Vassar College, Poughkeepsie, N.Y., will begin a search for hedge fund firms to manage 4% of the school’s $550 million portfolio, said Jay Yoder, director of investments. Following a staff recommendation, Vassar boosted its hedge fund policy allocation to 14% from 10%.
The change was made both to increase hedge fund exposure and reduce manager-specific risk, he said. Vassar is seeking styles other than those it already uses. The endowment already has global macro managers, distressed debt managers, and managed futures. The fund hopes to complete the search by third quarter.
