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"Colleges turn to hedge funds..."

...the Boston Globe announced in 2003.[1] According to research by The Commonfund, "endowments, representing a combined total of $184 billion in assets, have raised their allocations to hedge funds to 42% of their alternative investment portfolios from just 28% in 2001."[2] That's about 18% of total endowment funds, according to another recent study.[3]  

A loss of transparency? "Hedge funds have a reputation for operating under a cloak of secrecy," the Los Angeles Times reported last year, "thus making it impossible to discover problems before a fund explodes."[4] 

If universities are investing more endowment assets in hedge funds, will it become more difficult to hold universities accountable to high ethical investment standards? What are hedge funds doing with university endowment money? What roles do they play in the global economy?

This website begins to address some of these important questions. We focus on one of the world's largest hedge funds, Farallon Capital Management, LLC, which invests billions for tax-exempt investors like universities and pension funds (see a list of universities and colleges investing with Farallon).

The first section of this website compiles information about Farallon�s structure, finances and operations � the kind of information that mutual funds and publicly traded companies are asked by the SEC to disclose.

The remainder of the website explores several of Farallon�s domestic and overseas investments in some detail. We hope that as you read about these investments, you will find them worthy of discussion � and by extension, worthy of disclosure.


[1] Beth Healy, "Colleges turn to hedge funds." Boston Globe, 4/16/03.

[2] Anuj Gangahar. "Hedge funds attract new investments." eFinancialNews, 4/14/03

[3] Joel Chernoff, �It�s not like private equity.� Pensions and Investments Magazine, March 3, 2003.

[4] Walter Hamilton, "SEC puts hedge funds into focus," LA Times, Sept. 5, 2003

 

This site is sponsored by the Graduate Employees and Students Organization (GESO), United Students Against Sweatshops (USAS), Students Resisting and Transforming Corporations (STARC), Rainforest Action Network (RAN) and UT-Watch. Its contents are not approved by Farallon