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Note: This edition is PACKED with info. Be sure to skim through all the way down!

This edition has a little bit of everything...

Private market liquidity, allocators getting more selective, hedge funds getting interesting again, the newest member of the Pro Football Hall of Fame coming to TIDE, and a preview of how we're closing out 2026 in Austin.

Translation: keep scrolling.

***P.S. Caryl Anne Francis, former P&I reporter, gave TIDE an exclusive recap of the UC Regents Investment Committee meeting.***

Fresh off his August enshrinement, Larry Fitzgerald Jr. is joining us at TIDE Austin for a special lunch fireside chat with Tracy Fong of General Catalyst.

Most people know Larry for what he accomplished on the football field.

Today, Larry is an investor, entrepreneur and co-founder of Trenches Capital, bringing the same discipline, preparation and long-term mindset that defined his playing career into business and investing.

We'll talk about performance. Conviction. Reinvention. Investing. And what happens when someone who spent decades operating at an elite level turns that mindset toward capital.

And Larry is just one part of the day.

We're bringing together allocators, investors and industry leaders.

We've added more speakers and we've added more tickets: http://tideaustin2026.eventbrite.com

One last TIDE gathering before we close the book on 2026.

TIDE Austin

📍 Hotel Viata, Austin, Texas

📅 October 8, 2026

👥 Approximately 150 guests

Limited discounted rooms: $259 with no destination fees. The booking link only works for October 8. For additional nights, please contact Harneet Singh at harneet.singh@hotelviata.com and he can honor the TIDE rate.

TIDE Wellbeing: A little bit of Yin. A little bit of Yang. ☯️

The wellbeing theme for Austin is Yin and Yang. FightCamp brings the Yang: intensity, adrenaline, a giveaway to raise the energy in the room. Morning Yoga brings the Yin: grounded, quiet, a reset before the day picks up. Dr. Tina Wu's expert talk sits in between, unpacking her journey from clinician to founder and the science of being well (minus the hype), and a closing circle to bring it full circle.

We have also been building something new behind the scenes, designed to carry this balance forward well beyond one event. We can't wait to share it with you in Austin!

TIDE Foundation: Austin Edition

Building Pathways for the Next Generation of Investors

We're proud to share that the TIDE Foundation is partnering with UTIMCO and several Texas universities to bring students to our Austin event on October 8th.

This initiative opens the doors of our industry to the students who will one day lead it.

Attendees will join panels designed specifically for them, featuring experienced professionals who will share their own journeys and offer practical guidance on:

• The CFA Designation: what it takes, why it matters, and how it can shape a career

• Public Markets: an inside look at how today's markets work and where the opportunities lie

• External Manager Research: how allocators find, evaluate, and partner with investment managers

Our goal is to show students that there are many paths into this industry and help them find their own. We look forward to welcoming these future leaders to Austin and thank UTIMCO and our university partners for helping make this possible.

As higher ed posts SpaceX-driven returns, University of California looks ahead as market conditions echo 2022

In a fiscal year marked by geopolitical tensions, more AI advancements and SpaceX-driven expectations, U.S. higher education institutions and their associated foundations so far are reaping in a fourth-straight fiscal year of positive returns.

Just ask the investment team at the University of California, among the largest public universities already reporting 2026 fiscal-year returns and exceeding 20% with a $1 billion stake in SpaceX.

But moving forward with fiscal year 2027 underway, the Oakland-based university system’s investment team is seeing parallels to the endowments’ worst fiscal year in recent memory: 2022. Much like 2026, that year recorded the eruption of war, soaring energy prices, hot inflation and an interest rate hike.

“One thing that is crystal clear again — in 2022, there seemed to be liquidity as an issue all around the world, and the only thing we’re seeing right now that’s a big challenge is liquidity as an issue all over the place,” said Jagdeep Singh Bachher, chief investment officer and senior vice president of investments.

After growing the university’s total exposure to global equity in recent years, the CIO announced that his team will double down on short-term fixed income assets after selling no more than $20 billion in equities beginning in August.

“At these rates, even cash is kind — liquidity is certainly king, but you can clip 3%, 4% (or) 5%-type returns without taking a lot of risk,” Bachher said at a Sept. 14 investment committee meeting. “Overall spreads are so thin that you’re not getting paid to take risk by being any longer than being in the short-term market.”

Earlier in 2020, the committee approved the investment team to restructure its fixed-income portfolio for short duration and change its fixed-income benchmarks across asset pools.

In recent weeks, the public equity exposure across the university’s total $235.9 billion in assets was reduced by 4% from 63.3% as of June 30, now hovering closer to the 57% policy target. The university’s total exposure to fixed income at the time was 14.5%, while cash amounted to 1%.

Of the university system’s total assets, $37.2 billion are in endowment assets.

For the fiscal year ended June 30, the university system’s $29.3 billion general endowment generated a net return of 22.6%, while the $7.9 billion Blue and Gold endowment returned 23% — both above their respective benchmarks of 19.3% and 19.9%.

In comparison, for the year ended June 30, the MSCI ACWI index, the Russell 3000 index and the S&P 500 index returned, 23.7%, 22.3% and 22.3%, respectively. Among 15 endowments with at least $1 billion in assets and disclosed information for their one-year returns ended June 30, the median was 17.1% as of Sept. 14.

Putting the short-term view aside, Bachher noted that the endowments’ goal is “is to earn somewhere between 8% and 9% year after year on a long-term basis” — which the general endowment exceeded with an annualized net 11.3% for the 10 years ended June 30, also above its 10.5% benchmark. While the Blue and Gold endowment was incepted only in March 2019, its annualized return since then through June 30 was also a net 11.3%.

Data displayed is as of Sept. 14. Although some news outlets have reported a fiscal-year return for UNC Management Co. based on sources familiar with the matter, the investment company has only published long-term annualized returns for the period ended June 30, 2026.

*The fiscal year for these Texas-based public institutions ends Aug. 31.

Familiar trends in public markets, further improvements in private markets

With reporting season underway for fiscal-year returns, universities are continuing to benefit largely from AI exposure in their public equity investments, if not hedge funds that primarily invest in stocks.

Take The Ohio State University’s 16% return for the fiscal year ended June 30. Within the $9.7 billion Columbus-based endowment, the top-performing asset class for the period was public equity with a 20.3% return, albeit short of its 23.7% benchmark.

And over at the University of Virginia Investment Management Co., the $18.8 billion long-term investment pool it oversees generated a 27% return for the year, within which long/short equities’ 76.4% return drove the overall performance.

As for the University of California, it’s a familiar story where public equity returns above 23% largely supported both of its endowments, after Bachher had shared optimism to the committee in March due to earlier investments in SpaceX.

The university system in 2020 had approved investment policy targets that would push the investment office to reduce exposure to private markets, albeit described by Bachher as “not a popular move in the industry” as other large asset owners have moved more capital into private markets.

“Liquidity is ample across the board, and sometimes in markets that are hot, you might actually even get liquidity in your private assets,” he said. “But we’re always in the market trying to sell our private assets every year to see who’s interested in buying more,” he added, after Bloomberg reported in August a sale of $1 billion in private equity stakes on the secondary market.

While universities in recent years have cited underperforming private markets investments for dragging returns, endowment chiefs have noted in annual reports some improvement, if not disclosing better returns by asset class in their funds.

Underlying the Charlottesville-based UVIMCO’s fiscal-year performance, growth equity and venture capital followed long-short equity with respective returns of 47.2% and 23% — higher than the respective 14.4% and 14.2% they generated a year earlier.

For the University of California, “the bar becomes extremely high to pick anything that is crappy to put in your portfolio, to put it simply, and so we are very selective, very judicious about what we introduce into the portfolio and the way we invest,” Bachher said.

To that end, the university system revisited the $4 billion investment it made in 2023 in the Blackstone Real Estate Investment Trust — just as Stephen Schwarzman, the alternatives giant’s chair, CEO and co-founder, appeared before the committee over video call.

Bachher noted that the university has taken “probably over $1 billion” of the $1.1 billion in collateral set aside for when BREIT’s actual return falls short of the minimum 11.25% return — which it did the first two years. With optimism amid ongoing recovery in the real estate industry, Bachher noted the actual return met the minimum for the deal’s third year, and that his investment team is in the business of taking “calculated risks.”

Within the general endowment for the year ended June 30, its real estate investments returned 18.1%, well exceeding its 3.6% benchmark. The same goes for the asset class’ 10-year annualized return of 10.6% vs. its 3.9% benchmark.

For evaluating liquidity in private markets opportunities, Bachher noted he can do so with BREIT in real time. But come the time when the university is able to redeem investments in 2028, he said that he plans on “looking like a hero at the other end.”

TIDE on the move...

Last Chance | Register today

http://tideaustin2026.eventbrite.com

International Edition | Pre-Sale

http://tidemilan2027.eventbrite.com

Marquee Event | Pre-Sale

http://tidespark2027.eventbrite.com

TIDE Austin 2026

Austin, TX | October 08

✨ Final TIDE Event of 2026✨

TIDE Austin

October 8th, 2026

Limited Discounted Room Blocks

Hotel Viata

*No Destination Fee*

"I wish I could have made SPARK." - Allocator on summer vacation

For those who missed our marquee TIDE SPARK event in California - or simply want another opportunity to connect with the TIDE Tribe - Austin is your chance.

This October, TIDE is hosting one final gathering before we close the chapter on 2026.

Smaller.

More intimate.

Just as impactful.

We'll trade ocean views for Hill Country sunsets and swap resort wear for cowboy boots, but the spirit remains the same: meaningful conversations, thoughtful perspectives, and the kinds of connections that continue long after the event ends.

Dress Code: Cowboy Hat and Boots

PS. Did we strategically host it around the ACL Festival weekend? Maybe. Cowboy hat tip to Ben Bronson.

***TIDE SPARK 2027 Sponsors will receive a pass to TIDE Austin.***

TIDE Milan 2027

Milan, Italy | April 23, 2027

✨ TIDE International Edition ✨

TIDE Milan 2027 🇮🇹

April 23, 2027

Limited Discounted Room Blocks

Excelsior Hotel Gallia, a Luxury Collection Hotel

Set against the backdrop of Milan - where finance, fashion, culture, and innovation effortlessly collide - TIDE Milan is an exclusive gathering of institutional investors, global allocators, and industry leaders shaping the future of capital.

As one of Europe’s most influential financial and cultural capitals, Milan offers the perfect setting for the TIDE Tribe: sophisticated conversations, intentional connections, and the kind of global perspectives that don’t happen in crowded conference halls.

This is not just another event.

It’s where relationships are built, ideas are pressure-tested, and the future of investing feels a little more human.

Rooftop sunsets. Espresso-fueled conversations. And a room full of sophisticated investors from around the world who actually move markets.

Ps. There's already a Lake Como Social Committee brewing...

TIDE SPARK 2027

Dana Point, CA | July 7-8, 2027

Our marquee TIDE SPARK event returns to Dana Point.

Reuters Investment USA 2026

Boston, MA | October 1

Investment USA 2026 | October 1 | Mandarin Oriental, Boston

Reuters Events' premier gathering for institutional investors, asset allocators, asset managers, and service providers shaping the future of investment strategy. The event will explore how leading investment professionals are navigating higher interest rates, private market liquidity challenges, evolving regulation, AI-driven innovation, and geopolitical uncertainty.

Bringing together 150+ senior decision-makers representing approximately $5 trillion in assets under management, the conference will feature discussions on capital allocation, private markets, technology and AI, portfolio resilience, liquidity management, and governance. Attendees will gain actionable insights from CIOs, investment leaders, and Reuters editorial experts while building valuable connections across the institutional investment ecosystem.

 Find out more here. Don’t forget to use TIDE’s exclusive 15% discount code IU26Partner15 when registering! 

#REInvestUSA

Ps. Find Waldo...aka yours truly on the speaker line-up! :)

AIMA Global Investor Forum 2026 

Toronto, Canada | October 14-15

The AIMA Global Investor Forum 2026 returns to The Ritz-Carlton, Toronto on October 14–15, 2026 for its 12th edition, bringing together the world’s leading institutional allocators, alternative asset managers and industry experts elevate Leadership in Alternatives.

Last year, we welcomed over 600 delegates from 19 countries, including 48% institutional investors. This year, AIMA’s flagship investor forum continues to grow as a convening point for practical, investor-led dialogue across asset classes, mandates, and geographies.

The program features investor-led discussions, representing diverse perspectives with practical insights on macro shifts, alignment of interests, asset allocation, innovations in investment strategy and more. 

Sustainable Finance & Investing Forum
New York, NY | October 20-21

The Sustainable Finance & Investing Forum at Greenbuild is where capital aligns, strategy becomes action, and the future of sustainable real estate is shaped. This two-day peer-to-peer event is the premier gathering of executives across real estate, infrastructure, finance, and sustainability- bringing together the full capital stack to examine how investment strategies, energy, asset & operational performance, and long-term value are converging.

Global scope

The Forum delivers a highly focused perspective for owners, operators, asset managers, sustainability leaders, institutional investors, pension funds, lenders, insurers, and investment advisors- alongside the executives responsible for executing and implementing investment strategies across the world’s largest portfolios.

Dedicated content

Gain actionable insights on aligning asset-level decisions with investment-level expectations- connecting sustainability, risk, resilience, and performance to drive better returns.

Curated audience

The Forum is a closed-door event, curated to fuel intelligence sharing, strategic partnerships, and meaningful benchmarking for leaders across the capital stack.

Apply Now to attend. Accepted applicants get 10% off with VIP code: TIDE10

SEM Consortium

New York, NY | October 27-28

Mark your calendars to join us October 27-29 for SEM Consortium, our marquee small and emerging managers conference, in New York City. 

Don’t miss the opportunity to connect with institutional investors, consultants, and emerging manager talent while gaining insight into the future of the alternatives industry. We look forward to meaningful conversations and valuable connections throughout the conference. 

Additional information regarding registration deadlines and pricing will be announced in early March.  

SuperReturn Europe

Amsterdam, Netherlands | November 3-6

Your bridge to European private capital

3-6 November 2026 | Hotel Okura, Amsterdam

View website

The connection point for private market leaders focused on Europe

1,500+ real decision-makers. 500+ LPs. 750+ GPs. Across 50+ countries.

Don’t miss your chance to…

• Meet more than 1,500+ senior decision-makers

·      Specialist summits focused on fundraising, private debt and the hottest regions across Europe

·      Hear from 200+ leading, established and emerging managers

·      View the delegate list & arrange invaluable meetings ahead of time

Explore the market segments leading the way in Europe, from opportunities in the lower mid-market, to resilient sectors including healthcare and technology.

LPs already confirmed include, Generali Investments, Hicks Holdings, King Baudouin Foundation, LGPS Central, PGGM Investments, Public Investment Fund, WTW and many more.

10% discount – VIP code: FKR3673TIDE. Book now to save!

100WF Global FundWomen Week

New York, NY | December 10

We're excited to be launching 100WF Global FundWomen Week (“GFWW”) 2026 and sourcing female fund managers to attend the in-person Conference on December 10 in New York. The event will combine thematic roundtable discussions and cap intro manager meetings.

As a first step, please apply by completing this short form by July 10*. Managers will receive further details by late August on the status of their application. General eligibility criteria for GPs participating in the 2026 GFWW can be found here.

Please contact Sarah Finley for more details at sarah.finley@100women.org.

SuperReturn North America

Hollywood, Florida | February 1-3, 2027

Connections create opportunity.

Capital makes it happen.

February 1 - 3, 2027

Signia by Hilton Diplomat Beach Resort, Florida

View website

SuperReturn North America is North America’s leading conference for private market leaders from across the globe.

800+ real decision-makers. 250+ LPs. 350+ GPs. 35+ countries represented.

Taking place earlier in the year and at a new Florida location, the event offers the perfect setting to strengthen relationships, uncover opportunities and set the agenda for 2027.

Why attend?

• Experience a new venue designed for smarter networking, with a more connected layout that makes it easier to meet the people who matter most
• Connect with 800+ influential leaders in private markets
• Gain insights from 150+ industry experts
• Dive deep into specialist summits covering private debt, venture capital and private wealth
• Network like never before with LP/GP speed networking, hosted champagne roundtables, women’s lunches, evening cocktail receptions, LP-only sessions and much more!

PLUS, this year’s agenda features more content for emerging and mid-market managers, new single-family office networking opportunities and added exclusive LP-only sessions.

LPs already confirmed include American Student Assistance, Crewcial Partners, Graven Family Office, Hyundai Corporation USA, Lithium Capital Management, Republic Investment Company, The Rockefeller University and many more…

10% discount – VIP code: FKR3673TIDE. Book now to save! Free for LPs.

NYC Comptroller Annual Diverse & Emerging Managers Investment Conference

NYC, NY | February 10, 2027

Save the Date

February 10, 2027

Mark Levine, NYC Comptroller

Annual Diverse & Emerging Managers Investment Conference

LIFT AZ 2027
SCOTTSDALE, AZ | March 10-11, 2027

LIFT AZ 2027

📍 Clayton House, Scottsdale, Arizona

🗓️ March 10 & 11, 2027

The Arizona Fund Manager Association (AFMA) invites you to LIFT AZ 2027, Arizona’s premier investment management and capital summit. LIFT AZ convenes fund managers, institutional allocators, family offices, and industry leaders for two days of relationship-building and market insight — a VIP welcome reception on March 10, followed by the full-day Institutional Summit on March 11.

Programming will feature nationally recognized investors and industry leaders examining the forces shaping capital markets and investment strategies across public markets, venture capital, private equity and credit, real assets, and institutional investing. Designed to position Arizona at the center of the national investment conversation, LIFT AZ convenes leading perspectives and nationally recognized expertise from across the country.

Learn more at azfundma.org/lift-az. Registration will open by the end of September.

Interested in sponsoring TIDE's events?

E-mail kim@tidexchange.com for our exclusive sponsorship deck.



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The Investment Diversity Exchange

www.tidexchange.com