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The endowment fund has a large AUM at $12 billion. Its investment horizon is long term with relatively low liquidity needs. The Fund also has a robust governance framework with an IC consisting of bard members of the Fudn, and an investment office implementing the IPS. Private real estate investments are typically large in scale, requires long horizon, and it's difficult to liquidate from the investment. It requires robust due diligence and investment process which benefits from the Fund's governance framework.