In recent years the University has been working with our consultants to further diversify the Endowment Pool.  In 2015 the portfolio was approximately two-thirds public markets exposure.  Since then we’ve worked to increase alternative investment exposure to achieve meaningful diversification, manage risk and improve long-term performance.  Today the target asset allocation is about 40% public markets and 60% alternatives.  The most significant change is an increase in private capital, targeted at 47%.  Building out the portfolio to achieve these aims will take several years and proceed at a deliberate pace with careful consideration to manager selection and portfolio construction.