Mr. Yusko: Morgan Creek is an investment advisory firm built around the endowment model of investing, operating three lines of business. First, we serve as an outsourced Chief Investment Officer, or an outsourced investment office more broadly, for a handful of very wealthy families and another handful of small to mid-sized institutions. We advise on approximately 2 billion in outsourced CIO assets and we provide full service asset allocation, manager selection and portfolio construction services for those families and institutions. We operate in a very similar role to the one we played at The University of North Carolina at Chapel Hill, working with the Board to manage the Investment Fund. The second line of business is what we refer to as our Joint Ventures. We have two JVs: one with a firm called Salient Partners in Houston, Texas, another with Hatteras Investment Partners in Raleigh, North Carolina. Here, think of the relationship similar to the Vanguard Wellington Fund. Vanguard provides the infrastructure, client service and compliance and all of the business-related functions and Wellington Management in Boston manages the capital for the Fund. We run three funds, two with Salient Partners, one with Hatteras. The idea is essentially to replicate a university portfolio, or a subset of that portfolio, making the endowment model available to smaller, accredited investors (those that meet the 1.5 million minimum net worth qualification) by offering a low minimum investment of 100,000. Those funds are distributed through broader distribution platforms like Merrill Lynch or Morgan Stanley or Wells Fargo. That business today has grown to about 6 billion and we have about 20,000 individual investors invested in those funds. Then the third line of the business is our Discretionary Fund business. We have two platforms, one branded Morgan Creek and one branded Tiger Select. We have a partnership with Julian Robertson, of Tiger Management fame, and we have built a number of manager-of-managers programs within our Discretionary business. We run two funds that are essentially commingling vehicles that we use for our advisory clients and other large clients to focus on public markets and private markets. Then we run three hedge funds-of-funds under the Tiger Select platform and actually I am not allowed to discuss the actual funds by name. We run three partnerships, one focused on long/short equity, one focused on arbitrage strategies, and one that focuses on the emerging markets. Those five funds collectively have about 4 billion in assets.
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