A Philadelphia hedge fund that caters to university endowments and foundations has named a mutual fund executive as its new CEO.

Christopher Long has joined Philadelphia-based Endowment Capital Group from Friess Associates, where he served as chief operating officer. At Friess, he was also treasurer of the Brandywine family of mutual funds.

“Thanks to Chris Long coming on board, I can now focus exclusively on managing the portfolio and picking stocks,” Endowment Capital founder Philip Timon said. “At Friess, Chris proved his ability to successfully manage all of the non-investment aspects of a $17 billion investment firm, so the hand-off to him has been seamless.”

Timon, who set up Endowment Capital in 2004 after leaving hedge fund firm Downtown Associates, will now serve as chief investment officer and portfolio manager. The concentrated small- and mid-cap equity fund will reopen to new investors in the coming weeks, closing when it reaches $400 million.

The fund currently manages about $300 million.