Tribal allocators invest under liquidity and cultural constraints that most traditional family offices don’t have to deal with. Many of these relatively new investment pools are backed by casino revenue, a relatively recent and uneven source of funding that complicate portfolio construction and cash management. “It’s a lot newer capital because these casinos have gone up in the last 20 to 25 years,” Adam Rogers, chief investment officer for the Saginaw Chippewa Indian Tribe of Michigan’s investm...
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