University of Pennsylvania, Philadelphia, plans to increase its $4 billion endowment's real estate, private equity and natural resources investments to 25% of total assets over the next five to seven years from 10% currently, according to Kristin Gilbertson, CIO. "The strategic asset allocation is long term in nature but is reviewed periodically," Ms. Gilbertson wrote in an e-mail. "The recent changes should be viewed as evolutionary. Penn has been committed to increased diversification for some time." No specific investment timetable was given.