CAPRICORN INVESTMENT GROUP LLC

Capricorn Investment Group, LLC's advisory business seeks to generate returns by investing in a diversified global portfolio of leading private funds and making proprietary direct investments with limited permanent capital loss risk at the portfolio level. They implement a scenario-based and mean variance approach to guide capital allocation and risk management for its clients. Their vision is to provide consistently strong investment performance and risk management, with a principled investment approach. The Individual Client’s assets are invested through a series of entities ultimately controlled by Capricorn Management. Capricorn provides investment advice with respect to the investment of the Individual Client’s assets via an investment advisory services agreement with an indirect subsidiary of Capricorn Management. This is called the Non-Discretionary Legacy Client Program. Capricorn Management is a relying adviser of Capricorn.

Capricorn develops strategic asset allocation strategies for clients, guiding their allocations among various asset classes and investment strategies, while integrating environment, social, and governance (ESG) factors. They implement these strategies by constructing and actively managing investment portfolios, aiming for consistency with individual investment objectives. The firm also constructs and actively manages portfolios for each IHP (likely Individual Healthcare Plan), ensuring alignment with their investment goals. Capricorn uses a scenario-based model to determine long-term strategic asset allocation, incorporating risk, return, and liquidity parameters, alongside subjective investment perspectives. These asset allocation strategies serve as long-term targets, guiding overall portfolio exposures, while acknowledging that they may not be fixed due to factors like investment ramp-up time and asset valuation volatility. The investment strategy provides diversified exposure to various asset classes, with the flexibility to modify the list of investment strategies as needed.

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