Thursday, 25 August 2016
Last updated 10 hours ago
Jun 8 2011 | 9:21am ET
Purdue University has completed its hedge fund hiring effort, handing over just under $20 million to two long/short managers.
The Indiana school's endowment picked Conatus Capital and Valinor Management for the final mandates, Pensions & Investments reports. Each firm received less than $10 million from the $2 billion fund.
The awards bring the Purdue endowment's hedge fund allocation to 25%, its target since last year, when it was raised from 15%. The university plans no further investments in hedge funds at this time.
"We wanted the assets with talented managers who would navigate" what chief investment officer Scott Seidle called "continued volatility and uncertainly in the market." The new hedge fund investments were funded through reductions in Purdue's domestic and international developed markets stock holdings.