Gottex, the asset management firm, has launched a global, multi-asset investment program that will invest in both alternative and traditional investments similar to those in which so-called U.S. super endowments invest.

The investment program will allocate an average of 60 per cent or more to alternative assets. It will be actively managed by William Landes and will pursue both strategic and tactical investment opportunities across all asset classes, including hedge funds, private equity, commodities, long-only equity, fixed income, real estate and other real assets.

Over the past years endowments have outperformed most traditional portfolios. Harvard's and Yale's endowments returned 20 and 25 per cent in 2007 and now manage $34 bn and $22,5 bn.