03/02/2010 Author: Kapila Gohel

Tennessee considers long/short managers

The investment team at the University of Tennessee endowment is currently considering allocations in a handful of hedge fund managers.

The $600m endowment is particularly interested in managers within the long/short equity arena, said Charles Peccolo, vice president and treasurer.

He revealed Conatus Capital, a long/short fund managed by David Stemerman, formerly of Lone Pine Capital; and Ivory Investment Management, another long/short manager based in Los Angeles, as just two of a number of funds currently being reviewed by the university.

According to the treasurer’s report for 2008, the endowment had around $110m in investments across 12 hedge funds. Alternative investments including private equity, real assets, natural resources, and hedge funds “are designed to enhance diversification and provide reductions in overall portfolio volatility” for the university, the report stated.
The endowment was $718m at the time. At its peak in October 2007, Tennessee had $1bn in assets.

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