Michigan State University’s endowment is expanding its allocation to hedge funds, HFMWeek reports. The $1.2 billion Common Investment Fund has hired CrossHarbour Capital Partners and Contrarian Capital Management for its portfolio. The move was initially recommended by Cambridge Associates, the fund’s investment adviser. As of October 2010, the Common Investment Fund sought an absolute return allocation of 25%, with a maximum of 30%. The portfolio comprises of long/short equity, event-driven, arbitrage and distressed securities funds.
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