The Wesleyan University endowment fund, Middletown, Conn., is conducting an asset allocation study to determine how to increase its allocation to both marketable and private equity investments, said Robert B. Taylor, vice president and treasurer.
The allocation increase would include both domestic and international equities, he added.
The $383 million fund would seek to raise its equity allocation, now at 65%. Among other equity changes, it could raise its international equity allocation from the current $50 million and its private equity allocation from the current $15 million.
Decisions are dependent on the outcome of the study. Cambridge Associates is assisting in the study, which the endowment hopes to complete by March.
A West Virginia Circuit Court yesterday ruled the newly created West Virginia Trust Fund Inc. is unconstitutional and interferes with the state treasurer's authority. Judge Lyne Ranson said the West Virginia Trust Fund Act, which created the trust, intruded on the state treasurer's core responsibilities in that it attempted to transfer management and control of the state's pension funds to the trust.
Earlier this year, the Legislature passed a law transferring the $4 billion in state pension fund assets to a separate trust, so a portion could be invested in stocks. The state constitution bans state funds from being invested in stocks. Craig Slaughter, executive director of the trust fund, said the case is expected to go before the state supreme court.