University of Alabama System's investment committee hired Cramer Rosenthal McGlynn to run an active domestic smidcap value equity portfolio and Sequoia Capital Management to run an active hedged equity portfolio for its pooled endowment fund, according to a webcast of its Nov. 3 remote meeting.
Cramer Rosenthal McGlynn replaces Dalton Greiner Hartman Maher, which was terminated from its active microcap value equity portfolio. Investment consultant Fund Evaluation Group recommended the termination because of the departure of DGHM's CEO, Bruce Geller, said Nolan Bean, FEG's head of institutional investments, in the video.
The asset size of the Tuscaloosa, Ala.-based pooled endowment fund and the sizes of the equity portfolios could not be immediately learned.
FEG recommended hiring Sequoia in order to gain more exposure to technology investments, Mr. Nolan said. The strategy, SCGE Fund, is focused on global media, technology and telecommunications sectors, Mr. Nolan said.
The investment committee also approved three new commitments of $15 million each to Carousel Capital VI, a lower middle-market buyout fund managed by Carousel Capital Partners; IPI Partners II, an infrastructure fund investing in data centers, managed by a joint venture of ICONIQ Capital and Iron Point Partners; and Timber Bay Fund II, a secondary buyout and growth equity fund of funds managed by Timber Bay Partners.
According to the video, the pooled endowment fund's actual allocations to private equity and real assets are 12% and 11%, respectively; their respective targets are 22% and 12%.
Mr. Bean declined to comment.