University of Houston Plans Hedge Fund Commitments, Redemptions

The University of Houston System Endowment (UHS) endowment management committee recommended a $20M allocation to hedge fund Broad Reach Master Fund at its August 21 meeting, according to recently published board materials. 

Broad Reach Master Fund is a global macro hedge fund that invests across sectors and geographies, and the committee expects the investment to serve as a complement to current UHS strategies, further diversifying its portfolio. 

The committee also recommended full redemptions of investments with a public equity manager and two hedge fund managers. Specifically, the committee recommended redeeming a $28.3M investment with Columbia Focused Large Cap Growth, a $19.5M investment with Davidson Kempner, and a $21.4M investment with HBK Multi-Strategy.

NEPC consulted on the new commitment and redemption recommendations. 

As of June 30, the $1.12B endowment allocates 40.4% to hedge funds with a target allocation of 46.0%.

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