Founded in New York in early 2020, Steward is an anchor capital provider to emerging and diverse private equity and opportunistic asset managers as they prepare to launch Fund I. Steward's portfolio approach targets attractive returns for our investors by building diversified exposure to a breadth of private market strategies. Steward’s portfolio construction focuses on the U.S. private equity middle market sector with an emphasis on healthcare, consumer, industrial and technology verticals and combines a complementary allocation to real assets and opportunistic credit strategies. Our initial diligence lens screens for teams with a strong track record, fiduciary framework, leadership diversity, repeatable process, scalable strategy and limited use of leverage. The inefficient universe of anchor capital sources provides an opportunity to be early and influential with fund allocations that generate GP-carry participation to the benefit of our separate accounts and commingled portfolios. Steward allocates to the first close of Funds I and II while reserving capacity and preferred terms in Fund III and beyond for our limited partners. We are institutionalizing anchor capital investing by bridging the gap between new firms and institutional limited partners through alignment on key standards. Our long-term focus seeks to steward the next generation of alternative asset managers.