Our goal in making private investments is to find opportunities that will outperform the comparable passive public alternatives. Historically, as we built the program, we focused on making private equity investments through external fund managers. A multi-year transformation was launched in the latter part of fiscal 2006, expanding our capabilities and allowing us to invest in private equity both through external funds and as a principal investor. In addition, we continue to develop our capabilities as a global investor in infrastructure.

The Private Investments department is comprised of the following three groups: