Health Care Foundation of Greater Kansas City (Mo.) hired hedge fund-of-funds managers Aetos Capital and Maverick Capital to each run about $13 million, confirmed Orval Fisher, CFO of the $500 million foundation.
The foundations board also identified FrontPoint Partners for a possible similar investment, but trustees wanted to wait until 2009 before deciding. Managers at FrontPoint, which was acquired by Morgan Stanley in December 2006, agreed to stay with the company for two years, and trustees wanted to be sure important personnel wouldnt depart before committing to FrontPoint. Morgan Stanley spokeswoman Erica Platt declined to comment.
Funding for the hires comes from rebalancing.