University of Vermont and State Agricultural College, Burlington, invested or committed $41.6 million to five funds for the $472 million endowment pool, said recently released investment subcommittee minutes.
The investment subcommittee partially redeemed $23 million from Vanguard Group's short-term bond index fund and invested it in Vanguard's intermediate-term bond index fund. It also allocated $7 million to MacKay Shields' high-yield active core fund and committed $5 million to Elephant Partners II, a private equity fund that invests in consumer internet, mobile and software companies.
The subcommittee also hired RhumbLine Advisors to manage $3.3 million in its S&P 100 fund and Capital Group to run the same amount in its Capital Guardian EuroPacific Growth Fund.
The revised asset allocation targets are 23% international equities, 20% U.S. equities, 19% alternatives, 13% each to real assets and private equity/venture capital and 12% fixed income.
Jeffrey Wakefield, university spokesman, could not be immediately reached to provide further information.