The SummerHaven Private Equity Strategy Index (SHPEI) is an innovative approach to equity investing that attempts to replicate the long-term return characteristics of a diversified private equity allocation. The index utilizes a systematic approach to select publicly-traded securities with the characteristics of firms that have historically been acquired by private equity (PE) funds. Contrary to a direct investment in PE, the index does not employ leverage and is valued daily. Potential tax efficiency for a portfolio based on this index is achieved through annual rebalancing. The historical performance of the SHPEI is comparable to diversified private equity benchmarks such as the Cambridge Associates LLC U.S. Private Equity Index2.