Smith College, Northampton, Mass., invested $25 million each in three absolute-return funds of funds, said Jay Yoder, director of investments. They are: Pine Grove Associates; Lighthouse Partners; and Alternative Investment Group. The investments are the first in the asset class for the $935 million endowment.
Funding will come from cutting back allocations to fixed income, equities and cash. Mr. Yoder declined to give specifics but said no managers will be terminated.