University of Vermont and State Agricultural College, Burlington, increased the target to private investments, and lowered the targets to marketable alternatives and public real assets for its $557 million endowment pool.
The endowment's investment subcommittee approved the changes at its Sept. 17 meeting, recently released meeting minutes show.
The subcommittee increased the target to private investments to 35% from 25% and lowered the targets to marketable alternatives to 10% from 15% and public real assets to zero from 5%. The latter asset class still has an allowable allocation range of zero to 10%.
Targets to public global equities and fixed income remain unchanged at 45% and 10%, respectively.
Also at its Sept. 17 meeting, the subcommittee voted to fully redeem from its investments in open-end core real estate funds Clarion Lion Properties Fund, managed by Clarion Partners, and Invesco Core Real Estate – USA, managed by Invesco Real Estate. The current amounts invested in the funds could not be immediately learned.
University spokeswoman Erin Dickinson could not be immediately reached for further information.