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Rock Creek Group

PRI reporting framework 2017

You are in Organisational Overview » Basic Information

Basic Information

OO 01. Signatory category and services

01.1. Select the services you offer.

% of assets under management (AUM) in ranges

% of assets under management (AUM) in ranges

01.2. Additional information. [Optional]

The Rock Creek Group, LP is a global investment management firm with about 85 professionals dedicated to serving an institutional client base that includes endowments, foundations, corporate and public pension funds, sovereign wealth funds, and other institutional investors. The firm was founded in 2002 by founder and CEO Afsaneh Beschloss and has approximately $11.5 billion in assets under management. Rock Creek specializes in multi asset class solutions, alternatives and emerging market investments. Rock Creek is headquartered in Washington, D.C., with offices in New York City and London. The Rock Creek Group is an SEC-registered investment adviser under the U.S. Investment Advisers Act of 1940 since its inception.

The Rock Creek team led global investments for The World Bank, notably in hedge funds, other alternative investments and in emerging markets, since the early 1990s, before launching Rock Creek in 2002. During careers at the World Bank spanning over twenty-five years, Rock Creek personnel were responsible for managing portfolios totalling as much as $115 billion of traditional and alternative investments for a client base that included central banks, pension plans, endowments and foundations, and sovereign wealth funds. Team members also managed an over-the-counter derivatives book as large as $250 billion (notional).

The Rock Creek team now includes colleagues who worked at hedge funds, asset management and fund of funds firms, consulting firms, and universities. The team and its clients have been remarkably stable; today, the client base is 100% institutional, comprised of public pension plans, endowments and foundations, and Fortune 100 corporations.

Rock Creek's investment philosophy, manager selection approach, and portfolio construction processes are based on our team's many years of experience working in large sophisticated institutions.  In addition, Rock Creek does a great deal on improving diversity in the asset management industry, and we are one of the biggest investors in diverse women-owned and minority firms

When Rock Creek’s founder established the firm in 2002, her vision was to create an institution that would have a positive, lasting impact on the global economy. Rock Creek encourages its entire organization to become a positive force in the community through employee volunteer efforts as well as other ways in giving back to the community.  The research and promotion of sustainable investing is a high priority for us and as such is overseen by our Investment Committee. Rock Creek’s Legal and Compliance group is ultimately responsible for monitoring and enforcing the firm’s sustainability policies.  Furthermore, Rock Creek encourages our clients and our portfolio managers to incorporate impact and ESG into their process.

In particular, the firm emphasizes continuing public service, and a number of team members are on the boards and investment committees of non-profits. For example, Ms. Afsaneh Beschloss, the founder and CEO of Rock Creek, is a member of the Ford Foundation's Impact Investment Advisory Group. Furthermore, Ms. Beschloss is on Board of Governors and the Boards of the Endowment Fund and Investment Committee and the Compensation and Management Committee of the American Red Cross. She is also a member of the Board at the Institute for Advanced Study, PBS, Urban Institute, World Wide Web Foundation (Board Chair) and Visiting Committee at the Center for Development Economics at Williams College. Additionally, Ms. Beschloss is a member of the Smithsonian Institution Investment Committee.

With regard to good corporate governance, Rock Creek's involvement in this critical issue includes:

• The Rock Creek team has experience in both policy making and has worked on corporate governance since the mid-1990s. The team includes more than ten professionals previously employed at The World Bank Group.

• Ownership of The Rock Creek Group includes women and minority ownership.

• Team members have presented at many conferences such as Public Pension Fund Management (2001) with other notable experts on corporate governance.

• Team member have served on corporate boards and worked with corporate governance leaders such as Bob Monks and Nell Minnow in the mid 1990's. Team members included good corporate governance objectives to World Bank investments as well as advice provided through financial technical assistance.

• The Rock Creek Group's Advisory Board includes well-respected leaders in governance.


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United States

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

85 FTE

02.4. Additional information. [Optional]

Our team has a long history of investing in sustainable investing and is in regular dialogue with investors who are active in this area. This stems from an interest during their careers at The World Bank, Rock Creek team members were involved in major initiatives in sustainability: For example, Rock Creek founder and CEO Afsaneh Beschloss founded the World Bank's Natural Gas Group, which invested in gas and power projects that aimed to replace coal in emerging markets and was an early advocate for the carbon-abating and replacing coal in China, India, etc. at a time when virtually much power in emerging markets was derived from inefficient and highly polluting coal generators. She and DeAnne Julius authored a book "The Economies of Natural Gas" in 1990. Ms. Beschloss also led the World Bank's Energy Sector Management Group, where she was responsible for energy policy and investing in oil, gas, renewable energy and power projects that reduced carbon emissions and which led the way to introduce renewable energy into the investment options in emerging markets in the 1980s. Additionally, Ms. Beschloss advised Eastern European governments on energy sector privatization. In March 2015, Ms. Beschloss spoke at PRI's Sustainable Investments Strategies Roundtable. Senior Managing Director Kenneth Lay, during his career as Treasurer of The World Bank, led the development of the first "green bonds," now a staple of high-grade fixed income investment in the sustainable portfolios of major institutions. Both of these Rock Creek professionals maintain their work in these fields: Ms. Beschloss serves as Chair of the World Resources Institute and Global Advisory Council, while Mr. Lay, a Nature Conservancy trustee, continues participating with former World Bank colleagues and others developing in the development of innovative instruments that can help monetize - with market-rate returns for investors - the "avoided cost" of energy efficiency, incentivize avoided deforestation and deliver public credit as efficiently as possible into financing for global public goods. He is a frequent participant and speaker on ESG opportunities, and has served on the investment committees of major institutions pursuing pioneering ESG strategies. With regard to matters of corporate governance, Rock Creek is an active member of the Council of Institutional Investors working in educational and advocacy efforts related to new investment, fiduciary and governance issues impacting large investors.  Sherri Rossoff, a Rock Creek Managing Director, served as chair in 2016 of the Council of Institutional Investors, Markets Advisory Council. The firm is also an Investor Chapter Member of the Hedge Fund Standards Board working to promote best practices in the asset management industry for the betterment of the investors.

Note that we also incorporate the independent and unbiased research and analysis of organizations like the World Bank and World Resources Institute. The World Bank provides open access via its website [www.data.worldbank.org] to extensive datasets on climate change, education, social development, poverty, health, etc. as well as thematic research pieces from their Development Research Group. Furthermore, Rock Creek maintains close ties to former colleagues at the World Bank who frequently serve as expert reference points when it comes to ESG issues. The World Resources Institute conducts research in four primary program areas – Climate, Energy & Transport, Markets & Enterprise, Governance & Access, and People & Ecosystems. WRI aims to track and reduce environmental and social impacts related to the four program areas as well as communicate and share this knowledge with their partners. As a member of WRI’s Board of Directors, Ms. Beschloss has overseen the work of the organization’s prestigious staff of subject matter experts as they put their ideas into action.

Team members have more specifically used the GRI guidelines as well as the Trucost and other measures of carbon imprint as we worked with Bob Monks and Nell Minnow on using different governance factor ratings for a new long-short hedge fund.  Our team members researched many ESG related issues beyond the factors that the Corporate Library uses and this work was done in order to better understand which specific factors the Corporate Library uses or other ESG factors that would act as a better determinant of performance.  This work was quite complex given the multi-dimensional factors needed for the analysis used in the GRI guidelines.  Some of our team members have been closely involved with the UNDP and the Global Compact.


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2016

04.2. Indicate your total AUM at the end of your reporting year, excluding subsidiaries you have chosen not to report on.

Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Additional information. [Optional]


OO 06. How would you like to disclose your asset class mix

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. How you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 10-50% 27 10-50% 12
Fixed income 0 0 10-50% 10
Private equity <10% 2 <10% 8
Property 0 0 <10% 2
Infrastructure 0 0 <10% 2
Commodities 0 0 <10% 3
Hedge funds 0 0 10-50% 30
Forestry 0 0 <10% 2
Farmland 0 0 0 0
Inclusive finance 0 0 <10% 2
Cash 0 0 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish our asset class mix as per attached image [Optional].

06.3. Provide contextual information on your AUM asset class split. [Optional]

Rock Creek is a global investment management firm specializing in multi-asset class solutions including alternative investments, hedge funds, and emerging market investing.  Rock Creek has:

  • An Institutional client base with over 80% of firm assets in customized portfolios; and
  • 90% of the Rock Creek management team and approximately 60% of the Rock Creek staff is women and diversity.

The research and promotion of sustainable investing is a high priority for us and as such is overseen by our Investment Committee. Rock Creek’s Legal and Compliance group is ultimately responsible for monitoring and enforcing the firm’s sustainability policies.  Furthermore, we encourage our clients and our portfolio managers to incorporate impact and ESG into their process.


OO 07. Fixed income AUM breakdown (Private)


OO 08. Segregated mandates or pooled funds (Private)


OO 09. Breakdown of AUM by market (Private)


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