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Winston Partners was founded in 1993 and originally consisted of two distinct businesses: hedge funds of funds and private equity. The firm launched its first hedge fund of funds in 1995 after a period of extensive due diligence on long/short funds. The firm manages four distinct funds, all of which seek to identify the most talented fundamental, research-driven long/short managers. Winston's first fund, launched in January 1995, is focused on the broad U.S. equity market. The firm created a separate investment product in October 1999 to accommodate tax-exempt and non-U.S. investors. This fund has the same investment mandate as Winston's first fund, and over half of the two funds' portfolios overlap. The firm established a global fund in January 2002 to provide diversified exposure to U.S. and international equity markets. The geographic allocation of this fund is broadly comparable to the composition of global equity indices: the U.S. portion of the fund will typically represent 50% to 70% of the portfolio. In addition to managing these proprietary funds on behalf of its clients, Winston has one sub-advisory relationship with a global private bank that began in April 2002. This fund has the same investment objectives as Winston's two U.S.-focused funds. Winston's second business, its private equity group, was focused on small-cap buyouts and growth capital across a range of industries. Prior to raising Winston's first private equity partnership, the firm invested opportunistically in small private companies. Winston raised its first institutional fund in 1999, and a subsequent fund in 2004. In 2006 Winston elected not to raise a third private equity fund and to exit the private equity business with the intention of streamlining the firm to allow for even more focus on its core hedge fund-of-funds products. As of January 1, 2009, Winston manages $1.3 billion in assets for a broad variety of clients such as foundations, endowments, hospitals, banks, insurance companies, high net worth individuals and family offices. The firm seeks to provide outstanding risk-adjusted performance and the highest level of service to its investors.