International Paper Co., Stamford, Conn., is searching for a person to oversee its $6.7 billion defined benefit plan's alternative investment portfolio, said Robert Hunkeler, vice president of investments. It is a new position. The company wants someone with expertise in evaluating hedge funds and derivatives transactions for the $270 million alternatives portfolio. There is no timeframe for making a selection, and the search is being handled internally. "We're open to the possibility of using an executive recruiter, but right now we're searching through other means," he said.