University of Utah, Salt Lake City, may search for one or more private equity managers to run 7% of the endowments $300 million in assets, said Dave Heaps, investment manager. Commonfund has been advising on the allocation, the funds first to private equity, and the endowment may hire Commonfund to run the money. It will make a selection within a few months, Mr. Heaps said. The fund also invested 5% of assets in Commonfunds real estate securities fund, its first real estate allocation, he said. The new allocations are the result of an asset allocation study done in the spring. No further details were available.