The Memorandum states the Fund's primary investment objective is to generate meaningful risk adjusted returns over time. It is a fund of funds that allocates substantially all assets among private hedge funds run by outside managers, in three groups: Return Driver (long/short and other directional equity or credit), Stable Return (multi-strategy, equity market neutral, global macro) and Portfolio Hedge (commodity trading advisor, tail risk, volatility arbitrage). It generally allocates over 80% to underlying managers and holds liquid instruments for liquidity. Underlying funds may use significant leverage.