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Research - Asset Allocation

Date	Title
Jan 2021	Asset Allocation Report 2021	1/19/2021 12:00:00 AM
May 2020	Long-Term State Pension Performance: 2000-2019	5/22/2020 12:00:00 AM
Mar 2020	Coronavirus Update - March 3, 2020	3/6/2020 12:00:00 AM
Feb 2020	Coronavirus	2/26/2020 12:00:00 AM
Jan 2020	Asset Allocation: Back to Basics	1/6/2020 12:00:00 AM
Jan 2020	Long Term (10 Yr.) Capital Market Assumptions 2020 Q1	1/3/2020 12:00:00 AM
Oct 2019	Forecasting Risk for Illiquid Asset Classes	10/21/2019 12:00:00 AM
Jan 2018	Risk Parity	1/2/2018 12:00:00 AM
Sep 2017	Will "Harvey" Draw Investors to Reinsurance?	9/1/2017 12:00:00 AM
Jun 2017	Investment Fees: Theory & Application	6/21/2017 12:00:00 AM

Asset Allocation Report 2021

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Research - Private Equity

Date	Title
Jan 2021	Private Asset Research Activity Report - 1Q 2021	1/8/2021 12:00:00 AM
Jan 2021	SPACs as a Replacement for Private Equity - An Analysis	1/4/2021 12:00:00 AM
Nov 2020	Quarterly Private Assets Commentary 2Q 2020	11/19/2020 12:00:00 AM
Oct 2020	Q4 Private Assets Market Outlook	10/26/2020 12:00:00 AM
Sep 2020	2020 China PE and VC Investment Merits and Concerns	9/24/2020 12:00:00 AM
May 2020	Partnership “Recycling” Amendments	5/28/2020 12:00:00 AM
Mar 2020	Long-Term Returns on Private Equity, 2000-2019	3/5/2020 12:00:00 AM
Jan 2020	Private Markets Outlook Presentation 1Q 2020	1/31/2020 12:00:00 AM
May 2018	An Examination of Private Equity Performance among State Pensions 2002-2017	5/21/2018 12:00:00 AM
Jul 2017	Subscription Credit Lines	7/10/2017 12:00:00 AM
Mar 2017	PE Buyout Return Opportunity	3/1/2017 12:00:00 AM
Jan 2017	Real Estate Investment Trusts (REITs)	1/23/2017 12:00:00 AM
Oct 2016	Why Borrowers Choose Non-Bank Lenders	10/6/2016 12:00:00 AM
Jul 2016	You say ''to-may-to,'' I say ''to-mah-to'' A Discussion on Commercial Real Estate Strategy Convergence in Private Funds: A PERE article	7/15/2016 5:12:06 PM
Apr 2016	A Comparison of Long Dated Funds to Traditional Fund Structures	4/7/2016 12:00:00 AM
Jan 2016	U.S. Direct Lending and the Cliffwater Direct Lending Index	1/4/2016 4:12:19 PM
Aug 2014	Antitrust Litigation in Private Equity	10/8/2014 4:19:51 PM
Apr 2014	Fees and Expenses in Private Equity	8/12/2014 9:29:48 AM
Sep 2013	Life After Dodd Frank for Private Equity	9/9/2013 10:37:00 AM
Jul 2013	Maturation of Asia Private Equity	7/30/2013 8:22:59 PM
Nov 2010	The Better Deal: Hedge Funds or Private Equity?	11/1/2010 12:00:00 AM

SPACs as a Replacement for Private Equity - An Analysis

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Research - Private Debt

Research on www.bdcs.com

Research on www.cliffwaterdirectlendingindex.com

Date	Title
Dec 2020	Cliffwater 2020 Q3 Report on U.S. Direct Lending	12/17/2020 12:00:00 AM
Oct 2020	"All Weather" Private Debt	10/7/2020 12:00:00 AM
Jun 2020	The Valuation of Middle Market Loans	6/1/2020 12:00:00 AM
Aug 2019	US Direct Lending, Comparative Performance Through the Financial Crisis	8/13/2019 12:00:00 AM
Jul 2019	Replacing LIBOR	7/29/2019 12:00:00 AM
Jul 2019	Comparison of CDLI with Cambridge Private Debt Universe Returns	7/1/2019 12:00:00 AM
Apr 2019	Direct Lending, A Survey of Borrowers - March 2019	4/1/2019 12:00:00 AM
Nov 2018	Marketplace Lending	11/2/2018 12:00:00 AM
Apr 2018	A Theoretical Approach to Credit Return and Risk	4/16/2018 12:00:00 AM
Mar 2018	Investment Fees for Direct Lending	3/7/2018 12:00:00 AM
Sep 2017	Will "Harvey" Draw Investors to Reinsurance?	9/1/2017 12:00:00 AM
Jul 2017	European Middle Market Direct Lending	7/5/2017 12:00:00 AM
May 2017	How Liquid Are Direct Lending Portfolios?	5/1/2017 12:00:00 AM
Feb 2017	Mezzanine Debt - An Asset Class Perspective	2/23/2017 12:00:00 AM
Jan 2017	Corporate Direct Lending and J-Curve Mitigation	1/29/2017 12:00:00 AM
Dec 2016	Risk Premiums in U.S. Middle Market Lending	12/6/2016 12:00:00 AM
Nov 2016	U.S. Direct Lending and the Cliffwater Direct Lending Index	11/1/2016 12:00:00 AM
Oct 2016	Why Borrowers Choose Non-Bank Lenders	10/6/2016 12:00:00 AM
Aug 2016	What Do We Mean By Yield?	8/3/2016 12:00:00 AM
Jan 2015	BDCs - A Liquid Alternative to Private Debt	1/5/2015 12:00:00 AM

Cliffwater 2020 Q3 Report on U.S. Direct Lending

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Research - Real Assets

Date	Title
Aug 2017	Investments in Infrastructure	8/8/2017 12:00:00 AM
Nov 2013	Inflation Protection through a Diversified Liquid Real Assets Portfolio	11/6/2013 9:35:36 AM
Jun 2013	The Breakeven Portfolio	6/10/2013 4:57:13 PM
Jan 2013	European Real Estate Direct Lending (Dec 2012)	1/22/2013 3:11:00 PM

Investments in Infrastructure

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Research - Hedge Funds

Date	Title
Jan 2021	Hedge Fund Market Commentary - December 2020	1/14/2021 12:00:00 AM
Jan 2021	Hedge Fund Update - First Quarter 2021	1/14/2021 12:00:00 AM
Dec 2020	Insurance Linked Securities (ILS)	12/29/2020 12:00:00 AM
Dec 2020	Hedge Fund Research Activity Report 4Q 2020	12/14/2020 12:00:00 AM
Dec 2020	Five Year Return and Risk Analysis by Hedge Fund Strategy - Sept. 2020	12/7/2020 12:00:00 AM
May 2017	Smart Beta and Alternative Risk Premia: An Assessment	5/1/2017 12:00:00 AM
Mar 2017	Annual Conference Presentation	3/30/2017 12:00:00 AM
Mar 2017	Hedge Funds and Cybersecurity	3/13/2017 12:00:00 AM
Jul 2016	Hedge Fund Indices - Which is Best?	7/15/2016 12:41:49 PM
Jun 2016	Hedge Fund Navigation of Brexit	6/24/2016 4:16:20 PM
May 2016	Hedge Fund Valuation of Thinly Traded Investments	5/12/2016 4:46:30 PM
May 2016	Volatility as an Investment Strategy	5/10/2016 5:10:03 PM
May 2016	CLO Risk Retention Vehicles	5/10/2016 5:11:13 PM
Jan 2016	Asia-Focused Hedge Funds-Differentiated Alpha	1/21/2016 4:20:01 PM
Nov 2015	SEC Warning on Proprietary Trading Accounts and Performance Disclosures	11/2/2015 5:08:01 PM
Nov 2015	SEC Findings from Hedge Fund Form PF Disclosures	11/16/2015 5:14:22 PM
May 2015	Regulatory Reform and its Impact on Hedge Funds	7/2/2015 10:01:30 AM
Feb 2015	How Many Hedge Funds?	3/23/2015 3:46:26 PM
Sep 2014	Recent Court Ruling on Freddie Mac and Fannie Mae	10/3/2014 9:26:49 AM
Sep 2014	Portable Alpha (Using Hedge Funds to Beat Market Indices)	10/20/2014 8:51:33 AM
Sep 2014	Why Hedge Funds?	10/29/2014 9:57:04 AM
Aug 2014	Why Calpers is Cutting Its Hedge Fund Allocation	9/16/2014 12:23:36 PM
Jul 2014	Subprime Auto Lending	8/12/2014 9:24:57 AM
Jun 2014	Risk Assessment, New Normal to Old Normal	7/15/2014 1:12:28 PM
May 2014	New IRS Ruling related to Hedge Fund Incentive Fees	7/2/2014 5:05:22 PM
Mar 2014	EFH - Who Holds the Power	4/9/2014 9:29:52 AM
Mar 2014	Portfolio Diversification through Liquid Alternatives	4/21/2014 3:13:43 PM
Mar 2014	Hedge Funds and High Frequency Trading	4/24/2014 3:22:30 PM
Feb 2014	Investment Opportunities in Liquid Private Assets	3/14/2014 10:11:05 AM
Jun 2013	Performance of Private versus Liquid Alternatives	6/20/2013 7:56:45 AM
Nov 2010	The Better Deal: Hedge Funds or Private Equity?	11/1/2010 12:00:00 AM

Insurance Linked Securities (ILS)

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Webcast Library

Date	Title
Jan 2021	Asset Allocation Outlook Q1 2021	1/21/2021 12:00:00 AM
Jan 2021	Hedge Fund Update - First Quarter 2021	1/14/2021 12:00:00 AM
Jan 2021	Private Debt - The New 40 in 60-40	1/11/2021 12:00:00 AM
Oct 2020	Q4 Private Assets Market Outlook	10/23/2020 12:00:00 AM
Aug 2020	Private Debt - Update on the Middle Market	8/17/2020 12:00:00 AM
Jun 2020	Institutional Investing - State Pensions	6/17/2020 12:00:00 AM
Jun 2020	Risk Mitigation	6/10/2020 12:00:00 AM
Apr 2020	BDCs - Opportunity or Value Trap	4/16/2020 12:00:00 AM
Mar 2020	COVID-19: Impact on Middle Market Debt	3/26/2020 12:00:00 AM
Mar 2020	COVID-19 Update - March 24	3/24/2020 12:00:00 AM
Jan 2018	Reinsurance and Insurance Linked Securities	1/1/2018 12:00:00 AM
Oct 2017	Cliffwater Direct Lending Webinar	10/5/2017 12:00:00 AM

Asset Allocation Outlook Q1 2021

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