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    About the Authors

    RAFAEL E. CASTILLA is Director of Investments and Structuring at the University of Michigan Investment Office and has lectured on investment management law at the University of Michigan Law School. He has spent his career in the securities industry and is a CFA charterholder. Rafael is a graduate of Yale Law School (JD 1992) and Harvard College (AB 1989).

    WILLIAM P. HODGESON is an Investment Associate at the University of Michigan Investment Office. He has spent his career in the institutional investment management industry and is a CFA charterholder. William is a graduate of the University of Michigan Stephen M. Ross School of Business (MBA 2014) and Saginaw Valley State University (BBA 2008).