Stephen Marshall

Harris Associates LP (Harris) is a SEC-registered investment advisor headquartered in Chicago, Illinois. The firm was founded in 1976 and is a direct subsidiary of Natixis Investment Managers LLC, which is ultimately owned by BCPE’s Natixis SA (Natixis) (PAR: KN), a French investment banking and financial services firm. Harris primarily provides discretionary investment advisory services to individuals and institutions, including registered investment companies. The firm also provides investment advisory services to wrap programs, mutual funds, private investment partnerships and other pooled investment vehicles.

Payden & Rygel is a privately-owned, registered investment adviser headquartered in Los Angeles, California. The firm was founded by Joan Payden in 1983. They provide a full range of investment strategies and solutions to institutions and individual investors.

Carnegie Mellon University is an American school that operates as a college or university. It is located in Pittsburgh, Pennsylvania.

Invesco Private Capital Inc (Invesco Private Capital) is a private equity and venture capital subsidiary of Invesco North America Group Ltd founded in 1981. The firm is headquartered in New York.

Citigroup Global Markets, Inc. (Broker) (CGMI-Broker) is the broker/dealer division of Citigroup Global Markets, Inc., an investment bank headquartered in New York City with additional offices across the US. The firm was founded in 2004 and is a subsidiary of Citigroup Financial Products, Inc., ultimately held by Citigroup, Inc. (NYSE: C). CGMI-Broker covers all market capitalizations of the major global indices and provides macro and quantitative analysis of global markets and sector trends. Their core focus of the group is to help investing clients make informed decisions by providing value-added, independent, insightful analysis.

HighMark Capital Management, Inc. (HighMark) is a SEC-registered investment advisor headquartered in San Francisco, California. The firm was founded in 1919 and is a wholly-owned subsidiary of MUFG Union Bank NA, ultimately held by Mitsubishi UFJ Financial Group, Inc. (NYSE: MY, TYO: 8306), a Japan-based financial institution. HighMark provides investment advice to pension and profit-sharing plans, pooled investment vehicles, charitable organizations, corporations, state and municipal government entities, corporate employee benefit plans, public agencies, foundations and endowments, Taft-Hartley plans, hospital and religious organizations, and treasury departments.

Research Affiliates LLC is a SEC-registered investment advisor headquartered in Newport Beach, California. The firm was founded in 2002 by Robert Arnott and Jason Hsu. They are a subsidiary of Research Affiliates Global Holdings LLC. Research Affiliates provides discretionary and non-discretionary sub-advisory services to an independent, third-party investment adviser to unaffiliated registered investment companies, separately managed accounts and private funds.

Gallagher Fiduciary Advisors LLC (Gallagher) is a SEC-registered investment advisor headquartered in Rolling Meadows, Illinois. The firm was founded in 2008 and is a subsidiary of Gallagher Benefit Services, Inc., ultimately owned by Arthur J. Gallagher & Co. (NYSE: AJG). Gallagher provides retirement, investment advice/consulting and decision-making to institutional investors, which include public and private sector employee benefit plans (including multiemployer plans), charitable institutions, foundations, endowments, labor organizations, state or municipal government entities, hospitals, non-profit organizations, private trusts, corporations or business entities, and individuals.

Pacific Investment Management Co. LLC (PIMCO) is a SEC-registered investment advisor headquartered in Newport Beach, California. Founded in 1971, the firm is a subsidiary of Allianz Asset Management of America LP and their ultimate parent is Allianz SE (ETR: ALV), a German global insurance company. PIMCO provides discretionary investment management services to global client base. The firm is a socially responsible investor and signatory to the UN Principles for Responsible Investment (UNPRI) which integrates environmental, social, and governance considerations into their investment process.

Duke University is an academic university that offers undergraduate, graduate and professional programs. It also has publications and research services. The university was founded in 1838 and is headquartered in Durham, NC.

Los Angeles Capital Management LLC (LACM) is an independent, SEC-registered investment advisor headquartered in Los Angeles, California. Formerly known as Los Angeles Capital Management & Equity Research, Inc., the firm was founded in 2002 by Thomas Stevens, Hal Williams, and Stuart Matsuda. They are majority owned by LACM Holdings, Inc. LACM offers risk-controlled active equity management services to a broad range of institutional investors.

University of Southern California is a private research university that mainly offers undergraduate, graduate & other higher education. The university was founded in 1880 and is headquartered in Los Angeles, CA.

Los Angeles County Employees Retirement Association (LACERA) is a government-owned pension fund management firm headquartered in Pasadena, California. LACERA was founded in 1938 and administers defined retirement plan benefits for the employees of its parent company, Los Angeles County, and outside districts. The firm has also administered the Retiree Healthcare Benefits Program. LACERA is further responsible for managing the pension plan and Other Post-Employment Benefits trusts that fund these programs.

Angeles Investment Advisors LLC (Angeles) is an independent multi-asset investment firm headquartered in Santa Monica, California. The firm was founded in 2001 by Leslie Kautz, Michael Rosen and Howard Perlow. Angeles builds customized portfolios for institutional and private wealth investors.

Founded in 1982, Stratford Advisory Group, Inc. is an independent, full-service investment consulting and advisory firm, registered as an investment advisor with the SEC under the Investment Advisers Act of 1940*. Stratford provides investment consulting to-Endowments, Foundations, Healthcare organizations, Defined benefit and defined contribution plans, Taft-Hartley funds, Public retirement plans, Private wealth, Corporations (operating assets and other taxable funds), Non-qualified plans. They assist clients with strategic investment program management. This includes investment policy development, asset allocation strategy, investment manager structure, manager selection, performance measurement and manager evaluation and oversight. They are distinguished by their proactive consulting approach-timely advice, specific recommendations, and implementation assistance. Their only business is investment consulting and advisory services; 100% of their revenue comes from their investment consulting and advisory relationships. They have no affiliations, financial arrangements or relationships with any investment managers or other organizations that could compromise their independence. Stratford serves its national client base from a single office located in Chicago, Illinois. All of their client consulting, investment research, manager research, and administrative support is conducted at this site.

Morningstar, Inc. (Research) is the investment research arm of Morningstar, Inc. (NASDAQ: MORN), an American financial services firm headquartered in Chicago, Illinois. The firm was founded by Joseph Mansueto in 1984 and provides independent portfolio information offering star ratings and analysis of managed funds. They also provide economic commentary and asset allocation information based on qualitative research.

Wilshire Private Markets Group (WPMG) is a subsidiary of Wilshire Associates, Inc. The firm was founded in 1984 and headquartered in California.

Aon Investments USA, Inc. (AIUSA) is a SEC-registered investment advisor headquartered in Chicago, Illinois. The firm was founded in 1981 and is wholly owned by Aon Consulting, Inc., an indirect subsidiary of its ultimate parent Aon Plc (NYSE: AON) in Ireland. AIUSA provides professional investment advisory and consulting services to institutional clients.

Founded in 2009, Morgan Stanley Smith Barney LLC (MSSB) is a registered investment adviser, a registered broker-dealer, a registered futures commission merchant, and a member of the New York Stock Exchange. Headquartered in Purchase, New York, MSSB is one of the largest financial services firms in the US with branch offices in all 50 states and the District of Columbia. The firm was initially owned by a joint venture company which was indirectly owned 65% by Morgan Stanley and 35% by Citigroup, Inc. On June 28, 2013, Morgan Stanley purchased Citi’s 35% interest in MSSB. As such, the firm is now a direct subsidiary of Morgan Stanley Smith Barney Holdings LLC and they are a wholly-owned indirect subsidiary of Morgan Stanley (NYSE: MS).

Fifth Wall Ventures Management LLC (Fifth Wall ventures) is a venture capital firm founded in 2015 by Brad Greiwe and Brendan Wallace. The firm is headquartered in Venice, California.