Announcing the Commonfund Diverse Manager Portal

September 10, 2019  | by Caroline Greer

Investment Strategy | Responsible Investing

In the fall of 2018, Commonfund announced the creation of its Diversity and Inclusion Office with the mission to “intentionally promote and foster inclusion and equity across Commonfund and our investment process, thought leadership and professional and organizational development.”

As a result, the Office brings together the three core elements of Commonfund: a focus on the inclusion of diverse managers within investment portfolios, a desire to advance the understanding of the value of diversity and inclusion and serve as the central clearinghouse for information on diversity and inclusion in the asset management industry, and finally, to provide firm-wide opportunities for professional and organizational development.

img_venn_diagram

As part of our efforts to expand our universe of diverse managers, and ultimately, the number of diverse managers we invest with, over the last year Commonfund built a cross-asset class Diverse Manager Database of managers that we have met and evaluated.  The first objective of the database was to determine the size and depth of our diverse manager universe, relative to the broader “known” universe available through traditional database sources.  The result of this project was to show us that while we have made substantial progress in expanding our coverage and investment with diverse managers, we realized we can do better and must do more.

To that end, we are excited to launch the next wave in our Diverse Manager investment efforts: the development of a Diverse Manager Portal.  The Portal is designed to facilitate the receipt of investment information specifically from diverse managers (defined as firms with 33% or more ownership by women, people of black or African American, Latino/Hispanic, Asian, Native or Pacific Islander descent, veterans and/ or people with disabilities). 

The Portal comes with a pledge to review every manager who submits their materials.  Managers who submit their performance, presentation and due diligence materials between September 1st and November 1st will have their submissions reviewed before year end.  Based on the outcome of this exciting program, we will determine future steps at that time.

Investing in diverse managers is not simply a social justice issue, it expands our client access to investment talent.  In 2018 we published a blog on investing in diverse managers.  In that blog, we referenced a 2016 study sponsored by the Knight Foundation, conducted by Professor Josh Lerner of the Harvard Business School, that demonstrated that top quartile diverse manager performance is in line with the top quartile performance of the broader investment universe for mutual funds, hedge funds, private capital and real estate.  Lerner’s study was updated in 2018 and his results reconfirmed the findings from his original study. 

With an expanded database of diverse managers, our hope is to increase the number of investment prospects for our clients, giving them access to a broader array of investment talent.

Access our Diverse Manager Portal Now.

Authors

X
Caroline Greer is responsible for the design, tailoring, and implementation of custom investment solutions for Commonfund’s outsourced CIO clients. She is primarily responsible for asset allocation recommendations, portfolio oversight and analysis and tactical rebalancing of client portfolios. Caroline currently serves as the inaugural Chairperson of the Commonfund Diversity and Inclusion Office. Previously, Caroline spent eleven years at Commonfund focused on hedge fund manager due diligence and fund of funds portfolio management. Prior to joining Commonfund, she served as a Partner and Principal for Contego Capital Management, LLC, specializing in customized funds of hedge funds. She was responsible for sourcing, evaluating and monitoring hedge fund managers across a full range of strategies. Prior to joining Contego, Caroline was a Senior Vice President for Oppenheimer and Co. where she co-managed their funds of hedge funds program and monitored Oppenheimer’s private equity fund. Caroline began her career at Montrose Advisors, a boutique financial advisor specializing in managing customized funds of hedge funds and private equity and venture capital portfolios. In 2015, Caroline was named one of the 50 Leading Women in Hedge Funds globally by The Hedge Fund Journal. Caroline received a B.A. in Political Science from the University of Toronto, and an M.A. and M.Phil. from Columbia University of New York.
Caroline Greer
Managing Director, Chartered Investment Manager (CIM®)
Subscribe to Insights Blog

Disclaimer

Information, opinions, or commentary concerning the financial markets, economic conditions, or other topical subject matter are prepared, written, or created prior to printing 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 material. 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 material make investment decisions for funds maintained by Commonfund or its affiliates. The views presented in this material may not be relied upon as an indication of trading intent on behalf of any Commonfund fund, or of any Commonfund manager. Market and investment views of third parties presented in this material 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. Statements concerning Commonfund’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 fund. Such statements are also not intended as recommendations by any Commonfund entity or employee to the recipient of the presentation. It is Commonfund’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. 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. Commonfund disclaims any responsibility to provide the recipient of this presentation with updated or corrected information. Past performance is not indicative of future results. For more information please refer to Important Disclosures.

Disclaimer

Information, opinions, or commentary concerning the financial markets, economic conditions, or other topical subject matter are prepared, written, or created prior to printing 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 material. 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 material make investment decisions for funds maintained by Commonfund or its affiliates. The views presented in this material may not be relied upon as an indication of trading intent on behalf of any Commonfund fund, or of any Commonfund manager. Market and investment views of third parties presented in this material 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. Statements concerning Commonfund’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 fund. Such statements are also not intended as recommendations by any Commonfund entity or employee to the recipient of the presentation. It is Commonfund’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. 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. Commonfund disclaims any responsibility to provide the recipient of this presentation with updated or corrected information. Past performance is not indicative of future results. For more information please refer to Important Disclosures.