March 4, 2005

Are Endowment Managers Barking Up the Wrong Tree?

By ERIN STROUT

Investments in timber are piquing the curiosity of more higher-education endowment managers who want a hedge against inflation and predictable returns. The asset class, however, may not be right for everyone.

As with other alternative investments, like hedge funds, investing in forestry takes due diligence and high-caliber managers to ensure success.

"In theory, timber is attractive," says John S. Griswold Jr., executive director of the Commonfund Institute, which conducts the

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