UVIMCOUniversity of Virginia Investment Management Company (Charlottesville, VA)
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A "continuous" investor in private equity, she said, UVIMCO also has put much of its portfolio into hedge funds, which endowment managers use to "hedge" their market risk because the funds invest both in stocks expected to rise in value and those expected to fall.
Heavy investments in venture-capital funds starting in 1998 reaped a windfall for UVIMCO in 1998, 1999 and 2000, when startup companies in which the funds had invested sold stock to the public for the first time or were acquired.
As a result, Handy said, private partnerships in which UVIMCO had invested--including real estate, oil and gas and private equity--had grown to 41 percent of its portfolio by June 30, 2000, while hedge funds represented 15 percent.