Commonfund cut the size and management fees of two funds of funds, the $826 million Venture V and $852 million Venture VI, said John Griswold, director of marketing. Fund V is fully committed, so each client will get back 10% of its investment, he said. Fund VI is still being raised and the target has been reset to around $800 million. Mr. Griswold would not disclose the firms management fees.
The cutbacks were due to the slowing pace of business and difficulty in finding good deals, he said. They could be increased if business doesnt improve. Commonfund clients include the $4.3 billion endowment of Washington University, St. Louis; the $961 million endowment of Smith College, Northampton, Mass; and the $140 million endowment of Kenyon College, Gambier, Ohio.