2025 Outlook

Please complete the form below and select "done" when completed.

Information

First name

Last name

Firm

A. Background

1.	What is your organization type?

2.	Where is your organization based?
	(City, Country)

3.	What is your organization's total AUM ($) at this time?

B. Overall asset allocation

4.	Of your total AUM, how much (%) is currently allocated to each of the following categories?
	(Should equal 100%)

Cash or equivalent

Duration Matching / Liability Driven Investments (LDI)

Long only: Fixed Income

Long only: Equity

Risk Parity / GTAA (global tactical asset allocation)

Alpha extension products (e.g., 170/70 or 130/30)

Portable Alpha

Hedge Funds (including liquid alternatives and risk premia)

Commodities

Cryptocurrencies

Real Estate

Infrastructure

Private Equity / Venture Capital

Private Credit

Don't know / can't categorize / other

C. Hedge Fund Portfolio

6.	Please describe your direct HF portfolio (i.e., excluding portfolio managed by FoFs / OCIOs)

Overall HF AUM

Number of HF Manager Relationships

Number of funds / line items

What is your typical initial HF allocation (i.e., starting ticket size)?

What is your typical fully funded HF allocation?

For your direct HF portfolio, do you use an external consultant / advisor?

Which firm do you use?

7.	Please distribute your HF AUM across the following high level HF strategies
	(Should equal 100%)

Multi-Strategy

Equity long/short (discretionary)

Event (Special Sits, Activist, Merger Arb)

Credit (Long/short, structured, distressed, convert)

Discretionary Macro (excluding FIRV)

FIRV

Managed Futures (CTA/Systematic Macro)

Quant Equity / Quant MS

Risk Premia

8.	What % of your HF portfolio can be redeemed within the following time frames?
	(Should equal 100%)

3 months

6 months

9 months

1 year

2 years

3 years

More than 3 years

9.	Please describe your HF activity in 2024

On an AUM basis, were you a net allocator or redeemer in 2024?

What was your net HF activity (allocations – redemptions, $mn) in 2024?

How many Hedge Funds not in your portfolio at the start of 2024, did you add in 2024?

In 2024, how many funds did you fully redeem from?

Of the redemptions you made in 2024, what was the main driver(s)? (select all that apply)

Reducing overall HF exposure

Changing strategy mix

Liquidity changes (e.g., HFs becoming less liquid)

Manager(s) underperforming

Fees too high relative to returns (e.g., Insufficient capture rate of gross returns)

10.	How active do you plan to be in your HF portfolio in 2025?

On an AUM basis, do you expect to be a net allocator or redeemer in 2025?

If you will make any HF allocations, how many will you likely make?

How much will those allocations amount to in US$?

What % of that amount will likely go to managers already in your portfolio (vs. new relationships)?

11.	Please indicate your 2024 realized return and 2025 targets

Given returns so far, what do you expect your HF portfolio to return this year (2024)?

What is your 2025 target return?

- Target if absolute

- Target if relative to a benchmark (e.g., SOFR, T Bills)

Other (please describe)

What is the 2025 target beta to equity markets for your HF portfolio?

What is your 2025 target volatility?

12.	Please describe how you are adjusting your HF portfolio for 2025 in comparison to 2024

Increase

Decrease

No Change

Beta to equity markets in your HF portfolio

The volatility in your HF portfolio

The overall time to redeem of your HF portfolio

13.	For the following HF sub-strategies, please indicate your plans for 2025

15.	Of the HF AUM you directly manage, how much (%) is allocated to each of the following?
	(Should equal 100%)

Commingled Hedge Fund

Separately Managed Account

Fund of One

UCITS

Non-UCITS European Vehicle (e.g., SICAV)

'40 Act

Note / Derivative linked to HF performance

17.	Please describe your allocations to Managed Accounts:
	(Should equal 100%)

How many Managed Account allocations do you have?

Do you have any Managed Accounts with multiple HF allocations (e.g., an omnibus account across several sub-managers)?

What is the average allocation ($mn) per Managed Account?

Average management fees (%)

Average performance fees (%)

18.	Of the following non-traditional HF products offered by HF managers, please indicate your 2025 plans

19.	Please describe your Co-Investments:

How many co-investments have you made with HF managers in 2024?

How many co-investments do have with HF managers overall?

Average management fees (%)

Average performance fees (%)

Do you have a specific pool of capital set aside to quickly allocate to
Co-Investment opportunities?

From the time you are shown a co-investment opportunity, about how long does it take to make an allocation?

What are your plans for co-investments with HF managers in 2025?

20.	Please describe your portable alpha program:

Do you run your own portable alpha program or rely on external
hedge fund managers to manage both the beta and alpha parts?

If you get Portable Alpha from HF managers, what types of products do you allocate to? (select all that apply)

Off the shelf

Partially customized off the shelf product

Completely customized

What is the preferred alpha stream? (select all that apply)

Multi-Strategy

Equity

Credit

Discretionary Macro

FIRV

Managed Futures (CTA/Systematic Macro)

Quant Equity / Quant MS

What are the benchmarks you use for your Portable Alpha program?(select all that apply)

Equity indices

Fixed income indices

60/40 equity bond indices

Other (please describe)

Average management fees (%) on alpha side of the program

Average performance fees (%) on alpha side of the program

How will the amount of capital you have allocated to portable alpha products at HF managers change in 2025?

21.	For the following HF characteristics, please indicate your plans for 2025

22.	What services do you value the most in your Hedge Fund relationships (select all that apply)

Proactive client service

Good access to CIO/ PMs

Knowledge sharing (via regular published content / insights or customized work)

Product Customization

Co-investments

Ability / opportunity to invest in GP (e.g., Equity stakes)

D. Fees

23.	Please describe the fees you paid in 2024 for the following HF fee structures:

Traditional fees

Average management fees on new allocations in 2024 (%)

Average performance fees on new allocations in 2024 (%)

Overall average management fees (%)

Overall average performance fees (%)

Management fees plus pass-through of (some) costs

Average management fees (%)

Average amount of costs passed through (%)

Average performance fees (%)

No management fees and full pass-through of costs

Average amount of costs passed through (%)

Average performance fees (%)

24.	Please describe the hurdle rates you have implemented for your Hedge Fund allocations

How many allocations in your HF book have a hurdle?

What percentage (%) of the new allocations you made in 2024 had a hurdle?

For the allocations you have made with hurdles, did you have to negotiate a specific deal or did the manager have a share class option with a hurdle?

For which strategies / HF types have you received a hurdle over the last two years?

Multi-Strategy

Equity long/short (discretionary)

Event (Special Sits, Activist, Merger Arb)

Credit (Long/short, structured, distressed, convert)

Discretionary Macro

FIRV

Managed Futures (CTA/Systematic Macro)

Quant Equity / Quant MS

Multi-Managers

25.	If you negotiated a hurdle for an allocation, did it come with a higher performance fee than if you did not get a hurdle rate?

26.	Please describe the typical hurdle you receive:

What is the typical type of hurdle you receive?

If your hurdle is based on a benchmark, which benchmark is used? (select all that apply)

Fed Funds

SOFR

T-Bills

Other (please describe)

If a benchmark is used, what is the discount (-) or premium (+)
received in bps?

D. Information

27.	Please indicate your Barclays Capital Solutions coverage person