Hedge Funds
The university fully liquidated a hedge fund investment within its endowment in the fourth quarter and reinvested the proceeds in a money market fund.
The institution approved new hedge fund, private equity and venture capital commitments in the fourth quarter.
The institution revised its strategic asset allocation last year, increasing its allocation toward growth assets like public equity and private equity.
The pension plan expects to conclude the search at its June 12 board of investments meeting.
The pension plan’s hedge fund committee approved four commitments and a manager termination at its meeting in October.
The foundation added a private infrastructure fund and a hedge fund strategy to its portfolio in the second quarter, marking new relationships for the institution.
The search will be conducted due to the upcoming contract expiration of incumbent Albourne.
The new asset allocation introduces a 6% target to hedge funds.
The redemption is the fourth one this year for the plan.
The pension plan will liquidate its $227.5 million timber mandate and $106.4 million farmland mandate due to underperformance.