Institutional Investors

Richard M. Fairbanks Foundation develops direct


The Richard M. Fairbanks Foundation, based in Indianapolis, Indiana, will look to allocate to another single-manager hedge fund as it builds up its direct investing programme.

The $290 million foundation is another in the series of institutions that are disintermediating, cutting out their funds of funds and looking to invest directly.

At the start of 2010 it began to look at direct investing with the help of Cambridge Associates, on the basis that the direct route could provide better returns, lower overall fees and greater transparency from underlying managers. By the end of September this year, it had