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The new venture will leverage Cliffwater's expertise in portfolio construction and its in-depth research of more than 4,000 alternatives managers. Its open-architecture approach to selecting managers is utilized by some of the largest institutions, pension funds and endowments. Cliffwater has approximately
$70 billion of assets under advisement, including approximately
$52 billion in alternative strategies.
The first set of funds that will be subadvised by Cliffwater Investments will be Virtus Alternative Total Solution Fund, Virtus Alternative Income Solution Fund, and Virtus Alternative Real Assets Solution Fund. Each fund is intended to improve an investor's risk/return profile through diversification and lower correlation to the broad equity and fixed income markets and will feature allocations to multiple alternative strategies from leading hedge fund and alternative investment managers sourced and rated by Cliffwater. Virtus has filed a registration statement with the Securities and Exchange Commission for the three funds.
"There is a growing understanding among financial advisors that portfolios constructed primarily with traditional equity and fixed income securities are reliant on an ongoing bull market and low interest rate environment to address their clients' needs," said
George R. Aylward, Virtus' president and chief executive officer. "In order to meet their long-term financial goals, investors need to consider alternative strategies that typically have been available only to institutional investors and high-net-worth clients. Through our partnership with Cliffwater, we can give clients access to institutional-quality alternative investment managers in a retail mutual fund that has the benefits investors appreciate: daily liquidity, timely tax reporting, transparency, and affordability."
"We are leveraging Cliffwater's expertise in alternative investments to develop open-architecture, multi-strategy, multi-manager alternatives funds. Cliffwater is well-regarded as an alternatives research and advisory firm, and with its institutional experience and disciplined approach to risk management, manager sourcing, and portfolio construction, it is the right partner to help us solve the evolving needs of retail investors," Aylward said.