Monday, 30 March 2015
Last updated 2 days ago
Oct 5 2006 | 5:57pm ET
Contrary to media reports, there will not be a $750 million allocation to alternatives from the Conrad N. Hilton Foundation any time soon, but the foundation is still moving forward with plans to expand its alternative investments to up to 30% of its portfolio.
“It’s on a 10-year horizon,” explains Patrick Modugno, the foundation’s CFO. “We are in the process of making changes in the $900 million Hilton Foundation and the $800 million [Conrad N.] Hilton Fund that we control at the present time.”
Modugno said that the foundation is in line to receive a $1 billion endowment, and a large bequest from the estate of Hilton fortune heir Barron Hilton—funds which could make the Hilton Foundation as large as $5 billion—but it does not control either source yet. With half of the Hilton Fund tied up in Hilton Hotels stock, the foundation can allocate from a pool of about $1.3 billion today. Modugno said the foundation will invest in fund of funds strategies initially, “until we have a certain critical mass.”
The foundation has hired Cambridge Associates, which according to Modugno is “putting together strategies and then going through preliminary selection of managers to interview. We’ve added four new managers and we’ve got some meetings next week.” Interested managers should contact Matt Lincoln in Cambridge’s Menlo Park, Calif., office.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…