The Ferris Foundation, which supports Ferris State University, tapped Ironwood Partners II last year with a commitment of $2.5 million.
The fund of hedge funds is the only allocation within the $34 million foundation's absolute return programme, which is part of the alternative investment strategy. Karen Thompson, investment and grants officer at the Ferris Foundation, said the investment is likely to stay put at 7% of the overall investment portfolio.
For fiscal year ending 30 June, the foundation had losses of 7.9%.
Fund Evaluation Group is the foundation's investment consultant. Ferris' asset mix includes a 3% allocation to private equity