August 13, 2026
It's been three years since GEM's last Investment Policy review, and the regime we anticipated has solidified: rates remain higher for longer, inflation is sticky above target, and the stock-bond correlation has turned positive. Against that backdrop, we're stepping back for a more expansive review than usual, revisiting not just capital market assumptions and weights but the framework itself. In this conversation, CIO Matt Bank examines our asset allocation methodology, how we build portfolios, and what that means for the decade ahead, covering refreshed capital market assumptions, the introduction of Target Portfolios, implementation refinements, and new lenses on portfolio risk.
The firm announced the final close of its second Independent Sponsors Fund at its hard cap. New capital for the strategy totals $685 million, extending a program that has invested alongside independent sponsors for more than a decade.
CIO Matt Bank joined a group of fellow CIOs on the Capital Allocators podcast to discuss how each of them is evaluating the benefits and risks of integrating AI into their investment practices today.
We believe the lower middle market remains one of private equity’s most durable and least crowded sources of outperformance. In our latest research report, we examine the data behind our thesis and explain why we think disciplined manager selection creates a distinct edge.
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