Gonzaga University, Spokane, Wash., next month plans to hire an active international equity manager to run $13 million and a venture capital firm to handle $5 million, said Rick Jones, controller. The international equity portfolio is a first for the $89 million endowment, Mr. Jones said. Funding will come from closing a $9 million Barclays Global Investors S&P 500 index fund and from reducing an active domestic fixed-income portfolio run by ICM Asset Management to $10 million, he said. Both shortlist searches are being conducted internally; further details were not available.
The changes were the result of a new asset allocation: 35% domestic equity, down from 51%; 20% hedge funds and 10% real estate, both unchanged; 15% international equity; 15% fixed income, down from 17%; and 5% venture capital, up from 2%.