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Commonfund Xchange Calls

Commonfund hosts periodic teleconferences which allow clients to participate in live discussions with Commonfund senior management and investment personnel, as well as various investment industry experts surrounding timely topics and other issues currently facing nonprofits institutions.


 

 Important Notes

 

Conference Call Context

The transcript provided above is of a live conference call. The comments made by participants (including any questions and answers at the end of the call) are generally not scripted or edited in any fashion. Readers should understand that statements made in such a setting may not reflect the complete views of a participant on the subject being discussed, and generally should be mindful of the context in which any comments were made. Readers are encouraged to read these notes with care.

Market Outlook

Statements concerning Commonfund Group's views of possible future outcomes in any investment asset class or market , or of possible future economic developments, are not intended, and should not be construed, as forecasts or predictions of the future investment performance of any Commonfund Group fund. Such statements are also not intended as recommendations by any Commonfund Group entity or employee to the recipient of the presentation. It is Commonfund Group's policy that investment recommendations to investors must be based on the investment objectives and risk tolerances of each individual investor. All market outlook and similar statements are based upon information reasonably available as of the date of this presentation (unless an earlier date is stated with regard to particular information), and reasonably believed to be accurate by Commonfund Group. Commonfund Group disclaims any responsibility to provide the recipient of this transcipt with updated or corrected information.

Market and investment views of third parties presented in this teleconference do not necessarily reflect the views of Commonfund and Commonfund disclaims any responsibility to present its views on the subjects covered in statements by third parties. Views attributed to third parties are presented to demonstrate the existence of points of view, not as a basis for recommendations or as investment advice. Managers who may or may not subscribe to the views expressed in this teleconference make investment decisions for funds maintained by Commonfund or its affiliates. The views presented in this teleconference may not be relied upon as an indication of trading intent on behalf of any Commonfund fund, or of any Commonfund managers.

 

For Eligible Investors only

This teleconference is intended only for qualified, pre-existing investors in Commonfund Capital, Commonfund Realty and Commonfund Asset Management Company programs, Members of The Common Fund For Nonprofit Organizations (“Commonfund”), or other eligible institutional investors approved by Commonfund Securities, Inc. It is not intended to constitute an offer to sell, or the solicitation of an offer to buy, any securities (including any interests in Commonfund Group funds). Interests in Commonfund Group marketable securities funds are offered only by means of a confidential offering memorandum (or similar disclosure document) and related subscription documents made available to eligible and qualified investors at the time of offering. Eligibility criteria include a preexisting business relationship with Commonfund Group and may include requirements that the investor own certain levels of assets or investments, as further described in the applicable confidential offering memorandum.

For Private Capital Investment Calls

There are risks associated with private capital investments. Prospective investors should read the offering memorandum with care prior to investing. The offering memorandum provides a description of the respective investment program as well as the risks associated with such investments in venture capital, private equity and natural resources investments.

Many venture capital investments are made at an early point in a company’s life cycle. These “early stage” or “seed” investments can create value inherent in particular companies or situations that can be realized only with substantial effort or expense. The very significant returns that have been earned in a small portion of venture capital investments have in large part resulted from the completion of highly successful IPOs or acquisitions that have permitted the venture investors to sell their equity interests at multiples of original cost. There can, of course, be no assurance that, at the time a given venture investment matures, the public securities markets will support an initial public offering to permit such returns or that the venture-backed company’s fundamentals will warrant such returns.

Many private equity investments depend on the ability of managers to make significant changes to the ownership, management, structure, or strategy of the underlying portfolio company. There are many factors that impact the manager’s ability to make such changes including economic environment and applicable legal or regulatory scheme . There can, of course, be no assurance that, such conditions will be favorable to private equity investments or that such investments will be successful.

During the Xchange Call, CCI managers describe select successful IPOs, mergers and acquisitions, leveraged buy-outs and other corporate restructurings that resulted in significant profit to the portfolio. These investments are not representative of all portfolio company investments as many investments in venture capital and private equity do not result in profit.

Certain statements in this Xchange Call constitute “forward-looking statements.” When used in this Xchange Call the words “may,” “will,” “should,” “intend,” “project,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions are generally intended to identify forward-looking state­ments. Such forward-looking statements, including the intended actions and performance objectives for CCI’s investment funds, involve known and unknown risks, uncertainties, and other important factors that could cause actual results, performance or achievements of the funds to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements

Information, opinions, or commentary concerning the financial markets, economic conditions, or other topical subject matter are prepared, written, or created prior to this Xchange Call and do not reflect current, up-to-date, market or economic conditions. Commonfund disclaims any responsibility to update such information, opinions, or commentary.

To the extent views presented forecast market activity, they may be based on many factors in addition to those explicitly stated in this Xchange Call. Forecasts of experts inevitably differ. Views attributed to third parties are presented to demonstrate the existence of points of view, not as a basis for recommendations or as investment advice. Managers who may or may not subscribe to the views expressed in this Xchange Call make investment decisions for funds maintained by Commonfund Capital .

This Xchange Call is not intended to constitute an offer to sell, nor a solicitation of an offer to buy, any security or any interest in a Commonfund Capital investment program. Such interests will be offered solely by means of a relevant confidential offering memorandum and other related documents made available at the time of offering. Prospective investors should read these materials with care prior to investing.

General

The value of and income from investments may vary because of changes in securities prices or market indices, changes in interest rates or foreign exchange rates, operational or financial conditions of companies or other factors. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized.

The information provided in this transcript is for general informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction. These materials are also not an offer or solicitation to participate in any particular trading strategy. All Commonfund Group investment funds are offered only by means of detailed offering memoranda and related disclosure materials. Potential investors should read all such materials with care prior to investing.