Univ. Of Houston Adds Covalent To Hedge Portfolio

Oct 28 2011 | 11:10am ET

The University of Houston's endowment has hired hedge fund Covalent Capital Partners to manage $6 million.

Consultant Cambridge Associates recommend the Texas-based firm, "an opportunistic, contrarian event-driven fund that focuses on companies and industry sectors undergoing turmoil," endowment documents show.

The hiring of Covalent comes as Houston has also partially redeemed its investment with York Capital Management, pulling $1.5 million from the hedge fund, HFMWeek reports.

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