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Portfolio > Alternative Investments > Hedge Funds

UTIMCO Hires Hedge Funds of Funds

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AUSTIN, Texas (–The University of Texas Investment Management Co. are investing US$175 million in a hedge fund of funds managed by Prot?g? Partners, New York.

The investment is part the system’s endowment funds’ hedge fund program, which totaled US$10.2 billion as of Aug. 31, according to UTIMCO’s annual report. According to a press release, officials have already invested more than US$1 billion directly in hedge funds and are further expanding its commitment to the asset class in its investment in Prot?g?.

This is the first commitment to hedge funds of funds for an endowment fund the size of UTIMCO, Bob Boldt, president, chief executive and chief investment officer of UTIMCO, said in a statement. “Prot?g? offers UTIMCO a compelling proposition to complement our portfolio of hedge funds,” he said. “They bring research, negotiating skill and experience that many institutional investors could leverage for their benefit.”

Mr. Boldt has been with UTIMCO for less than a year and might be best known for his role at CalPERS where he was responsible for the US$1 billion commitment to hedge funds investments while he was a senior investment officer.

Prot?g? was founded by Jeffrey Tarrant and Ted Seides and combines hedge fund and hedge fund seed investments in the same offering to invest across directional, relative value and event-driven strategies. The firm has a domestic and an offshore fund of funds. Prot?g? Partners LP and Prot?g? Partners Fund Ltd. were both opened to investors in last July.

Last October, the firm hired Graham Duncan, who was a principal with a hedge fund due diligence advisory firm, to help find managers to place seed capital within the next four to five years.

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