve investment funds, 55
Responsiveness, 167
Retainers, for PAs, 161
Retroactive rights, 125
Returns, xiv
for first-time managers, 114, 205
and fund size, 209
long-term, of endowments, 3, 6
for pension funds, 28–30
for sovereign wealth funds, 58, 63
Revenue Act (1921), 24
Revenue Act (1926), 24
Reverse solicitation, 111
Risk allocation, for SWFs, 65–66
Risk tolerance, pension fund, 32
Rockefeller family, 39
Rolling closings, 116–117
Rolodex access, 157
Roman Empire, 23
Rooney rule, 235
Russia, 54
Russian Oil Stabilization Fund, 56
Samuelson, Paul, 15
Sanity checks, 86
Santiago Principles, 68
“Say, say it, said” technique, 139
Scalability of strategy, 181
Sealey, Andrew, 145
Securities Act (1933), 231
Securities Exchange Act (1934), 160
Self-dealing, 19, 20, 75, 185, 213
Senior Managers and Certification Regime (SMCR), 175
Senior staff engagement, 159
Separately-managed accounts, 64, 69, 75
Sequoia, 215
Service level agreements, with PAs, 154
Service providers, 229 (See also specific types)
Simulation results, in MVP, 136
Singapore, 62
Single family office (SFO), 38, 39, 41, 43, 45, 46, 50
Social media, 169–170, 223–224, 227
South Korea, 54
Sovereign wealth funds (SWFs), 51–70
Spending budgets and policies, 7, 16, 18, 57
Spin-off funds, 205
Sponsored funds, 212–215
“Spray and pray” approach to marketing, xii
Stabilization Act (1942), 24
Stabilization funds, 55–56
Staff members:
in due diligence process, 184–185, 190
at endowments, 7–8
at foundations, 18–19
of multiproduct managers, 213
at pension funds, 29–30
at sovereign wealth funds, 58–60
“Star managers,” xi, 48
Startup costs, family office, 44
State-owned corporations, 51, 58
Storyboards, 140
Storyline, presentation/pitchbook, 139, 140
Strategic advice, from PAs, 150, 152
Strategic asset allocation, 41, 47, 61, 63, 74
Structured notes, 73
Style, presentation/pitchbook, 139
Subscription documents (sub docs), 119, 123–124
Subscription process, for RIAs, 80–81
Successor funds, 211–212
Suitability of strategy, 193
Tactical advice, from PAs, 150–151
Tactical asset allocation, 74
Tag team presentations, 109
Tail provisions, 161
Tax counsel, 127
Taxation, 16, 18–20, 67, 82, 108
Team culture, 182
Team documents and information, 85, 134, 242, 243
Technology, 221–228
Temasek Holdings, 53, 54, 58, 62, 65
Template slides, for presentations, 141
Temporary surplus, 61
Third-party investment platforms, 81
Third-party marketing (TPM) firms, 146 (See also Placement agents)
Third-party verification, of track record, 206
Time spent, optimizing, 138, 156
Time-horizon arbitrage, 28
Timely communication, 142, 172
Total funds raised model, 147
Track record, 135, 158, 180, 193, 205–207
Transitions, fundraising during, 215–217
about pace of investment, 212
during crises, 173
in due diligence, 189, 191, 192, 194
of feeder funds, 83–84
and funds of funds, 79
as ILPA principle, 92
for insurance companies, 75
of pitchbook, 132
for SWFs, 67–68
in transitions, 217
Traveling salesperson model, 222
Ultra-high net worth individuals (UHNWIs), 37, 40, 199 (See also Family offices)
Unexpected situations, 217
Uniform Management of Institutional Funds Act (1972), 17
Uniform Prudent Investor Act (UPIA), 19–20
Uniform Prudent Management of Institutional Funds Act (UPMIFA), 15
United Kingdom, xviii, 29, 159, 175
United States:
endowments in, 5
foreign investments in, 195, 197–199, 201
foundations in, 18
insurance companies in, 71, 73
pension funds in, 23, 25–27, 29, 30
regulations in, xvi, 15, 19, 43, 159
University of California, 235
Unrelated business income tax (UBIT), 20, 108
US Department of Labor, 34
US Department of Treasury, 19, 34, 51
US Securities and Exchange Commission (SEC), 43, 79, 119, 123, 159, 160, 229
USA Patriot Act (2001), 19
Venture capital, xiv, 223, 234 (See also Private equity)
Venture capital funds of funds (VC FoFs), 79
Videoconferencing, 222
Vision, 46
Visuals, presentation, 142
Wealth management firms, 79–81
Westbridge Capital, 215
White knight events, 57
Workforce diversity, xi, 233–236
Wrap products, 83