Luzius Heil

Pension Plan for the Teachers' Insurance of Bern. The fund began investing in alternatives in 2004. The fund's assets are managed by Theodor Tillman and Martin Willi.Currently about 3% of the plan's total AUM is invested in alternatives, all of which goes to a mandate held with a UBS multi-strategy fund-of-fund. The fund does not plan to increase this allocation anytime soon as they are giving this fund-of-fund investment some time to see how it performs. The fund does not make any investments into private equity as they had very bad luck with a venture capital investment several years ago. The fund does make some direct investments in real estate.