GREENCASTLE, Ind. — DePauw University is almost finished selecting hedge fund managers as part an overhaul of the $380 million endowment's asset allocation. The fund's hedge fund allocation was increased to 15% from 3%, and 17 to 18 managers are expected to be hired by April 1, said Carla McGuire, chief investment officer.
The fund cut private equity to 13% from 15% and raised real assets to 8% from 2%. It will review private equity and real assets (including real estate and natural resources) portfolios, and real asset searches are a possibility, she said.
Hennessee Group was hired late last year to advise on direct investments with hedge fund managers. Ms. McGuire said the university did not use a consultant to assist with other asset class changes.