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Hilton Foundation Eyes Maiden Alts Foray

This article appears courtesy of Institutional Investor


Source: Alternative Investment News

Paul Menchaca


The $2.5 billion Conrad N. Hilton Foundation in Los Angeles will conduct a rare asset allocation review that could result in a maiden investment in alternatives and manager changes. "We really want to take a step back and look at the big picture and that includes seriously looking at alternatives," Steven Hilton , the foundation's chairman and ceo, told AIN sister publication Foundation & Endowment Money Management . Not investing in alternatives is "almost unheard of for a foundation our size."

The review was prompted by impending organizational changes at Pacific Financial Research , which manages about $650 million in large-cap value equity, Hilton explained. Because it needs to discuss whether to replace PFR, the fund decided to take the opportunity to review its entire portfolio. "It's an exciting time for the asset side of the foundation because we haven't had to do this in a long, long time," he said.

Cambridge Associates will educate the fund on alternatives. The foundation's first priority will be to set an asset allocation and then "specify the managers we will be looking at going forward," said Hilton.



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