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OHA trustees review Native Hawaiian Trust Fund allocations; private equity pacing and AI exposure discussed
Summary
Consequent Capital Management and OHA staff briefed trustees Feb. 19 on the Native Hawaiian Trust Fund allocations and the investment policy statement the board adopted in November 2024, focusing on a plan to increase private-equity exposure over multiple years and how artificial intelligence fits across public and private holdings.
Office of Hawaiian Affairs trustees on Feb. 19 heard an investment briefing from independent consultant Vijay (Vijoy) Chatterjee of Consequent Capital Management and an update from endowment director Ryan Lee on the Native Hawaiian Trust Fund allocation and the investment policy statement approved by trustees in November 2024.
Chatterjee summarized the fund’s major asset classes — public equity, private equity, global real assets, hedge funds, fixed income and liquidity — and showed the fund’s current weights versus policy targets. He and staff noted that the fund is currently overweight in public equity and underweight in private equity relative to policy targets: public equity holdings were described as roughly $300 million while private equity holdings were described as about $60…
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