New CAIA.nxt™ online course, developed with HarbourVest Partners and PICTON Investments, delivers practical insights into TPA.
AMHERST, MA, (April 6, 2026) – CAIA Association today announced the launch of its newest CAIA.nxt™ microcredential, Total Portfolio Approach (TPA), developed with support from HarbourVest Partners and Picton Mahoney Asset Management (“PICTON Investments”).
The latest addition to the CAIA.nxt™ course library, the Total Portfolio Approach (TPA) Microcredential is a five-hour, online, self-paced program designed to guide participants through both the principles and real-world application of the Total Portfolio Approach (TPA). The program explores governance considerations, factor-based thinking, and practical frameworks for evaluating risk and return across the entire portfolio—moving beyond traditional asset-class silos.
This microcredential invites learners to explore TPA as a strategic framework that reorients portfolio decision-making around the total fund objective rather than individual asset classes. As investment organizations navigate increasing complexity, scrutiny, and uncertainty, TPA offers a more holistic lens for assessing risk, allocating capital, and achieving long-term outcomes.
“Total Portfolio Approach represents one of the most important evolutions in institutional investing in a generation,” said John Bowman, CEO, CAIA. “As asset owners move beyond rigid asset-class silos and focus on how each investment contributes to the overall portfolio, this microcredential equips investment professionals with the perspective needed to operate effectively in a TPA world.”
Supported by HarbourVest Partners, an independent global private markets firm and PICTON Investments, a Canadian investment firm, this microcredential delivers an applied learning experience focused on how leading asset owners are implementing TPA, including the tools, analytical frameworks, and organizational shifts required to allocate capital dynamically across the full opportunity set.
“As investors adopt a total portfolio framework, integrating private markets requires deeper transparency, thoughtful benchmarking, and robust analytical tools that allow exposures to be evaluated consistently across asset types," said Sofia Gertsberg, Managing Director, HarbourVest Partners. "This microcredential is an exciting step forward - it equips practitioners with the tools and confidence to apply TPA rigorously and make more informed, forward-looking allocation decisions."
Designed for investment professionals at all career-levels, the program reframes portfolio construction through four critical lenses—governance, factors, capital competition, and culture—and their combined impact on decision-making. Participants engage with the ideas, trade-offs, and organizational choices that underpin TPA, including how institutions evolve toward this mindset and sustain it over time. The curriculum is informed by real-world perspectives from experienced practitioners across the investment ecosystem.
"We believe alternatives are a core part of modern portfolio construction," said Robert Wilson, Head of Innovation and Portfolio Strategist at 2ND ENGINE by PICTON. “This partnership reflects our shared belief that well-constructed, risk-aware portfolios start with equipping advisors with the right frameworks, tools, and confidence so they can deliver greater certainty for their clients.”
The TPA Microcredential is part of the growing CAIA.nxt™ ecosystem, which supports future-ready professionals through focused, flexible education built for real-world impact. Unlike theoretical overviews, the CAIA.nxt™ series addresses high-context areas of practice where updated knowledge can immediately move the needle for clients. The program is eligible for five continuing education hours from Investments & Wealth Institute (CIMA®, CPWA®, RMA®) and the CFP® Board (U.S. and Canada).
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About CAIA Association
The CAIA (Chartered Alternative Investment Analyst) Association is the leading professional body for alternative investment education and credentialing. The organization supports the global investment industry by offering the CAIA Charter and a portfolio of education, research, and thought-leadership initiatives. More than 14,000 Members across 100+ countries form the world’s most energized community of alternative investment professionals dedicated to advancing professional standards and promoting better investment outcomes. Learn more at https://caia.org/.
About HarbourVest Partners
HarbourVest is an independent, global private markets firm with over 43 years of experience and $150 billion of assets under management as of December 31, 2025. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,200 employees, including more than 225 investment professionals across Asia, Europe, and the Americas.
About PICTON Investments
PICTON Investments is a Canadian investment firm with over $17.8 billion in assets under management (CAD as of February 28, 2026), recognized for pioneering alternative investment strategies that challenge traditional thinking. Since 2004, we have been helping advisors and investors rethink portfolio construction – moving away from traditional models toward more resilient, diversified solutions. Leveraging deep expertise in quantitative research, fundamental analysis, and authentic hedging strategies, we champion a modern approach designed to deliver more consistent, risk-adjusted returns. Our philosophy is to “Build from the Bear Up,” embracing a bear mindset of resiliency, adaptability, and strength to provide Canadians with greater certainty.
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