Two Pleasantville, N.Y.-based foundations have officially kicked off searches for real estate or alternative investment managers. The DeWitt Wallace-Readers Digest Fund and the Lila Wallace-Readers Digest Fund, with assets as of year-end 1995 of $1.1 billion and $825 million, respectively, are looking at real estate and oil and gas investments.
``The process is still developing. We have been meeting with several prospective managers. We don't have a short list. We will be doing a review over the next several months,'' said Rob Nagel, CFO of both funds.
Cambridge Associates is assisting.
He said a decision probably will be made by June. No decisions have been made yet on what vehicles will be used or how much to allocate to the new asset classes.