DENVER, Colo. (HedgeWorld.com)–A fledgling hedge fund of fund firm, Ventana Capital Partners, has hired Capital Market Risk Advisors to assist in fund of funds design.

New York-based CMRA will help Ventana in the asset allocation modeling, manager selection and due diligence, product design and performance measurement in addition to ongoing portfolio stress testing and Value at Risk analysis.

The new fund, the Ventana Absolute Return Fund, will be a multi-strategy, multi-manager offering.

“I am confident that we bring a unique and valuable perspective to the fund design process and am excited by the opportunity to expand our range of services in this area,” CMRA Founder Leslie Rahl said in a statement.

Ken Phillips founded Ventana in 2001 and has extensive experience in the consulting industry. Mr. Phillips along with Ron Surz of PPCA co-chairs the Investment Management Consultants Association’s committee on alternative investments. On that committee he’s working to educate consultants and others on hedge funds, funds of funds and private equity. (Previous HedgeWorld Story)