Provide diversification. The ultimate diversification is to own an index of the entire market, but of course then tautologically you will only get market returns. The traditional diversified portfolio is the 60%/40% equities bond mix. Alternatively the risk parity model is a typically passively managed portfolio that performs well in most (but not all) economic environments - growth, inflation and deflation. A number of funds offer such an option: The institutional market is dominated by Bridgewater’s All Weather (~$90bln), AQR Risk Parity fund (~$25bln) and Invesco Balanced Risk Allocation (~$20bln); Greenline Partners’ Tax Efficient Risk Balanced approach is an emerging manager in the family office space. However, investors need to think about diversification holistically beyond just investing in public markets, i.e., how to incorporate venture capital and real estate or even art in their portfolio. We see few solutions in the market-place that allow for true diversification across both public and private markets.