Washington State University Foundation, Pullman, will search for hedge fund or fund of funds, private equity and inflation-indexed asset managers later this year, based on an asset allocation the $210 million fund approved earlier this year. Hammond Associates, newly hired as the foundation's first investment consultant, will assist. The new asset allocation increases alternative investments to 20%, up from 5% (invested in private equity) and adds a 10% allocation to inflation-hedged assets, said Steve Schauble, vice president for finance. The foundation's first investment in hedge funds as well as an increase in private equity investments likely will result from the change, said Mr. Schauble. Trustees are not considering real estate investment, since as a land-grant university, WSU has ample real estate within its holdings, Mr. Schauble said. The inflation-hedged investment likely will be made in gold and precious metals, timber, commodities and other hard assets.