University of Kentucky's investment committee approved raising the targets to public equities and private equity and reducing the target to diversifying strategies for its $2 billion endowment.
The committee approved the changes at its Dec. 12 meeting, according to a meeting summary posted on the Lexington-based university's website.
The targets to global public equities and global private equity was increased to 40% and 24%, respectively, from 38% and 23%, while the target to diversifying strategies was decreased to 12% from 15%.
Targets that remain unchanged are 10% public fixed income, 9% private real assets, 3% public real assets and 2% private credit.
According to the endowment's investment policy, the diversifying strategies asset class includes strategies such as "long/short equity, low beta equity, event-driven and special situations investing, merger and capital structure arbitrage, quantitative strategies, global macro, long/short credit, and distressed securities."
The meeting summary said the changes were "intended to enhance the portfolio's expected return while maintaining prudent diversification."
Todd D. Shupp, chief investment officer, could not be immediately reached for further information.
