A consortium of school endowments that invest together has allocated some of its assets to three index funds managed by State Street Boston Corp.

Under an agreement announced this week, the Common Fund is to invest $500 million in three State Street index funds over the next 18 months. The Westport, Conn.-based group manages $17 billion in endowment and pension assets for more than 1,300 colleges, universities, private schools, and foundations.

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