University of Vermont and State Agricultural College, Burlington, made a direct hedge fund investment in Sheridan Square Fund, managed by Select Equity Group, for the $580 million endowment pool.
The endowment's investment subcommittee approved the investment at its Oct. 14 meeting, recently released meeting minutes show.
Funding comes from the termination of Mondrian Investment Partners from its active international equity portfolio, also approved at that meeting.
The sizes of the portfolio, and the reason for the termination, were not available.
Investment consultant Cambridge Associates assisted.
University spokeswoman Erin Dickinson referred questions to the minutes.
