For educational purposes only.
For financial professional use only. Not for use with the public.
Nothing presented should be construed as a recommendation to purchase or
sell
any
security or follow any investment technique or strategy.
Investing involves risk, including the possible loss of principal.
Past performance does not guarantee future results.
Alternative investments often are speculative and include a high degree of
risk. Investors could lose all or a
substantial amount of their investment. Alternative investments are appropriate only for eligible,
long-term
investors who are willing to forgo liquidity and put capital at risk for an indefinite period of
time. They may be
highly illiquid and can engage in leverage and other speculative practices that may increase the
volatility and
risk of loss. Alternative Investments typically have higher fees than traditional investments.
Investors should
carefully review and consider potential risks before investing. Certain of these risks may include
but are not
limited to:
Loss of all or a substantial portion of the investment due to leveraging,
short-selling, or other speculative
practices; Lack of liquidity in that there may be no secondary market for a fund; Volatility of
returns;
Restrictions on transferring interests in a fund; Potential lack of diversification and resulting
higher risk due to
concentration of trading authority when a single advisor is utilized; Absence of information
regarding
valuations and pricing; Complex tax structures and delays in tax reporting; Less regulation and
higher fees than
mutual funds; Risks associated with the operations, personnel, and processes of the manager; and
Risks
associated with cybersecurity.
Investors must have the financial ability, sophistication/experience, and
willingness to bear the risks of an
investment in private market securities. Such securities may be available only to qualified,
sophisticated
investors, may have liquidity constraints, and may bear the risk of investment in private markets
securities.
Private market investments may entail a high degree of risk and investment results may vary
substantially on a
monthly, quarterly or annual basis. Among many risk factors, some are particularly notable. These
include,
without limitation, the general economic environment, the health of the housing market, employment
levels,
the availability of financing, the quality of servicing the assets backing the securities, the
seniority and credit
enhancement levels for structured securities, government actions or initiatives, and the impact of
legal and
regulatory developments. Additionally, private markets strategies may represent speculative
investments and
an investor could lose all or a substantial portion of his/her investment.
Investing in energy securities may include price fluctuation caused by real
and perceived inflationary trends
and political developments, the cost assumed in complying with environmental safety regulations,
changing
demand for different types of energy, changes in methods for conserving energy, the uncertain
success rates
for exploration projects, tax and other governmental regulations, and other risks associated with
generating or
distributing energy.
Investment strategies that hold securities issued by companies principally
engaged in the infrastructure
industry have greater exposure to the potential adverse economic, regulatory, political, and other
changes
affecting such entities.
Infrastructure companies are subject risks including increased costs
associated with capital construction
programs and environmental regulations, surplus capacity, increased competition, availability of
fuel at
reasonable prices, energy conservation policies, difficulty in raising capital, and increased
susceptibility to
terrorist acts or political actions.
All third-party marks cited are the property of their respective owners.