Managers are difficult to find and screening is inefficient Current allocation process often lacks the ability to validate a manager’s risk, return, and portfolio fit utilizing holdings-based analytics all in one place

It’s a laborious monitoring process for allocators (e.g. monitoring the manager, monitoring the risk, monitoring the portfolio, etc.) and achieving the perfect allocation of existing and new managers is sub-optimal Allocators are often resource constrained

Investment Consultants can take a one size fits all approach As a result, emerging and smaller managers are often overlooked

Today’s manager analysis is reliant on a point in time, done on an ad hoc basis Ongoing risk management is not widespread

Managed Accounts have underperformed LPs because managed account platforms are not putting in their best ideas despite being “daily" and fully transparent Allocators are moving away from managed accounts and showing a renewed preference for an LP structure (limited vs. unlimited loss) but are torn; who wants real-time transparent monitoring of an underperforming portfolio?