Louisiana State University, Baton Rouge, hired hedge fund-of-fund managers Mesirow Financial Advanced Strategies and Arden Asset Management to run about $6 million each for the school's $340 million foundation, said Philip Griffith, investment director. The foundation also hired AllianceBernstein to manage $6 million in emerging markets equity. Funding for all the managers will come from reducing the foundation's internally managed fixed-income investments. The changes are the result of an asset allocation study conducted by consultant CRA RogersCasey.
The foundation will now conduct a shortlist search for a private equity fund-of-funds manager to run about $10 million. Foundation officials will likely make a selection by the end of the summer. Funding will come from reducing domestic equity; no terminations are expected.
