Mezzanine is included in the Distressed/Turnaround/Special Situation category.
Our investment agent, BCI, has a role that goes beyond that of a typical fund manager, effectively functioning as the Board's internal investment staff. As an agent of the Board, BCI is responsible for the day-to-day investment management of the fund and therefore manages contract arrangements with external managers on the Board's behalf. The Private Equity ranges shown above therefore reflect the Boards' entire Private Equity portfolio (i.e both internally and externally managed ), as BCI is ultimately responsible for the investment and management of the funds in accordance with the Funds Investment and Management Agreement, applicable legislation, the Statement of Investment Policies and Procedures, and the Joint Trust Agreement.