CMS

CMS is a pure allocator—it does not manage proprietary capital in internal hedge fund vehicles. All client capital is deployed through external managers selected via the firm's due diligence framework. This avoids the conflict of interest that can arise when an allocator also runs competing internal strategies.

CMS does not publish a fixed minimum track record, but its methodology emphasizes repeatable process over short-term performance. The firm has historically backed managers with as little as 18 months of audited returns when the investment team has prior institutional experience at a recognizable platform. Three-year track records are viewed skeptically if the alpha source cannot be isolated from broader market beta.

CMS primarily constructs bespoke separate accounts for institutional clients, though it has historically offered access to a commingled multi-manager vehicle for smaller allocators. The firm does not publicly disclose current vehicle structures or minimum account sizes.

CMS has historically avoided high-frequency trading and purely systematic strategies where edge decays rapidly and due diligence on code infrastructure requires different technical expertise. The firm's qualitative, people-focused evaluation process favors discretionary managers operating in liquid markets where skill can be assessed through trade-level interaction.