Cornell University, Ithaca, N.Y., is considering adding more buyout and hedge fund managers over the next year to reach its private equity goal of 20% of total assets, said Don Fehrs, senior investment officer. The $3 billion endowment has 16% committed to private equity. The plan is to have the same weighting in venture and buyout funds; the portfolio is now overweighted in venture.
Hedge funds now account for 16% of total assets and are primarily equity based, Mr. Fehrs said. Staff is conducting an analysis to determine whether to add arbitrage funds to the lineup.
Funding for both asset classes probably would come from reducing passively managed domestic equities. There is no timeframe for decisions about the changes.
