Investment Policy: Bridle of Want

Investors everywhere are stretching for return. Indeed, preferring greater wealth is what motivates investors to assume risk. But successful investment requires more than motivation. It also requires direction and control, which are the functions of investment policy. Investors with an even greater risk tolerance combined with the ability to part with funds for several years can prudently invest in private equity. As for adding return through active management, that opportunity belongs to investors with the ability, not simply the desire, to do so. This group includes skillful money managers and those investors able to identify and use those managers at a reasonable price.