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February 27, 2014 12:00 AM

University of Houston endowment puts $49.7 million with 3 firms

Kevin Olsen
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    University of Houston System invested or committed a total of $49.7 million to three managers for its endowment fund, confirmed Raymond Bartlett, treasurer of the system.

    The $585 million endowment hired Oldfield Partners to run $30 million in emerging markets equity and invested $12.7 million in Van Eck Global Hard Asset Fund, an inflation-hedging fund. Funding is coming from rebalancing.

    The endowment also committed $7 million to EnCap Flatrock Midstream Fund III, which provides growth capital to the midstream oil and gas industry. It committed $3 million to the predecessor fund.

    Investment consultant Cambridge Associates assisted.

    Separately, the endowment redeemed a $5.7 million investment in Asian Century Quest Offshore Fund, a long/short Asian equity hedge fund managed by Asian Century Quest Capital. Mr. Bartlett said the redemption was made because of changes in the investment process and team.

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