Thu, 13/04/2006 - 08:00
The Charles & Agnes Kazarian Eternal Foundation (CAKE) has mandated USD 52 million for 2006 alternative asset allocation in 2006.
CAKE is selecting accomplished money managers who succeed with top quartile performance. United States, Europe, and Asia hedge fund and private equity manager selections are planned for the third and fourth quarters of 2006.
CAKE's 2006 USD 52 million mandate is 18% of the Foundation's USD 291 million projected five-year alternative asset mandate.
'Our most important selection criterion is alignment of interests,' comments Christopher Magarian, CAKE's Finance Group Director. 'Aligned co-investment terms cultivate superior performance.'
CAKE benchmarks its managers according to the following criteria and weighting: alignment of interests (50%), performance track record (40%), and investment strategy (10%).
Japonica Partners, the entrepreneurial co-investment firm that makes concentrated investments in underperforming global large caps, has benevolently assented to support CAKE, pro bono publico, in vetting managers.
'When comparing manager performance track records, CAKE will use the GIPS framework to assess the bona fides of accomplished money managers,' explained Japonica Partners Principal Chet Hollister. 'And, the Foundation expects significant allocations to entrepreneurial managers who can create financial alchemy from CAKE's own value-added and global network as a strategic co-investor.'
CAKE has extensively researched and analyzed the past 20 years performance of top quartile alternative asset allocation benchmarks and their high value-adding best practices. CAKE's proprietary selection process includes the best practices of two benchmarks, Yale Investments Office and Harvard Management Company.
Background notes: The Charles & Agnes Kazarian Eternal Foundation is a private operating foundation created in 1993 by Paul B Kazarian, Founder and Managing Director of Japonica Partners. Its mission is guided by the capitalist- philanthropist principles contained in New Philanthropy Benchmarking: Wisdom for the Passionate. The Foundation has 87 professionals worldwide with 27 FTEs.
Japonica Partners is an entrepreneurial co-investment firm that makes concentrated investments in underperforming global large caps. Japonica's special core competency is changing corporate cultures to cultivate entrepreneurial returns for its co-investors who succeed with top quartile performance.
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