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Alternative AssetsWe include in this asset class illiquid private partnership interests in venture capital and leveraged buyout, as well as real estate, timberland, oil and gas producing entities, and commodities. We also include publicly traded real estate securities (REITS), and semi-liquid holdings with managers who engage in relative value trading strategies. These are generally long-term investments with limited liquidity and uncertain valuations until maturity. At the same time, these investments have equity-like returns, with low correlation to equity markets and relatively low return volatility.
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