CATHLEEN M. RITTEREISER is the coauthor of Foundation and Endowment Investing (Wiley) and informs and educates institutional investors as a writer, speaker, and consultant. An alternative investments marketing executive with over twenty years' experience, Rittereiser has held positions with leading financial firms, including Symphony Asset Management and Merrill Lynch. She received a BA from Franklin & Marshall College and an MBA from New York University's Stern School of Business. LAWRENCE E. KOCHARD, PHD, CFA, is Chief Investment Officer of the Georgetown University endowment and teaches at the McDonough School of Business at Georgetown. He is a leader in the foundation and endowment investing community and coauthor of Foundation and Endowment Investing (Wiley). Previously, Kochard was managing director of equity and hedge fund investments for the Virginia Retirement System, an adjunct finance professor at the University of Virginia, and a vice president with Goldman Sachs. He holds an MA and PhD in economics from the University of Virginia and is a CFA.

• Preface xiAcknowledgments xvAbout the Authors xviiPart One Evolution of the Hedge Fund Industry and Investing 1Chapter 1 The Truth about Hedge Funds: From Misunderstood Investment Vehicle to Household Word 3Chapter 2 The Investment Process: Best Practices of Successful Hedge Fund Investors 15Chapter 3 The Hedge Fund Investment Landscape: A Snapshot in Time 25Part Two Top Hedge Fund Investors: Stories and Strategies 31Chapter 4 Author of the Hedge Fund Investing Story: Richard Elden, Founder and Former Chairman, Grosvenor Capital Management 33Chapter 5 The Predictive Value of Performance: Frank Meyer, Founder and Former Chairman, Glenwood Capital Investments 47Chapter 6 The Best Qualities of Limestone: James R. Hodge, President and Chief Investment Officer, Permal Asset Management Inc. 69Chapter 7 An Asymmetrical Talent: Mark J.P. Anson, Managing Partner and Chair of the Investment Committee, Oak Hill Investment Management 83Chapter 8 Early Endowment CIO and Entrepreneur: Louis W. Moelchert, Jr., Managing Partner, Private Advisors, LLC 103Chapter 9 An Ambassador of the Highest Standard: Christopher Fawcett, Co-Founder, Senior Partner, Fauchier Partners 117Chapter 10 A Risk Management Mastermind: Deepak Gurnani, Head of Hedge Funds, Investcorp 137Chapter 11 A Driver of Returns: Kathryn A. Hall, Chairman, Chief Executive Officer, and Chief Investment Officer, Hall Capital Partners 155Chapter 12 A Better Way: Ted Seides, Co-Founder, Protégé Partners 173Chapter 13 The Quality of the People: A Review and Preview 199Notes 211Index 215

CATHLEEN M. RITTEREISER is the coauthor of Foundation and Endowment Investing (Wiley) and informs and educates institutional investors as a writer, speaker, and consultant. An alternative investments marketing executive with over twenty years' experience, Rittereiser has held positions with leading financial firms, including Symphony Asset Management and Merrill Lynch. She received a BA from Franklin & Marshall College and an MBA from New York University's Stern School of Business. LAWRENCE E. KOCHARD, PHD, CFA, is Chief Investment Officer of the Georgetown University endowment and teaches at the McDonough School of Business at Georgetown. He is a leader in the foundation and endowment investing community and coauthor of Foundation and Endowment Investing (Wiley). Previously, Kochard was managing director of equity and hedge fund investments for the Virginia Retirement System, an adjunct finance professor at the University of Virginia, and a vice president with Goldman Sachs. He holds an MA and PhD in economics from the University of Virginia and is a CFA.

• Preface xiAcknowledgments xvAbout the Authors xviiPart One Evolution of the Hedge Fund Industry and Investing 1Chapter 1 The Truth about Hedge Funds: From Misunderstood Investment Vehicle to Household Word 3Chapter 2 The Investment Process: Best Practices of Successful Hedge Fund Investors 15Chapter 3 The Hedge Fund Investment Landscape: A Snapshot in Time 25Part Two Top Hedge Fund Investors: Stories and Strategies 31Chapter 4 Author of the Hedge Fund Investing Story: Richard Elden, Founder and Former Chairman, Grosvenor Capital Management 33Chapter 5 The Predictive Value of Performance: Frank Meyer, Founder and Former Chairman, Glenwood Capital Investments 47Chapter 6 The Best Qualities of Limestone: James R. Hodge, President and Chief Investment Officer, Permal Asset Management Inc. 69Chapter 7 An Asymmetrical Talent: Mark J.P. Anson, Managing Partner and Chair of the Investment Committee, Oak Hill Investment Management 83Chapter 8 Early Endowment CIO and Entrepreneur: Louis W. Moelchert, Jr., Managing Partner, Private Advisors, LLC 103Chapter 9 An Ambassador of the Highest Standard: Christopher Fawcett, Co-Founder, Senior Partner, Fauchier Partners 117Chapter 10 A Risk Management Mastermind: Deepak Gurnani, Head of Hedge Funds, Investcorp 137Chapter 11 A Driver of Returns: Kathryn A. Hall, Chairman, Chief Executive Officer, and Chief Investment Officer, Hall Capital Partners 155Chapter 12 A Better Way: Ted Seides, Co-Founder, Protégé Partners 173Chapter 13 The Quality of the People: A Review and Preview 199Notes 211Index 215