Evaluating a Shift in Pension Fund Investment Strategy

XYZ Pension Fund has recently undergone a strategic review of its investment objectives and asset allocation strategies. The Fund has historically focused on a conservative investment strategy, primarily utilizing fixed income securities to meet its long-term liabilities. However, due to changing market conditions and increasing life expectancies among beneficiaries, the Fund's Board of Trustees is considering a shift towards a more diversified portfolio that includes a greater allocation to equities and alternative investments.

Please discuss the key considerations that the Fund's investment committee should evaluate when re-assessing the current investment strategy. In your response, include an analysis of the risks and benefits associated with a more aggressive growth strategy and the implications for the Fund's funded status and liquidity management. Additionally, propose potential asset classes or investment vehicles that may align with the Fund's revised objectives.