Top Hedge Fund News, Member Posts, Hedge Fund Daily Indices and more!

5yrs ago Hedge Fund hfm.global Views: 290

Members of the University of Houston System’s endowment management committee are considering redeeming a $15.7m investment with Highline Capital Management to reallocate to Nitorum Capital.

Nitorum is among 11 hedge funds in the university system endowment’s $163m hedge fund portfolio. It is classified as a US long/short equity fund alongside Lakewood Capital Management, which managed $13.5m as of 31 December, and Brahman Capital, which managed $15.4m.

The Highline Capital International fund lost 13.3% in 2018, trailing the HFRI Fund of Funds Composite Index by 9.4%, according to the recommendation of investment consultant Cambridge Associates, discussed at a meeting on Thursday.

From the time the university system first invested with Highline, in February 2011, through December, the fund returned 3.4% annualised, 70 basis points better than its benchmark.

Cambridge cited poor performance, redemptions and staff cuts as reasons for concern.

New York-based Highline was founded in 1995. It is run by Jacob Doft, CEO, partner and portfolio manager. It listed $4.9bn in assets under management as of 30 January 2018, according to a regulatory filing with the SEC.

Nitorum was founded in 2015 by former Eminence Capital manager Seth Rosen. It listed $1.7bn in assets under management as of 29 March 2018.

The University of Houston System’s hedge funds comprise 23.9% of its $683.3m endowment portfolio.

Other managers in the portfolio as of 31 December were SRS Investment Management ($16m), Coatue Management ($16.7m), Davidson Kempner Capital Management ($19.2m), HBK Capital Management ($18.1m), Standard Life Investments ($14.2m), AQR Capital Management ($14.3m), ISAM ($9.3m) and Anchorage Capital Group ($11m).

Information about a decision on the matter wasn’t available by press time.

University of Houston mulls Highline redemption on HFM InvestHedge.


Today's Hedge Fund Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.