Eric Alt, 46, an Institutional Investor Hedge Fund Rising Star in 2011, has often said he wants to reinvent the concept of a fund of funds. As head of the absolute-return group and director of research at Hall Capital Partners in San Francisco, Alt allocates money for a fund of funds that doesn’t have to invest in hedge funds. He also scouts the investment world for long-only fixed income and equities, private equity and real assets such as property. The firm was founded in 1994 by Kathryn Hall, who has just been named to the Federal Reserve Bank of San Francisco’s...