White Papers By Date

White Paper No. 60: How Wealth Advisors Add Value

Since the Financial Crisis, investor confidence in their advisors has plummeted. Clients are wondering exactly what it is that advisors are doing for them and how to measure how well they are doing it. In this white paper, Greycourt outlines in detail the types of advice wealth advisors should be giving, and how clients can measure the value of that advice.

White Paper No. 59: The Last, Best Tax Shelter Ever?

As tax rates on high income taxpayers have risen – and are expected to continue to rise – families have begun to dust off a long-neglected tax shelter: investing via insurance dedicated funds, or IDFs. The use of private placement variable annuities and private placement life insurance, in both onshore and offshore varieties, has risen significantly in recent years, but those vehicles allow assets to be invested only in IDFs. In this white paper, Greycourt takes a look at the world of PPLI and PPVA policies and concludes that, given the paucity of tax shelters available today, many families may want to take a look.

White Paper No. 40: Private Equity Investing (Revised 2014)

Once an investor decides to allocate capital to private equity, the first question is: “How should I go about it?” Properly structured, private equity can be the most rewarding sector of an investment portfolio. Unfortunately, most investors in private equity don’t earn returns anywhere near what they need to compensate for the risks they have taken. The purpose of this paper is to summarize the private equity opportunity, identify the key risks, and outline a strategy for investing in private equity sensibly and profitably. This paper is designed to be useful to investors who are looking to put less than $50 million into a diversified private equity portfolio.

White Paper No. 58: Impact Investing

Currently a $36 billion industry and growing, impact investing is increasingly significant in the investment marketplace. However, confusion still exists in our industry about what impact investing really is and how it has evolved. Our latest white paper defines impact investing, discusses its importance in today’s world, discusses the investment considerations for interested investors and the critical first steps that each investor should take when pursuing impact investments.

White Paper No. 57: Actively Passive

Despite the fact that over the past decade most long-only active equity managers have failed to produce attractive returns (after taxes, fees and inflation), investors continue to hire and hold these kinds of investments. Our latest white paper examines the decades of underperformance of active managers and possible explanations for the underperformance, as well as important considerations for investors that are pursuing passive and active equity investing in their portfolios.

White Paper No. 45: Secondary Investing in Private Equity (Revised 2013)

Secondary investments in private equity can be an attractive addition to primary private equity investments. They offer broad diversification across vintage years, industries, geographies, managers and investment strategies. Generally, capital is deployed faster than with primary commitments, reducing the time that commitments are held in reserve, and they have shorter life cycles than primary funds. Realizations usually occur more quickly, driven by the maturity of the interests acquired. This has the benefit of minimizing the impact of the J-curve. This paper will examine some of the key elements of secondary investing and of investing with secondary fund managers, and will provide a framework for evaluating secondary managers.

White Paper No. 56: Being Rich

Many members of wealthy families have a complicated relationship with their wealth, and this is often especially the case with young adults. This paper examines the issues faced by wealthy families in the context of the historically important role that society’s wealthiest members have played and continue to play in America’s competitive success and in making the world a better place.

Investment Research Brief: Accelerating Tax Gains in 2012

There is some uncertainty surrounding the future of long-term and short-term capital gains tax rates, especially given the fact that the Presidential election is fast approaching and the expiration of the Bush era tax rates is on the horizon. However, even in the current environment it is possible for investors to take action.

White Paper No. 55: Yale Versus Norway

Most investors are well aware of the exceptional track record compiled by Yale University under the leadership of CIO David Swensen. But we suspect that far fewer investors are familiar with the Norway Government Pension Fund (NGPF), which can fairly be viewed as the “anti-Yale.” The NGPF is now the largest sovereign wealth fund in the world and probably the most admired as well. In the attached paper we’ve taken a look at the interesting implications of these different models for family investors.

White Paper No. 54: Investing When Fundamentals Don’t Matter

Investing on the basis of fundamentals has long been a cornerstone for prudent investors. However, the rash of extreme geopolitical events over the past several years has tried investors’ patience, riled portfolios and turned sound expectations on their heads. This white paper examines the factors that have contributed to this dilemma and discusses investment strategies investors can implement to ride out the unusual market conditions in a thoughtful and disciplined manner.