A single balance sheet, invested across asset classes.
Holdings is a multi-asset investor. Public equities, credit, fund commitments, direct private positions, and real assets are all held on one balance sheet and judged against each other rather than against a benchmark drawn for each sleeve.
There is no requirement to be fully invested, no asset-allocation policy to defend, and no quarter to report. Capital sits in cash when nothing clears the bar, and concentrates when something does.