Foundation & Endowment Money Management - Cleveland Foundation Boosts Alternatives

Cleveland Foundation Boosts Alternatives

J.T. MullenThe $1.8 billion Cleveland Foundation has increased its allocation to alternatives. It tapped David Kempner Advisors for a $4 million event-driven strategy and Nevsky Fund for a $3 million investment in a global long-short position. The funding for these new allocations came from the fund's fixed-income investments, said CFO J.T. Mullen.

The investment committee next meets in February and may make further additions at that time. "We'll look at what happens in the next couple of months to see if we want to make any changes," Mullen said. He added that no searches were under consideration, but that the fund remains open to all possibilities.

The 96 year old Cleveland Foundation was the world's first community foundation and is the third largest in the nation. Mullen is responsible for managing both the foundation's investments and its internal financial function. He oversees a two-person staff and reports to ...

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Cleveland Foundation Boosts Alternatives

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