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.
Three years after our last Investment Policy review, the regime has shifted: higher rates, sticky inflation, and a positive stock-bond correlation. In this conversation, GEM’s CIO Matt Bank revisits not just capital market assumptions but the framework itself, from methodology to implementation and risk management.
The firm announced the final close of GEM Seed & Micro Venture Fund, LP. The Fund closed with $82 million in commitments—exceeding its hard cap and fundraising target—and marks GEM's first vehicle focused specifically on seed- and micro-stage venture capital.
Kelly Barofsky, a Managing Director in GEM’s Investment Research Group, spoke with PitchBook about the continued momentum behind independent sponsors and why deal-by-deal structures can create strong alignment between sponsors and investors.
Let’s start a conversation about how we can help.
