Texas Tech Hires Hedge Funds Argonaut, Discovery

Mar 11 2011 | 11:35am ET

The Texas Tech University System has added a pair of hedge funds to its absolute return portfolio.

The school's board of regents approved the hiring of Argonaut Capital Management and Discovery Capital Management in December. The two fund join such firms as Davidson Kempner Capital Management, King Street Capital, Silver Point Capital, Taconic Capital Advisors and Wexford Capital on the $775 million endowment's hedge fund roster.

Argonaut specializes in global macro investing. Discovery focuses on emerging markets, investing in stocks, bonds and currencies.

Texas Tech currently invests 22% of its assets in absolute return vehicles, below its target allocation of 25%.

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