The $44 million Randolph-Macon College endowment fund, Ashland, Va., hired two alternative investment managers, said William L. Ball Jr., treasurer. The Common Fund was assigned $1 million in venture capital, boosting the endowment's total allocation in the area to $4 million. Davidson Kempner also was assigned $1 million for a hedge fund, increasing the endowment's total allocation to the area to $2 million. Funding came from cash flow.
Cambridge Associates assisted with the changes.