Private Equity Annual Program Review
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<strong>Private</strong> <strong>Equity</strong> <strong>Annual</strong> <strong>Program</strong> <strong>Review</strong><br />
Investment Process<br />
Due diligence and approval of<br />
new investments<br />
Attachment 1, Page 14 of 34<br />
Investment <strong>Review</strong><br />
Committee (IRC)<br />
• Purpose: Consistent review of<br />
investments and portfolio<br />
• Timing: Weekly<br />
• Participants:<br />
− Managing Investment<br />
Director (MID), Investment<br />
Directors (IDs) (PE)<br />
− 1 MID; 1 Investment Manager<br />
(IM) (Real Assets)<br />
− 1 ID (Global Fixed Income)<br />
− 1 IM (Asset Allocation)<br />
− 1 IM (ICOR)<br />
− Board Consultant<br />
<strong>Annual</strong> capital<br />
allocation and<br />
pacing<br />
recommendation,<br />
Market Overview,<br />
and House View<br />
Underwriting :<br />
Funds & Customized<br />
Investment Accounts,<br />
Co-Investments, Secondaries,<br />
Compounding Capital<br />
• Sourcing<br />
• Due Diligence<br />
• Investment<br />
Recommendations<br />
• Legal Negotiations<br />
Portfolio Construction<br />
• Pacing Analysis<br />
• Forward Calendar<br />
• House View<br />
• Sourcing<br />
• Screening<br />
• Due Diligence<br />
• Portfolio Rebalancing<br />
Risk, Research, Analytics &<br />
Performance<br />
• Portfolio<br />
diversification<br />
• Purchase price<br />
multiple<br />
• Market Overview<br />
• Capital Allocation<br />
and pacing<br />
• Benchmark<br />
• Risk analysis<br />
• Performance<br />
attribution<br />
IRC<br />
Investment<br />
Management<br />
• Quarterly Monitoring Report<br />
• Company level performance<br />
• Capital Calls<br />
• Manager, market & co.<br />
level updates<br />
• Communication<br />
with other LPs<br />
• <strong>Review</strong> of quarterly<br />
financials<br />
Monitor existing<br />
portfolio and<br />
develop portfolio<br />
insight<br />
14
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