I am typically brought in for situations that warrant more time or a different depth of experience than an internal team can reasonably maintain for every circumstance.
Sometimes the issue is not capability. It is capacity. An investment committee meeting is approaching, a question has surfaced, or a situation deserves more concentrated attention than the team can give it at that moment. Other times, the client wants specialized hedge fund experience, an independent perspective before making a decision, or the discretion to work through a sensitive issue without unnecessarily broadening the circle.
A drawdown, key-person departure, gating notice, unexpected exposure, organizational change, or other development can force a large amount of work into a short window. I determine what changed, how material it is, what needs to be investigated, and which options deserve consideration.
I help create and execute solutions for problem funds, side pockets, legacy investments, and other illiquid or unwanted positions, including secondary sales, valuation and disposition of side pockets, restructurings, and other paths to liquidity.
Know whether what you own today is still what you underwrote, and recognize meaningful change while there is still time to act.
See what your managers add up to as a portfolio, where diversification may be thinner than it appears. Analysis can surface unintended cross-manager exposures, the Shadow Portfolio.
Get to the underlying issue when standard diligence has left an important question unresolved, or something has changed and warrants a closer look.
Over 35 years, I have evaluated more than 5,000 hedge fund managers and selected roughly 350. The skill was never finding managers; it was knowing which 4,650 to reject.
My career spans both sides of the alternatives business, including roles as an allocator, institutional hedge fund consultant, portfolio manager, hedge fund operator, and auditor. At NEPC, I led hedge fund research across approximately $21 billion invested in 250 unique managers, working directly with investment teams, boards, and investment committees. I have also served as an expert witness in investment matters, where analysis and judgment must withstand scrutiny.